Asset Tracking

What is the value of our assets and liabilities? “We can’t plan for the future without knowing where we stand now.”

My wife and I have worked a lifetime to build our assets and pay off debt. Now that the kids have graduated from college and are living on their own, we want to step back, reassess our financial position and begin to structure our retirement, even though we plan to work at least another decade. We also want to keep a closer eye on our portfolio given the gyrations in the financial markets. As fortunate as we have been, we need to watch our spending in order to keep our investment portfolio growing. We meet regularly with our financial planner and we have a handle on things, but we get so many statements that it’s impossible for us to track our assets closely. We also have two homes and some independent investments our advisor does not manage for us. Having a detailed summary of all our assets and liabilities would enable us to update our estate planning – something we’ve been putting off for lack of the “big picture.”

The Dilemma

  • Husband and wife each with high-powered careers and busy lifestyles
  • No interest or time to open the mail, let alone organize the finances
  • Years of financial records stored in paper bags
  • No consolidated wealth picture or history
  • No idea how much of current income is being spent and on what
  • Frustrated or stalled decisions on long term investing and estate planning due to lack of a “big picture” of assets, liabilities and cost of living
  • Personal taxes routinely filed on extension because records were disorganized and for lack of time to take charge of the process
  • Overlooked opportunities for tax deductions

The OSI Solution

  • Sorted and organized over 20 shopping bags and 10 years’ worth of bank, credit card and investment statements
  • Established protocols to track statements and coordinate information with financial advisor and tax preparer
  • Created custom QuickBooks file to track investments, liabilities and personal spending
  • His & Her binders containing investment statements showing movement of funds from account to account
  • Quarterly cash flow statements tracking and comparing spending to prior quarters and years.
  • Simple and clear organization of investment records, including complex oil and gas holdings
  • Summaries provided to clients and financial advisor to facilitate decision-making
  • Tax relevant materials and reports provided to tax preparer in advance of deadlines

OSI Asset Tracking can also include:

  • Periodic net worth “snapshots”
  • Organization of investment records and statements
  • Cash flow monitoring and budgeting to meet financial planning and “draw down” goals
  • Keeping records of capital improvements and basis in primary residence and additional homes
  • Gathering and summarizing asset basis data
  • Provide information to and coordinate with wealth managers, financial planners, estate planning counsel
  • Scheduling and planning for property tax and personal estimated tax payments
  • Vital records organization
  • Home, art and jewelry inventory
  • Streamlining and consolidating bill payment; cash flow forecasting