Wealth Advisers, Too
Not a bad day all things considered. Business is cooking. Family is well. Sam’s portfolio recommendations make sense. Time for a glass of cabernet. Time to forget all that nonsense about Worst Case Wednesday.
The phone rings.
Sam: “Errr…I have something to tell you. And it’s not pretty.”
Me: “Spit it out, Sam.”
Sam: “You know the paperwork you signed today?”
Me: “How can I forget? There’s so much.”
Sam: “I left it on my 6:38 train. Or somebody snatched it. I’m not sure what happened.”
Me: “My social security number? Your pitch book with all my family’s assets? You lost my identity!”
Sam: “It’s gone. I’m usually so careful.”
Me: “Great, but what should I do?”
- Tell Sam to phone tomorrow morning. Hang up. Save the anger for later and get busy.
- Grab a notebook to record all your conversations. Forget the glass of cabernet.
- Call Equifax, Experian, and Trans Union—companies that monitor and share your payment history with creditors. Their phone numbers are on my page, Wealth Tools. Sign up for credit monitoring reports, regardless of the cost.
- Initiate a “credit freeze” with the three companies. A credit freeze prevents new lenders from accessing your payment history. And the lack of information dissuades them from lending to anyone using your identity (including you). You can lift credit freezes as necessary, but there are short delays. Take notes.
- While you are on the phone, pull up credit freeze instructions that are specific to your state. Check my wealth tools page, for links to state-specific instructions.
- Initiate a “fraud alert” with Equifax, Experian, and Trans Union. New creditors must now use “reasonable policies and procedures” to verify your identity before extending credit.
- Pull out your wallet and call each of your credit card companies. State the following: “My social security number is compromised. What should I do?”
- Scan the credit cards, front and back, while everything is out. Print the images and file. You now have what you need in case your wallet is stolen. Repeat with your passport.
- The next day, call Equifax, Experian, and Trans Union to make ensure everything is in place. Companies make mistakes, too.
- When Sam the stockbroker calls, ask his firm to pay all expenses related to your identity defense. There’s only one question left to answer:
Should I fire my stockbroker?
Norb Vonnegut
About the author
Norb Vonnegut wrote 178 articles on this blog.
Do you ever feel the financial news makes no sense? Do stories leave you with more questions than answers? I created Acrimoney to discuss Wall Street’s behavior behind the headlines. As a veteran of a wealth management business that exceeded $1 billion in assets, I offer insight into the people and the “doings” that affect your money. I’ll start the discussion. But I hope you’ll jump in and say what you think.
"The Gods of Greenwich is a pure delight, racing relentlessly from the bedrooms of Manhattan to the boardrooms of Connecticut to the banks of Iceland. Bravo!”
Great step by step plan Norb – just what people need in a time of crisis and panic. Keep up the good work.