‘Unknown brokerage account found in a real estate investor's Family Office that had over $108,832!’
Chaos can be costly. As you expand your investment portfolios, clean accounting becomes essential.
3 min read

Money Found

27 January 2024

Unknown brokerage account found in a real estate investor's Family Office that had over $108,832!

Angie M Grainger

I know.

It seems strange to lose an account with over $100,000, but it happens… more often than you might think!

I'm sure even you have those times you don't want to open all those envelopes, or you open them but get confused and don't really look at what's inside.

Imagine having 10x or 20x or 50x that many envelopes, and when you open them there's 150 pages!

This is what happens as you expand. The volume of data flowing in and out can get out of control very quickly.

One piece that a lot of multi-family office firms miss, is having a double entry accounting system to lock down every money transaction. Most firms put together a net worth statement based on the current values.

But that NEVER addresses the question: Where did my money actually go?

When we reconcile each account on your business balance sheet and each account on your personal net worth statement, we make sure that each money movement is properly recorded. You'd be surprised the number of accounts, equity investments, loans etc. that get lost simply because no one is following the money.

When we found some transfers out of a bank account that we couldn't identify where the money was going, we knew we had to dig a bit deeper. After going back several years, we were finally able to locate the account and low-and-behold, there was over $108k sitting there!

Here's another factor… the prior CPA never asked about a 1099 from that account, and we found a $60k loss that wasn't reported, which equates to about $25k in tax savings also.

Proper accounting is one of the most valuable services you can invest in. Most people say they don't need it for their personal finances, yet this is where we find the most money for our clients.

Contact us to see how we can help you get results like this through the order we can bring to your finances.

Why settle for anything less than your own, personal CPA firm?

Why settle for anything less than your own, personal CPA firm?

Our team of Certified Public Accountants, Personal Financial Specialists, and Certified Financial Planners® is dedicated to personal finance—so we’re dedicated to you.

Our team of Certified Public Accountants, Personal Financial Specialists, and Certified Financial Planners® is dedicated to personal finance—so we’re dedicated to you.

Prosper-ent

one who prospers.

Prosper-ent

one who prospers.