Sharing is Caring: Why you should share your financial portfolio with those you trust

We discuss reasons why you should share your portfolio with your loved ones and other trusted parties, and how Auderli helps you do it securely.

A financial portfolio – seems like a pretty private thing, right? It probably has details of your financial information and wealth which you would usually want to keep to yourself. However, at Auderli we want to turn the stigma of financial secrecy on its head. As firm believers that sharing is caring, we have written this blog to discuss reasons why you should share your portfolio with your loved ones and other trusted parties, and how Auderli helps you do it securely.

What is a financial portfolio? What does it contain? 

Simply put, a financial portfolio is a collection of all your financial assets, this could include bank accounts, ISAs, stocks and shares, valuable items and property. With Auderli, once you have uploaded your information you are provided with a visual portfolio, where you can clearly see what your net-worth amounts to and the individual elements which make it up. In this context, your financial portfolio may also include any important documents that you have uploaded onto Auderli. 

What does sharing mean? How is it safe? 

At Auderli, sharing your portfolio means opening it up for somebody to view. You can share your whole portfolio in a read-only format to only those you authorise to see it, and they cannot edit any of your details. This is how we keep your information secure, and soon we will be introducing enhanced sharing features so that you can choose to share particular elements and give rights to certain people to edit your details if you wish them to. The best part is that if you change your mind at any point, you can revoke access at the touch of a button.  

Who to share your portfolio with and why 

Spouse/Partner 
  • If you live with your partner and share a joint household, giving them access to view your finances and vice versa can make it much easier to work together on financial affairs which affect you both equally. This could be in regards to your house, mortgage, car, holiday funds, valuable items or anything in between. Then, if you need to view a certain shared document, it's there right at your fingertips.  
Adult Children 
  • If you have children who are now adults, sharing your portfolio with them may be beneficial for several reasons. If they are beneficiaries in your will, then allowing them to have access to your financial information and any documents relating to your will means then can better prepare to potentially help you with your finances one day should you no longer be able to do so. Notifying banks about accounts and sorting out your pension and mortgages becomes much easier as all the relevant details are easily accessible. Giving them access now and time to get to grips with all aspects of your portfolio means that they will be well equipped to manage your finances if you choose to grant them power of attorney over your estate.
Business Partner/Team 
  • As a business owner, sharing your portfolio with your business partner or team allows everyone to have a better understanding of the business’ financial position. This means you can all work towards more accurate financial business goals and see where spending could be cut or increased. You can keep track of all important business-related documents, assets and liabilities and get a clear overview of net-worth, so sharing this information readily with your partners makes discussions around the future of the business far more streamlined and easier to understand.  
Financial advisor, accountant or solicitor 
  • It is often necessary to share details of your portfolio with someone who is supporting you with your finances in order for them to get an accurate overall view of your estate. This could be someone whose focus is to help you grow your wealth, an estate planner to help you manage the distribution of your finances, a mortgage advisor, an accountant, a solicitor or a will-writer. All of these professionals would greatly benefit from having access to your Auderli portfolio as it eliminates the need to sift through paper documents and accounts dotted about several platforms. With the necessary information in front of them, your advisor can give you more tailored advice and you could potentially speed up costly processes. 

So, is sharing caring? 

In conclusion, sharing definitely is caring. Giving those you trust access to your portfolio bridges a gap and increases understanding in both personal and professional relationships. It speeds up various lengthy financial processes and allows for more collaborative approaches to financial wellbeing. 

Hopefully, now with this new information at hand, sharing your financial portfolio no longer feels like a daunting or risky process. If you decide that sharing your portfolio is something you are interested in, then Auderli are here to guide you through every step of the way and make sure that it’s done in the most secure way possible.  

To find out more and learn about the other security measures Auderli is taking to protect your finances, head over to the ‘help’ section of our website. Sign up for FREE today.