Keeping Track of Your Assets: A Foundation for Financial Confidence

Article Summary

• Asset tracking is valuable because it centralizes an individual’s financial accounts to offer a more informed view of a personal financial landscape.
• Many times, financial overwhelm can be tied to a lack of visibility into the full financial picture. Tracking assets offers valuable clarity into all of an individual’s accounts and allows for decision making to be made from a place of confidence.
• Some common discoveries during the asset tracking process include forgotten 401(k) accounts, shelved stock options, old savings accounts or inheritances, and potential pitfalls that may include insufficient emergency funds or overconcentration of assets.
  

The average person keeps more than five bank accounts, according to industry data. And if that were not enough, it is not uncommon for individuals to hold investment accounts, stock options, inherited assets and property.

Keeping track of it all, on top of everything else daily life brings, is enough to make anyone’s head spin. Women in particular tend to balance a lot, carrying an exceptional mental load that encompasses family, work, friends, and more. It is easy to see why financial assets, particularly if they do not require active supervision or participation, can sometimes fade into the background.

For many women, increased visibility can support greater financial confidence. It is easy to feel overwhelmed, unprepared or anxious about finances when assets are scattered, and information about each is not centralized or understood. The act of asset tracking can organize information, making it easier to understand what you have and where it’s held. 

A consolidated snapshot can be a helpful starting point. Putting everything on the proverbial table gives individuals, and women in particular, the opportunity to move from feeling reactive to feeling more informed and prepared. 

The Benefits of Asset Tracking For Women

If assets are overwhelming to think about, it stands to reason that tracking them would be as well. This is the point where many women prefer to work with a qualified financial professional to review accounts and discuss goals. 

At Svvy® , an organization created by women for women, we match female-vetted financial advisors with women looking for expert financial guidance. We understand that personal finance for women is exactly that: personal. It is why we have created a safe space for females to discover a financial advisor match and build an informed path forward together.

Many women may appreciate the support, especially when it comes to asset tracking. Not only can asset tracking help sort and analyze the status of an individual’s financial portfolio, but it can also flag potential points of stress, including: 

• Accounts across multiple institutions.
• Credentials needed to access each account.
• Visibility across accounts through a more centralized lens.
• Access considerations on joint accounts.

Many women find that working with a financial expert offers them the support they need to inventory their financial accounts and assets, group them by category and identify gaps that may need to be addressed. Some of the most common gaps that may be identified include a missing or insufficient emergency fund, an overconcentration of assets, or lost or forgotten accounts.

After all, it is not uncommon to lose sight of old 401(k) accounts from previous employers, to shelve stock options or unused employer benefits, or to overlook “set it and forget it” legacy savings accounts. Proactively tracking all of those assets and financial accounts and bringing them into focus together is an act of financial empowerment for women because visibility inspires confidence.

It is with a complete financial picture that many women find the guidance of a financial advisor that much more beneficial. Once that connection is made, and a plan is in place, some women schedule periodic check-ins with their advisor, depending on preference and major life transitions. 

If you are looking for the expertise of a financial advisor who specializes in working with women, Svvy®  will match you with an expert to meet your specific needs. The free Svvy®  match quiz, available on our website, is the first step in the process. 

If you would like to be connected with a female-vetted expert, learn more about Svvy’s matching process, or learn how you can take the next step toward a clearer financial picture, get matched with a Svvy®  expert today. 

Disclosure: This content is provided for general educational purposes only and does not constitute individualized investment, legal, or tax advice. Svvy®  acts solely as a solicitor and connects and matches individuals with independent third-party financial professionals through a quiz-based matching process on the Svvy®  Network. Matching is based on information provided through Svvy’s platform and does not constitute any advice. Any advice, recommendations, and services are provided only by the independent professional you choose to engage.