If reviewing your financial plan and knowing your net worth and liquid net worth are on your mind then you’ll need to ensure a few things are in place before you call an advisor.
Having your documents organized is definitely helpful says Investment Advisor, Minday Mok, MBA (Mindy.Mok@nbpcd.com)as we spoke about how she and her fathers team with more than 20 years of experience work with existing and new clients alike. People can certainly call to ask us questions but we will, at some point, need to review the actual documentation.
To be able to answer the question “do you really know what all of this means?” you’ll first have to be able to review everything you have. The paper flow can be confusing at times because companies buy, sell and merge with other companies all the time.This is about your money and your future. If you can’t follow the paper trail of your own investments then creating powerful strategies and planning for the next 5-10 years can be a real challenge.
Keeping your documents sorted and organized can be achieved with a few hanging files and sub folders and once it’s done this filing system will keep your papers organized for years to come.
Here are some tips to help get the papers sorted:
* Sort your investments by account #’s.
* Label an area in your filing cabinet called ‘Investments’
* Label sub folders with the name and account # of each account
* Place the sub folders into your Investment section
* Call your advisor to review and plan for your future
If you would like a more detailed description of creating a filing system read the Staples Blog article by kAos Group.