{"id":52038,"date":"2023-08-23T12:58:36","date_gmt":"2023-08-23T16:58:36","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/if-you-still-want-brokerage-statements-mailed-itll-cost-you\/"},"modified":"2023-08-23T12:58:40","modified_gmt":"2023-08-23T16:58:40","slug":"if-you-still-want-brokerage-statements-mailed-itll-cost-you","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=52038","title":{"rendered":"If you still want brokerage statements mailed, it\u2019ll cost you"},"content":{"rendered":"
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\n \u201c<\/span> Convincing investors to abandon paper delivery may mean confronting their understandable fear of data breaches. \u201d<\/span>\n <\/p>\n<\/p><\/div>\n<\/p><\/div>\n

If you\u2019re still getting paper statements from your financial services company, the clock is ticking. Electronic statements are increasingly becoming the norm.<\/p>\n

Financial firms are forcing the customer\u2019s hand. At Vanguard Brokerage Service, for example, clients with total qualifying assets under $5 million must enroll in e-delivery of account-related communications by September 1 to avoid a $25 annual fee.<\/p>\n

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Many investors are fine with e-delivery. They\u2019re accustomed to making financial transactions online and tracking tax forms and other digital correspondence from their brokerage firm. And they like saving trees by going paperless.<\/p>\n

For others, however, the switch is unwelcome. For years, they\u2019ve filled their file cabinet with folders of monthly printed statements. They like to receive tax forms via the U.S. Postal Service. And they prefer to flip through a printed prospectus or proxy statement rather than read it on a computer screen.<\/p>\n

\u201cFor some people, the comfort of paper mailings is hard to give up,\u201d said Andrew Crowell, vice chairman of wealth management at D.A. Davidson, a Los Angeles-based firm.<\/p>\n

When financial firms introduce an annual fee for paper delivery, it can prod investors to make the switch. Advisers often reassure clients that they\u2019ll benefit from e-delivery once they get used to it.<\/p>\n

\u201cWith the rise in financial fraud and the risk that mail can get stolen or lost, digital statements offer security,\u201d Crowell said. \u201cAnd they offer the ease of searchable archives\u201d so that investors can retrieve old statements from anywhere, as long as they can log into their account.<\/p>\n

E-statements also have the advantage of speed. Investors receive important account notifications faster and gain instant access to trade confirmations and tax forms through their financial firm\u2019s secure online portal or mobile app.<\/p>\n

During tax season, Crowell tells clients that switching to e-delivery will help them file their returns with fewer delays. As soon as your brokerage uploads your tax form on its website, you can scan it immediately. Otherwise, you must wait for the paper version to arrive in the mail.<\/p>\n

If you\u2019re reluctant to switch to e-delivery, Crowell suggests taking it slow. Start with one account, give it a few months and go from there. \u201cIt helps to try it out and get used to the cadence of it,\u201d he said. \u201cYou\u2019ll start to see when email alerts arrive and how to respond. At first, those email alerts can look like spam. So I tell clients to walk before you run\u201d when transitioning away from paper statements.<\/p>\n

Despite the many advantages of e-delivery, he acknowledges that it poses its own irritants. For starters, investors may find two-factor authentication daunting or just plain annoying.<\/p>\n

Moreover, you may want to enable family members or other key individuals (such as an executor or trustee) to access your digital accounts in an emergency. It\u2019s easier if someone you trust has your password and can pay bills and track financial transactions.<\/p>\n

\u201cWhen you draft a living trust or other estate documents, you can provide instructions on how to access your digital accounts,\u201d Crowell said. \u201cExpressly providing permission for a designated executor to access all your electronic accounts\u201d can simplify the probate process.<\/p>\n

Convincing investors to abandon paper delivery may mean confronting their understandable fear of data breaches. Cybersecurity concerns abound as more companies disclose hacks or unauthorized release of customers\u2019 sensitive personal information.<\/p>\n

\u201cI\u2019ve spoken to a couple of clients who don\u2019t want to switch and their No. 1 reason is cybersecurity,\u201d said Joe McQuaid, who runs platform solutions at Tampa, Fla.-based Concurrent Investment Advisors. \u00a0There\u2019s still a low comfort level\u201d with e-delivery.<\/p>\n

He urges them to reconsider. Explaining the security features of digital authentication, encryption and fraud detection tools, he educates them and tries to alleviate their worry.<\/p>\n

\u201cI\u2019d argue it\u2019s safer than paper if the company invests properly in cybersecurity and explains how it protects your data,\u201d McQuaid said.<\/p>\n

More:<\/strong> You track savings, spending and investments. But are you paying attention to the right numbers?<\/p>\n

Plus: <\/strong>Millions of Americans are Zooming all wrong<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201c Convincing investors to abandon paper delivery may mean confronting their understandable fear of data breaches. \u201d If you\u2019re still getting paper statements from your financial services company, the clock is ticking. Electronic statements are increasingly becoming the norm. Financial firms are forcing the customer\u2019s hand. At Vanguard Brokerage Service, for example, clients with total […]<\/p>\n","protected":false},"author":1,"featured_media":52039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-52038","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nIf you still want brokerage statements mailed, it\u2019ll cost you | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u201c Convincing investors to abandon paper delivery may mean confronting their understandable fear of data breaches. \u201d If you\u2019re still getting paper\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=52038\" \/>\n<meta property=\"og:locale\" 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