Posted on January 31, 2018
Have you ever had a moment when you are unable to recall which company holds your insurance policy? Or which investment broker manages that fixed income portfolio you invested in years ago?
As our lives progress we accumulate a growing number of accounts, legal documents, insurance policies, financial service providers and investment accounts. Over time, these details become spread out among your trusted advisors, piece-meal and unorganized, with the occasional quarterly statement in the mail to jog your memory.
As part of our work with families, we believe it is critical to create a financial inventory of the information that composes your full financial life. These inventories can come in many formats, and depending on how complicated your wealth may be, a much more in-depth format may be needed. However, the first critical step is to compile a high-level list of all your holdings and structures, along with the contact information for those financial service providers. This document should evolve as your life changes, continuing to grow and change along with your financial picture. We also recommend you work with your trusted wealth advisor in this process.
We’ve found that the families who have completed this exercise feel more in control over their wealth, organized and confident about their financial circumstances. It also helps family members feel prepared in the event something unexpected occurs. Gathering this amount of information can seem intimidating, but the results are well worth it.
To help you get started, we’ve provided an Asset and Financial Inventory checklist, available here.
get checklistImportant Disclosure:Third-party rankings and recognition from publications are no guarantee of future investment success. Working with a highly-rated adviser does not ensure that a client or prospective client will experience a higher-level performance. These ratings should not be construed as an endorsement of the adviser by any client. Rankings and recognition are based on information prepared and submitted by the adviser.
Legacy Family Office is registered as an investment adviser with the State of Florida. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. Registration does not constitute an endorsement of the firm by the Commission nor does it indicate that the adviser has attained a particular level of skill or ability. The firm is not engaged in the practice of law or accounting. All investment strategies have the potential for profit or loss. Hyperlinks in this article are provided as a convenience and we disclaim any responsibility for information, services or products found on websites linked hereto.
