Getting a grip on your money

The terms "net worth" and "consolidated statement" are becoming buzz words. Both reflect consumers' demands that financial institutions help simplify their customers' increasingly complex financial lives. Security First Technologies, the Security First Network Bank (SFNB) subsidiary relicensing the SFNB secure platform, says it will integrate customers' banking, bill-paying, credit card, brokerage, and mutual fund activity into a single statement in the 2nd quarter of 1997. Users of Virtual Financial Manager, SFNB's platform, already enjoy a substantial degree of account integration, presented in a summary statement as soon as they log on. Merrill Lynch's Cash Management Account (CMA) - incorporating investments, savings, checking, and credit card - is regarded as the pioneer effort in account consolidation. Reflecting the prevailing desire to offer net worth at a glance, Merrill recently updated its 20-year-old CMA product with a consolidated snapshot statement. The company says it is unlikely to pool its account information with banks for reporting purposes.