Stay on Top of Your Investments!
It's important to track how your portfolio is doing—not just your registered investments, but your portfolio as a whole. The same applies when you diversify: give your portfolio an in-depth look to ensure your assets are divided up in a variety of investments.
Consult Your Account Statements
You can track your portfolio using the statement(s) you'll receive at least once a year.
Whether you entrust your investments to a manager or manage your portfolio yourself, you should receive a monthly account statement if any transactions were made during the month and you have securities or a cash balance. If no transactions were made and you have a cash balance or securities, a statement should be sent to you quarterly.
By law, each statement must contain the following information:
- Account type
- Account number
- Statement issue date
- Period covered by the statement
- Name of the person(s) authorized to make transactions
- Name, address, and telephone number of the financial institution
Although not always required by law, the following information is usually found on most statements:
- Opening balance
- All debits and credits
- Closing balance
- Number and description of each investment bought, sold, or transferred, as well as the dates of each transaction
- Number, description, and value of each investment in the account
Most financial institutions also add other relevant information to your statement to help you track your portfolio.
Noticed an Irregularity, Error, or Major Drop in Value?
You normally have 30 days to inform your financial institution or broker.
Follow your statements from month to month to track how your portfolio is doing in relation to the retirement savings goal you've set for yourself.
If you notice a major drop in the value of your portfolio, feel free to ask why. It's your responsibility to go over your statement when you receive it, as you normally have 30 days to inform your financial institution or broker of any irregularities or errors.
If the drop is not due to error and it worries you, perhaps your risk tolerance is not as high as you thought. Consider reviewing your investor profile and moving toward a portfolio with less risk.