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Consolidated Reports – Your Financial New Worth on a Single Page

January 3, 2020

by Howard Haykin



You maintain accounts at several banks and brokerage firms and receive monthly statements from each. However, you don’t have a good handle about your overall financial net worth - how much is sitting in cash or invested in stocks, bonds or private investments.
Fortunately, a financial adviser at a brokerage firm assures you that she can put it all together in a document called a ‘Consolidated Report’.



A "Consolidated Report" combines information about most or all of a customer's assets, regardless of where those assets are held – i.e., including assets held away from the firm that is preparing the report. In many cases, these Consolidated Reports are prepared at the request of a customer, who may also identify which of his or her accounts to include and provide access to data for accounts held away from the firm that’s preparing the consolidated report.


The Consolidated Reports themselves may contain a variety of information and may be produced as a highly customized document created by an individual representative, or as a standardized report created by a firm system. To the extent individual representatives create consolidated reports, firms are required to supervise this activity, and both the firm and the individual representatives are responsible for compliance with all applicable rules.



AN INVESTOR’S NEXT STEP.    Customers wishing to avail of this valuable resource should consult with their financial advisers. Industry rules and regulations require Consolidated Reports, which are communications with the public, to be clear, accurate and not misleading. Furthermore, brokerage firms must rigorously supervise the preparation, dissemination, and retention of all such reports.



[For industry rules applicable to Consolidated Reports, click on FINRA Regulatory Notice 10-19.]