The Importance of Knowing What You Own

by | Jul 28, 2014 | Videos, Asset Management

We recently had a client get in touch with us here at Mullooly Asset. They had an IRA elsewhere that “wasn’t doing anything” and wanted us to begin managing it for them. So we reviewed their account and found out more regarding their situation.

This individual left a job in 2008 and rolled their 401k into an IRA. Then in 2009, the account was transferred into another IRA. Inside of the second IRA they were sold a variable annuity.

Here we are, years later, reviewing the paperwork for this unhappy investor. Not only has their account failed to provide them the returns they desire, but the client was completely unaware that they had purchased an annuity! They also didn’t know that they technically still had some of their surrender period to go on this investment.

The importance of knowing what you own cannot be stressed enough. Unfortunately there are people in the financial industry who don’t put their client’s best interests ahead of their own. Too often, especially in retirement accounts, we see people that have been put into unsuitable investments. So know what you own and have all of your questions answered clearly before agreeing to any type of investment strategy or plan.

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