You’ve simplified your life down to a universal TV remote and the latest all-in-one handheld device. So why do you still have investments scattered all over the place?

Nobody sets out to create a hodge-podge of investments. It just happens over time. You open a few IRAs, act on some stock tips, participate in company retirement plans at every job. Before you know it, you’ve got dozens of investments in duplicate accounts at several different locations.

Building a portfolio in such a piecemeal fashion is similar to assembling a jigsaw puzzle without knowing what the final picture looks like. It’s nearly impossible to make all the pieces fit together.

“I counsel investors every day who don’t know what they own, where those assets are today or how they’re performing,” says Brian Schrag, CFP, vice president for Northern Trust Securities, Inc.

“It’s human nature to become enamored with the hot new investment while remaining emotionally attached to the old ones. Invariably, though, calmer heads must prevail if you want a diversified portfolio of assets that work together as a whole.”

Look at the big picture
Schrag suggests pulling together all your latest account statements to create a master list of investments. If something were to happen to your family’s primary financial caretaker, everyone else could quickly find account numbers and contact information without rummaging through piles of paperwork.

The next step is to start analyzing the investments on that master list. You’ll want to look at not only what you own, but also what your mutual funds own. Which major asset classes and market sectors are represented? Are any missing? Do different funds have similar holdings?

“When you take a step back and look at the complete financial picture, it becomes easier to see the gaps and redundancies in a portfolio,” Schrag says. “From there, you can start making informed decisions about what to consolidate.”

Some online tools are now available to give you that big-picture view of what’s inside your portfolio. However, you may need to consult a professional advisor even if you have the time and temperament for a do-it-yourself assessment.

For the same reasons doctors don’t diagnose themselves, it can be difficult to objectively evaluate your own investment choices. An advisor can be more dispassionate about combining overlapping funds or cutting ties with a one-time favorite that no longer suits your purposes.

“The process of consolidating accounts is fairly painless, especially if you have an advisor to objectively assist with the decisions and details,” Schrag says. “Once people realize how simple it is, they wonder why they didn’t do it sooner.”

Putting the pieces together
When reviewing your portfolio, pay special attention to any redundant retirement accounts. According to an American Express survey, about one-third of investors still have 401(k)s with an old employer, and 43 percent own two or more of the same type of IRA.

That isn’t diversification; it’s duplication — of investments, fees and efforts. If you really want to diversify, the solution is to centralize tax-deferred retirement assets into a single rollover IRA. By filling out a few simple forms, you can make a direct rollover that avoids taxes and early withdrawal penalties while giving you more control over your money. And, because IRAs offer more investment choices than the typical employer’s plan, there’s an opportunity to branch out into markets once off limits to you.

This same “less-is-more” concept also applies to taxable investments currently spread out across different banks, brokerage firms and fund companies. Housing those dollars under the same roof allows you to receive one broadly diversified portfolio and consolidated account statement from a single point of contact.

Controlling taxes and fees
Many investors wrongly assume they’ll owe the IRS a hefty tax bill when combining investments held in non-sheltered accounts, Schrag says.

“You don’t necessarily have to sell an asset to consolidate it,” he says. “If it’s a sound investment that complements other portfolio holdings, you can just transfer it from one place to another without incurring taxes.”

When selling at a profit is unavoidable, a prudent advisor will look to offset those capital gains with realized losses to limit Uncle Sam’s cut.

Besides taxes, you should be aware of any fees, penalties or sales charges involved in closing accounts and liquidating assets. For example, if your annuity is currently subject to huge early termination fees, it may make sense to leave that money alone until it can be moved without penalty.

On the other hand, a few modest fees or taxes can be a small price to pay for a portfolio that’s more in line with your needs and less cumbersome to manage. An advisor can help you weigh any immediate out-of-pocket expenses against your best long-term interests.

Don’t forget about debt
Schrag offers one final piece of advice for anyone looking to streamline and simplify their finances: Look at both sides of your personal balance sheet.

“People become so focused on assets that they forget about liabilities,” he says. “There are also advantages to consolidating your car loans, mortgages, equity credit lines and other debt.”