9 document security tips for working with a Financial Planner.

When working with your financial planner, you will likely need to share personal financial statements. Things like quarterly statements from 401k's, IRA’s and other investment accounts you may have. 

In order for your financial planner to build a comprehensive plan, he or she may also ask for things like W2’s, other tax documents, social security statements, credit card balances, etc. etc. 

Sharing these personal statements can feel a tad invasive at first. You may feel like you are letting a stranger “see behind the scenes” of who you are as a professional. This can be intimidating.... But it should NOT deter you from allowing your Fiduciary Financial Planner to understand your complete financial picture. 

Knowing as much as possible about your financial situation is not only a general legal requirement for the Advisor, but is also key in allowing them to make informed planning decisions. 

Here are a few tips to securely exchange documents with your Financial Planner

1. The first tip is make sure the Advisor is a trusted individual. This of course is judgement call, but ensure they are who they say they are.
2. Use this website, BrokerCheck, to screen your financial planner. 
3. Always use encrypted email (most servers even have a built in “secure” button to make it super easy)
4. Most of financial statements will NOT have your SSN or DOB on them, but if they do, you can mark through them. 
5. Yes, your advisor will need your SSN and DOB if you become a client, but not if you are just in the initial planning stage. If they insist, ask why?
6. Generally avoid sending iPhone pictures of statements, unless some very unique situation arrives. I would not generally recommend this. 
7. Never send personal documentation over a social media platform. 
8. Worst case scenario, do it the old fashioned way and MAIL them a copy! Yes, remember printers, post offices and stamps? They still work just fine. Your advisor may even send a prepaid envelope for you. 
9. Ask your Financial Advisor how your data is stored. Make sure they have proper software and security around your personal files. 

Hope this reduces anxiety around sharing documents, it is an important part of financial planning, but there are ways to go about it in a safe and secure way. 

“Spire Wealth Management, LLC is a Federally Registered Investment Advisory Firm. Securities offered through an affiliated company, Spire Securities, LLC, a Registered Broker/Dealer and member FINRA/SIPC. The material presented is for informational or educational purposes only and should not be considered a recommendation of any particular product or as investing advice of any kind.”