Ten Tips to Keeping Track of Your Investments

With our chaotic lives, it can sometimes be hard to keep abreast of your investments. It may be that you only check them once each year. Nevertheless, it is crucial that you monitor your finances and check them regularly. Here are ten useful tips to help you do just that

1. Carefully read and retain all your financial documentation. That includes prospectuses and statements of your account. They hold vital information on your investments, and any related risk as well as your returns. Abridged prospectuses are now offered to many investors which are easier to understand.

2. Cross-reference all your trade confirmations with your statements of account, and if there are any inconsistencies, report them. Search for unauthorized fees or dealings. It is vital that you find and resolve any discrepancies immediately. This is much easier than trying to fix matters several months down the line.

3. If you are not receiving account statements regularly, follow this up at once. This is generally one of the first signs that you could have been a victim of identity theft. Schemers who appropriate your mail will gain a lot of information about you, which enables them to use your name to apply for credit. If your statements abruptly stop arriving, then you should report it right away.

4. Take detailed notes when speaking with your adviser. Keep records of any conversations, together with any directives or instructions and information given to you by your adviser.

5. Ask your adviser questions concerning your investments. If you are uncertain of anything, be sure to say so. Validate the information with a trustworthy secondary source.

6. If you don’t use an online trading account, think about gaining access to the Internet to your account. It is a whole lot easier to check your account if you can do this at any time via the Internet. Sporadically review your portfolio balance and bank account. It will help you keep an eye on your returns and allows you to spot any discrepancies early on.

7. Set up a meeting with your adviser and their firm. While a significant number of trades can be made by telephone, it is crucial that you meet with your adviser once at the very least. It will help you to create a relationship and get to know the firm’s investment viewpoint. Check the company out and make sure you are happy about them handling with your account.

8. Be sure to undertake your own research when it comes to your investments. Check financial statements and study how the company runs their business before taking any investment risk.

9. Analyze your investment portfolio periodically. Ensure it balances with your most current objectives. Many investors discover that their investment objectives vary over time. Make certain that your financial adviser or dealer appreciates your present financial situation and has created a suitable plan.

10. Verify that your broker is registered by contacting your local securities regulator. Anybody providing securities advice or selling stocks must be listed with a securities regulator. Check if they have registered and what they can sell, and if they have any T&C (terms & conditions) linked to their registration.