Fortis Family Office Document Retention Schedule
As part of the Fortis team, you have entrusted us with many documents pertaining to your financial well-being. Fortis stores documentation both in paper and electronic format. File disposal is an important part of managing your documents. Our Document Retention Policy designates the time period for which we store electronic and paper files for each document type. Fortis reserves the right to amend, revise or revoke this policy at any time.
Client Records – Family Office Services
Contracts with Fortis 7 years
Accounting Software Permanent
Tax Returns and Related Support Schedules 15 years after filing date
Gift Tax Returns and Related Support Schedules Permanent
Bank-Related Documents 5 years
Legal Documents Permanent
Financial Statements 5 years
Payroll Related Items 5 years
Account Statements 5 years
Accounts Payable 4 years
Insurance Policies Permanent
Insurance – Other 5 years
Client Correspondence 4 years
Other Client Related Documents 2 years
Client Records – Advisory Services
All Documents Permanent
Fortis engages in an on-site shred company to destroy paper files. Documents containing personal identifiable information (PII) such as social security numbers, names or account numbers are destroyed in this manner. Electronic files are destroyed by deleting the files. Hard drives and copies of computer backups are stored in a secured location for five years after being retired. At the end of their retention period they are destroyed by shredding or other proven means to destroy such media. In some instances, certain files may require a longer retention period. Exceptions are approved by the client relationship manager. In the event of potential litigation or legal/regulatory inquiries, all related information will be “frozen” and locked down on the network or Fortis file location.
Terminated Clients – Family Office Services
When a client separates from Fortis, all of their Network and Archive files will be transferred to the “Archive” network drive. We will maintain these files for 5 years unless requested by the client to destroy or transfer the files to another family office, appointed designee, or to the client directly.
Terminated Clients – Advisory Services
When a client separates from Fortis, all of their Network and Archive files will be transferred to the advisors archive network drive. The files will be permanently stored.
The Firm may modify the Document Retention Schedule from time to time as necessary to comply with law and/or to include additional or revised document categories as may be appropriate to reflect firm policies and procedures.