3 Tips for Financial Cleaning and Organizing

Three Tips for Financial Cleaning & Organizing

Our clients want to protect and grow the assets they have worked so hard to build. They also want efficiency and order in their financial lives.

April 15th is in the rear view mirror, but for some the memories of finding required information for tax filings and/or extensions may remain vivid. Whether tax season was a breeze or a nightmare, now is a great time to do some financial cleaning and organizing.

Three Suggestions for Financial Cleaning & Organizing: 

  1. Shredding: it can be therapeutic to clean out old files and clear out the clutter. From old financial statements to bills and receipts, the IRS recommends keeping records for 7 years; anything older can and should be discarded. It is recommended that you do not throw out such materials or put them in recycle. The risk of identity theft is high and real.
  2. Clean up your files: with tax memories lingering, get a heads start on what would make next tax season smoother and less stressful. What information was challenging to find?  What processes could you put in place to improve easier retrieval of information?  Set aside an hour to relabel files and organize paper documents. Review electronic filing systems to see if there is a better and more intuitive process to organize statements and receipts. Establish clear and consistent filing processes for both your personal and business information. If you file jointly, it is recommend you consult with your partner or spouse so the system is agreed to!
  3. Beneficiaries: now is a great time to get your financial house in order in terms of beneficiary strategies. Is naming a trust as beneficiary the right strategy?  There are tax consequences when trusts are named as beneficiaries. It is not recommended you check this off your list alone. We will assist you with this  cleaning task, reviewing your options and tax implications to get this taken care of. Note, Wells Fargo Advisors is not a legal or tax advisor.
With warmer weather and everything growing, this is a season of hope. But, when it comes to growing and protecting your wealth, hope is not a strategy. If you are looking for a different approach to private wealth management, I would welcome the opportunity to share more with you about our approach and process. In addition to knowing that your financial life is organized, we quarterback the wealth management process with your other trusted advisors for a coordinated, comprehensive approach.

Brian Konish, Managing Director - Investments  at KB Private Wealth Management of Wells Fargo Advisors has focused his career on assisting small-mid market owners and executives of privately-held businesses with preparing for future liquidity events. Brian and the team offer an alternative to typical, siloed private wealth management.  Call Brian at 866.312.0954 to learn more.

Are you ready to experience integrated private wealth management services?