Get rid of that financial stress headache by learning how to make your money work for you.
With so many helpful tools and people available, filing taxes and reviewing investments should be second nature to us — yet, most people enter tax season filled with questions instead of answers.
As you reflect on your earnings and research the refunds you're eligible for, now is an excellent time to review your finances and potentially shift your investments to where they can work better for you. After all, spring cleaning should apply to your finances just as it does your hallway closet.
To help you set up your money matters for the year ahead, here are a few helpful tips on how to consolidate all of your investment accounts into one — so you can sit back and watch your money grow.
1. Choose your investment plan
Deciding the investment types that fit your lifestyle and goals is an important step towards building a foundation for your financial future. Servus Credit Union has a Tax-Free Growth Account, which allows you to take out money at any time without penalty. You may also opt to invest your money in other ways, such as mutual funds, stocks, bonds or Guaranteed Investment Certificates (GICs). Or if you're post-retirement and wondering how you can begin reaping the rewards of all that money you invested in the past, perhaps it's time to start thinking about converting your RRSP into a Registered Retirement Income Fund (RRIF).
2. Have one trusted advisor
Like any good relationship, your bond with your investment advisor is based on trust. Find someone that you feel confident partnering with to consolidate your investments. By narrowing it down to a single point of contact, you have one person to champion your finances, clarify questions and provide insight and guidance for your wealth strategy. Avoid unnecessary stress in dealing with conflicting advice or overlapping investment styles from two or more advisors.
3. Save money on fees
Combining assets in one place means that you save on annual fees. Advisors manage investments and charge you a fee that represents only a small percentage of your assets. And the great news is that the more you invest in one place, the more your annual rates decrease on a sliding scale.
4. Simplify your investments and reduce paperwork
Organization is key to financial success. Once you've combined your investment accounts in one place, you'll add simplicity to your financial life and save valuable time and effort. Pool your assets with one investment advisor so that you receive consolidated statements on a regular basis.
5. Gain more profit share
Servus Credit Union offers a strategic and first-of-its-kind loyalty program called Profit Share Rewards. Designed with the user in mind, the program operates on the adage of “the more, the merrier.” The more banking products and services you have with them, the more cash back you will receive from Profit Share Rewards. Consolidating your investments can maximize your rewards, which benefits you by allowing you to earn money in addition to the regular interest that you earn on your investments.
6. Pair social and fiscal responsibility
There are lots of things to consider as your life, family and career evolve and you look to meaningful investments like property and travel experiences. If you're committed to social change and fairness, Servus Credit Union also has a plan called Ethical Funds. Your trusted advisor listens to you and reflects your values through a unique combination of social and environmental screening and shareholder action so that you get a voice where it counts — in the corporate boardroom. Claim a voice in shareholder action strategies by starting a dialogue with company management.
7. Get closer to achieving your dreams
Gain access to a wide range of investment options so that you can feel comfortable and confident in your investment strategy. Regardless of how many interests you have (fiscal and otherwise) fighting for your attention, your financial well-being is worth attending to well beyond tax season.