A BMO study released in April 2012 made note of these results:
Approximately 80 % of Canadians were confident in their investment portfolio, but …..nearly 50% were unaware what investments they actually had..
BMO made these suggestions when they released the report:
- The key is to monitor and add to your investments all year round.
- Consistently examine your portfolio to make sure that diversification exists between stocks, bonds, cash and real-estate
- Look to the long-term instead of the short-term as often times, Investors are scared by volatile markets and focus on the potential for short term-loss
- The best fix includes consolidating your assets to keep track of where your money is being held.
As an accountant, I know first hand that many of my clients when I was in public practice were (and most likely are still) part of these stats. I know because I opened up a lot of their mail each April in order to prepare their tax returns (!) It’s one of the many reasons that I felt the need to develop LegacyTracker.
LegacyTracker can help you with these suggestions. Legacy Tracker offers individuals and families a simple, comprehensive and common sense online solution for monitoring, tracking, sharing and safeguarding important financial, legal and estate information.