Thursday, 3 June 2010 10:47
Even though summer is almost here, you can still take a couple of actions to “spring” clean your investment portfolio for 2010.
First, think about consolidating all your investment accounts to a single provider for a more concise and consolidated view of your financial picture. It will make it easier to manage your portfolio, you likely can drastically reduce the amount of correspondence you receive and you might even save on fees. Always consult with your financial advisor before making any moves for possible tax consequences or other issues for your specific investment choices.
Second, rebalance your portfolio, especially if it has been a considerable length of time since you last rebalanced your portfolio. Because of market fluctuations and how different investment choices have performed, the risk in your portfolio may be different than your intended risk tolerance. Once again, talk to your financial advisor before making any moves as there can be tax and other consequences involved.
Third, make sure your will, beneficiaries on investment and life insurance policies, and other important estate documents are up to date and accurately reflect your current wishes. Don’t forget 401k accounts or other company benefits in this process as well. Working with your financial advisor can help make all three of these spring cleaning tasks go smoothly and quickly.