Consolidators are individuals who consolidated balances of $200,000 or more from two or more IRAs in 2009 and 2010. These High Balance Consolidators (“HBCs”) are generally sophisticated investors, who are generally farther along in their retirement and financial planning than other households. Over half of respondents cited the desire for “Simplification” and “Easier to Manage” as the primary reason to consolidate multiple IRAs into a single account. Only 14% felt they would achieve greater returns through consolidation. Those older than age 46 were more likely to identify simplification as the reason for consolidation than the younger investors. This is primarily because older investors have a greater number of IRA accounts to consolidate due to their longer work history.