The financial services sector generates many written documents. Even though we live in the age of technology, many of these things just keep getting mailed out due to one regulation or the other. This week is dedicated to helping you understand what some of them are.
What’s In Writing
Clients have the ability to go “paperless” when it comes to monthly statements and a few other items but many documents are going to arrive in the mail. Here’s a list of the ones that generate the most questions and calls for assistance:
Investment Advisor Brochures / Form ADV – Required by the Securities and Exchange Commission, investors are to receive background information on their advisors. For my clients, this includes the one covering LPL Financial and another supplement that speaks directly about me. These forms are summations and intended to give you a general idea about who you are dealing with. These mailings are not indicative of any problem or issue concerning LPL Financial, Susan R. Linkous or The Linkous Group, Ltd.
Proxies – A written authorization empowering another person to vote or act for the signer, as at a meeting of stockholders. I recommend only responding if you are well-informed on the matter at hand. Guidance with these proxy mailings is a fundamental part of my job and clients can always ask. If not interested in learning more, simply ignore and allow the default option to kick in.
IRS Form 1099 – LPL Financial has until February 15th to mail these out to investors. Data is subject to revision and sometimes there are errors due to the volume of data that has to be collected from a vast number of sources. I strongly encourage you to allow me to review prior to the completion of your tax returns.
What To Keep & Technology
My clients vary greatly in their record keeping styles. Many keep monthly files January – December and simply purge each month as it rolls around again.
A few keep everything forever.
I keep all IRS forms and shred the rest because I’m confident of my ability to access online.
LPL Financial does an excellent job in providing me with technology that can help you decide which record keeping style will work best for you. I wish all the written documents were easier to read and concise but many in the investment world are not. Don’t let it bug you. Let me know how I can help.
Until next week,
Susan R. Linkous
Securities offered through LPL Financial
Member FINRA and SIPC