Cleaning a wallet is in many ways like emptying a cluttered attic or closet. You mostly know what’s there and why, there’s a lot of stuff you want to keep, and you don’t really notice the mess – or have to deal with it – when the door is closed and you can’t. to see him.
But cleaning up a wallet can save money, improve investment returns, simplify tax registration and filing, and make life easier for family members who might one day need help with managing and / or inheriting. of your money.
Since you’re putting your investment performance aside for another day, instead take a look at your smaller holdings and ask yourself why they aren’t making up a bigger chunk of your life.
It could be a few dozen stocks derived from one of your main holdings, or a mutual fund, direct purchase, or other investment that you bought years ago. thinking that you would only add to your holdings to stop deposits when performance was lackluster.
It can also be any security in which you have lost interest or which is now insignificant as part of your holdings. Or, as in my recent case, it was the same security held on two accounts.
These are easy decisions.
These days, asset consolidation is straightforward, usually involving an online transfer request from the institution receiving the money. This company should be able to grab the titles you specify and move them – or absorb the entire account – in days and without the pile of paperwork.