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Shake that Memorial Day Daze!

Tuesday, May 31, 2011 at 3:22PM

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I can’t believe the last week I’ve had. Just jam packed and something on my To-Do list just kept drifting farther and farther away - you guessed it, the blog posts. Not today though, the drifting has stopped. Today I really want to open up the conversation around account statements and registrations. Probably one of the most important aspects of you accounts: investment, retirement, bank, insurance, or otherwise is the information that started it.

When was the last time you opened a statement and looked at the account registration. Is the information correct? What about beneficiary designations - are they in order? In my experience most people hurry the start process, leave important information out just to get to the fun part of whatever they are doing. It’s so important to set things up and then revisit it just like you would the performance of what’s going on inside your account.

My first tip is to go through your statements and check out all the information about you! Is your legal name correct, is your address still accurate or did you move and still have mail going to Mom and Dad’s house? Is your Social Security number associated with it and are the taxes paid up on those assets? Who are the immediate beneficiaries? Beneficiaries are more than just people that get assets when you pass-on or are ready to gift them, they might have input into the behavior of those assets should something happen to you if you aren’t around (geographically speaking).

Ok my next gripe from the weekend were people asking me about the retirement accounts. First of all why aren’t you opening those statements, it’s your money?! Next is leaving money is stale accounts from former employers. If you were visiting me and you left your wallet in the couch wouldn’t you call about it, or come back for it? Of course you would! The same thing applies for your contributions to your employee sponsored accounts. Tip 1.5 is to think about old jobs if you’ve jumped ship recently. Have you transfered those assets to where you are now? It’s very much an easy process if you are worried about the logistics. It’s really just a transfer form or two and your HR Department should have all that info. My second tip after transfers is to check out your asset allocations. One thing I couldn’t believe was people were making contributions, thought their “advisor” was making the investment decisions for them and money was just being dropped into a money market account or CD - that was a 401k for a fully vested 24yr old. It’s ok you can shake your head like I did.

It’s the end of Q2 2011. Time to take a look at your goals and where your assets are being invested. Is your tolerance for risk the same and does your investment choice reflect that? These are all questions you need to be asking yourself. Shake off the Memorial Day BBQ daze and take this week to reconnect with all the mail that’s been accumulating since the begining of the year. Don’t hesitate to call and try to engage your plan sponsors either. They are your fiduciaries and have to answer to you! Use them as the resource they promised to be when you signed up. If you don’t have a direct contact make sure you reach out to your HR Department. They should be able to point you in the right direction.

The message of the day here is to just take control of what you signed up for. Ignorance is not bliss here and why would it be. You should always know what your accounts are doing and feel good in knowing that all the registrations are up to date. It will make tax time next year that much easier to deal with. Plus it gives you an excuse to take a look at your entire financial picture and evaluate it all in one swift movement.

Speaking of taxes today is a two-for-one day with an additional smaller post after this one from a guest poster named Ronnie Taylor. I hope you enjoy his thoughts in the short posts right under this one :)

Nunzio Bruno |

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Reader Comments (7)

I used to work for a company that printed statements and confirms for mutual fund shareowners. You would be amazed at the number of people who DON'T EVER BOTHER to even open up their statements or confirms, let alone actually review them! Their bad!

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