Your investment portfolio is not static. While “over” trading can lead to higher fees and lower returns, leaving everything in place for too long can leave you with more (or less) risk than you’d like and an improper alignment of your investments to your goals.
As a reminder, life use accounts are precisely that, accounts and/or assets we use for daily living. Your checking account is not a way to save money or invest. It is simply a container to hold your money as it flows in and out. Savings accounts are also considered life use accounts. They are not typically viewed as long term (more than 12 month) investment type accounts.
You’re a busy professional who doesn’t have time to constantly track your portfolio. But at the same time, you know how critical it is to keep an eye on its performance. How do you balance a mostly hands-off approach with the need to stay on top of things?
Portfolio monitoring software can make all the difference. While it may sound like complicated technical jargon, it really exists to help you keep more of your money and earn more from it.
Imagine the following scenario:
Your phone dings while sitting in rush-hour traffic. You’re alerted to a decrease in the rating of one of your investments. Your next meeting with your financial advisor is still months away, but with a touch of button you can forward your concerns so any issues are immediately handled.
A few days later, you receive another alert. Did you know about the $25 admin fee that’s being charged to your account every month? Now you do, and with the touch of a button you can forward the concern to your advisor so you stop overpaying.
The best technology brings simplicity and clarity to your life, rather than getting in your way. Advancements in artificial intelligence and machine learning have created opportunities to build tools that learn and grow with you. Portfolio monitoring software is the latest advancement in the fintech space, bringing together state-of-the-art algorithms that track all changes across all your accounts. Real-time alerts ensure you have the most up-to-date information to inform your decision-making and financial conversations. You know exactly what’s happening when it happens.
Life use accounts are precisely that, accounts and/or assets used for daily living. Checking, savings, and money market accounts (and some CDs) are all life use accounts. One way to think about life use accounts is simply as containers that hold your money as it comes in and out and you use it to live life.
A personal statement of financial position is an outline of an individual’s financial position at a given point in time. It demonstrates your net worth: your assets minus your liabilities. The goal of the Statement of Financial Position is twofold; first to ensure your finances are invested in a way that will allow you to accomplish your goals (retirement, travel, education, etc.), and second, to ensure both your assets (investments) and your liabilities are being managed efficiently.