From time-to-time situations may arise where an account that you hold may have to be closed, whether voluntarily or involuntarily. This can occur with either a savings type account or an investment account. From the account holder’s perspective, the account may no longer fit into your investment and saving plans and so you voluntarily close the account. You may have achieved the goal you had when the account was opened, or you may have found another type of account that better meets your financial needs. From the institutional perspective, the decision to close out certain types of accounts held within the institution, may be driven by strategic decisions or even regulatory requirements and could lead to the account having to be closed involuntarily. Regardless of the situation, you may be faced with this reality at some point in your financial journey.
Chances are your financial journey will not end there. Persons looking to save and invest should now reassess their financial goals to determine their needs going forward. This will allow you to assess all available options and make the best decision. Decide if a savings type account, an investment account or both will be best for achieving your goals. Look at the offerings from different financial institutions and make the choice that is the best fit for your investment and saving objectives.
You may be hesitant to move your funds to another institution due to the hassle and inconvenience of opening an account. However, in today’s competitive environment, shop around to find a financial institution that will not only offer you the type of account you need but will also try to make the account opening process an easy one for its clients and prospective clients. Technology has greatly impacted the client onboarding process for institutions globally. There is no longer a need to print forms, sit and write in the required information. Technology is now being used to reduce both the time and effort needed to open an account. It can be used for the completion of forms which can then be printed and signed, or no printing may be necessary as both the information required, and signature can be captured electronically.
Quality customer service can complement the technology and make the process as smooth as possible. If forms are to be completed, physically or electronically, the institution’s representative may ask for the necessary documents such as Government issued identification or proof of address. Information from the provided documents can then be used to complete the account opening forms for the client. The forms will then only need to be reviewed for accuracy and signed.
In today’s world of technology and high customer service standards, opening an account should be hassle free. Focus on your financial journey ahead and remember, when one account closes, open another.
Dwayne Neil, MBA, is the AVP, Personal Financial Planning at Sterling Asset Management. Sterling provides financial advice and instruments in U.S. dollars and other hard currencies to the corporate, individual and institutional investor. Visit our website at www.sterling.com.jm Feedback: if you wish to have Sterling address your investment questions in upcoming articles, e-mail us at [email protected]