Denver Wealth Manager Offers Tips to Save Time, Stress
November 2, 2007— With fires raging locally and nationally, wealth manager Mark Smith urges individuals and families to organize financial documents to be prepared for any natural or manmade disaster that may destroy their home.
“By organizing your critical financial records in a fire safe box now, you can save yourself and your family additional stress and crucial time in the aftermath of a tragedy,” said Smith, principal and founder of M.J. Smith and Associates, a wealth management firm based in Denver. Smith recommends the six-step process below.
1. Choose a Fire Safe Document Box
Obtain a lockable fire safe box for documents to protect contents in case of fire or flooding. Keep in mind that the box will need to carry important documents, photos and a few days of cash or travelers checks. Make sure to keep the combination to the box, or the key, on you at all times and place a duplicate in a safe place, or with a trusted person.
2. Gather Your Important Items
If you store documents in a safe deposit box, you may not be able to access them immediately, so make an extra copy for your fire safe box, and include the following items.
- Checking and savings account numbers
- Copies of documents for you and your family members:
- Driver's license
- Social Security card
- Marriage license
- Birth certificate
- Will
- Power of attorney
- Property deeds
- All investment and retirement account numbers
- Home, life and medical insurance policies
- A list of crucial contact information including:
- Insurance agent(s)
- Attorney
- Bank
- Financial advisor
- Family, friends or other key people you may need to reach in an emergency
- Trusted home repair contractors
3. Back-up Computer Files
In case of emergency, you may not have time to grab your desktop or laptop computer.
Schedule regular intervals to back-up your computer’s hard drive to an external source, and include it in your document box.
4. Review Your Coverage
Do you have the proper insurance coverage if disaster strikes your family? Contact your insurance agent to review your current home, life and medical insurance policies to ensure that you and your family will be comfortable and cared for in the event of an emergency.
5. Ensure Access to Emergency Funds
Natural disasters can interrupt access to local banking and financial institutions. Make sure that you have an account that can provide access to emergency funds within 24 hours or less.
6. Share the Information
Review your document box information with your spouse or partner and determine together where your box will be stored. Also contact a trusted family member or friend outside of your household and share the document box location in case something should happen to you.
Mark J. Smith is a CERTIFIED FINANCIAL PLANNER™ practitioner, a Personal Financial Specialist, a Certified Investment Management Analyst, and a Certified Public Accountant. In 2007 he was named one of the top 10 financial advisors in the U.S. by Registered Rep magazine; Barron’s named him the top-ranked independent advisor in Colorado and number 22 in the U.S.; and the Winner’s Circle, an independent advocacy organization, named him one of the top financial planners in the country. M. J. Smith and Associates offers fee-based services with a comprehensive financial planning approach which includes income tax planning. For more information call 303-768-0007 or visit www.mj-smith.com. Securities offered through Raymond James Financial Services Inc. Member FINRA/SIPC.
Back to Newsroom