Steps to take to make sure your money, investments are available and accessible when needed

The way we carry out regular maintenance on our house, we must also regularly maintain our money, from bank accounts to insurance policies and investments. This includes a few easy steps and goes a long way towards ensuring that our money is available and accessible when needed.

Review

Periodic fund reviews include checking bank account balances (if quarterly average balance is maintained), checking premium due dates, closely observing net asset values, and current investment valuation. The investment review also includes comparing investments to investment objectives to decide if action should be taken.

Rebalance

As a result of the financial position review, some asset allocation changes may need to be made by recovering from some investments and/or making new purchases from another. This also includes the reinvestment of outstanding deposits and the analysis of the adequacy of health and life insurance coverage.

Update

It is important to ensure that personal data, such as mobile phone numbers and residential or correspondence addresses, are up to date. An up-to-date KYC record is essential for investments to run smoothly.

Consolidation

Over a period of time, one tends to open new cards with the same mutual fund or Demat accounts with different brokers. Helps to identify Demat account in use and close inactive Demat accounts by transferring holdings to active Demat account. The paper consolidation form can be completed, and all the papers in the common box can be combined into one sheet for easy operation.

Point to note

It is recommended to take the advice from an experienced financial advisor who can carry out the above processes diligently and efficiently.

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