Know Your Investments

Know Your Investments

All too often, people invest in something and then forget about it. Smart investors are always aware at all times of what is going on with his or her account. You should revisit your portfolio regularly and review all statements so as to stay on top of what you own. Blindly placing trust in your stock broker could make you vulnerable to fraud. That’s why it’s important for you to know the number of a trusted stock fraud lawyer to protect your assets.

Know your investments by heeding these tips:

  1. Ask a trusted professional or family member to review your statements with you in detail, especially if you don’t have the time or expertise to peruse and check every statement you get from your broker. It’s always better for two people to look a document over anyway. One can catch what the other may have overlooked.
  2. Save everything you get from your stock broker. Once you’ve read through all the documents and mailings, keep them in a special file. Match them up with your own records, checking your account statements for the latest transactions in mutual funds, stocks, and savings. Catching an error now is much more fixable than if you find it years later.
  3. Clarify any unclear statements or issues with your broker. Don’t be intimidated by your broker; that’s what he’s there for. Ask questions, get answers, and get peace of mind. Alert your broker to unauthorized line items on your statement.
  4. Manage your accounts online so control is in your hands, whether at 3 p.m. or 3 a.m. While you may not be comfortable actually trading online, you can at least get access to your account, make verifications and check line items.
  5. Send payments to firms, not individuals.Protecting your investment also means you may want to visit in person with your broker periodically to ensure the validity and reputation of the firm, according to the Motley Fool.
  6. Check in frequently with your broker to check on progress, preferably on a quarterly basis. Keeping your finger on the pulse of your portfolio allows you to make changes when your lifestyle or goals change. This is inevitable throughout life. Don’t let your portfolio stagnate or go in a different direction than you are.
  7. Conduct your own research. Don’t assume your broker is doing all the legwork, or even has your best interests at heart. It’s fairly simple to independently verify information shared with you through annual reports, prospectuses, and SEC filings.
  8. Inquire about discrepancies with your broker to get to the bottom of the issue. Speak with a stock fraud attorney like Thomas Law Group for repeated errors or if you think your broker may be making bad investments on your behalf.
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