Uncovering Lost Assets

Posted By: Jeremy Reif
Sat, Oct 26, 2019
Uncovering Lost Assets

Think back thirty years. Can you recall a specific week and remember all the details of your daily events? If so, I am truly impressed. Most of us only remember bits and pieces from years ago and those memories usually consist of the bigger, more impacting moments of our lives. While this is normal, you don’t want your lack of memory recall to result in lost money. In one of my recent vlogs, I talk about the idea of uncovering lost assets. You might be wondering how assets can get lost, but take a look at why it’s a common phenomenon and learn what to do about it.

Too Many Moving Parts

On average, Americans change jobs 12 times during their working years.[1] That’s a lot to keep track of! You might recall some details from your first job, but do you remember if you had a retirement plan? You’re not alone, since many of my clients forget about some of the details of their fringe benefits as well. In all the moving around of jobs, it’s easy for retirement benefits to get lost in the shuffle.

And it’s not even just about switching employers. Many times, when you move or relocate, you are more concerned with taking care of the obvious aspects, such as paying the bills, signing paperwork, being with your family, and settling in. You eventually take care of forwarding mail, but sometimes permanent addresses don’t get updated or statements transition to online-only access. This is especially common if the statements only arrive once a quarter or once a year.

But if something is lost, how do you even know to look for it?

The Discovery Process

As people begin getting their financial life in order and create a financial plan, they outline every detail they can think of pertaining to their money. As a financial professional working with clients through this process, I know the right questions to ask and where to look for lost assets. Sometimes people think they had moved money from one plan to another, but with a deeper search, we find out that there are assets in both places. Don’t leave hard-earned money on the table. This is yet another valuable reason to have a financial plan. If you want to make sure that every piece of your financial puzzle is in place and that you are maximizing your finances, schedule a call and meet me virtually.

 

[1] https://www.bls.gov/news.release/pdf/nlsoy.pdf


About Jeremy Reif, CRPS®
Jeremy Reif is an independent financial advisor with more than a decade of experience in the financial services industry. He is also the owner of Point Wealth, LLC, an independent financial planning and investment management firm. With advanced credentials and training in retirement planning and financial planning, Jeremy focuses on helping individuals and families pursue financial independence. Regardless of the services he’s providing, he focuses on talking openly about financial planning, the industry, common questions about retirement planning, and more to help everyday investors gain more confidence in their financial opportunities. Based in Wausau, Wisconsin, Jeremy serves clients throughout the state and can work virtually with clients throughout the country. To learn more, visit http://pointwealthmanagement.com and connect with Jeremy on LinkedIn.
Advisory services are offered through Point Wealth, LLC, an Investment Advisor in the State of WI. Whenever you invest, you are at risk of loss of principal as the market fluctuates. Past performance is not indicative of future results. Purchases are subject to suitability. This requires a review of an investor’s objective, risk tolerance, and time horizons. Investing always involves risk and possible loss of capital.
Point Wealth, LLC is not affiliated with or endorsed by the Social Security Administration or any government agency.
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