When was the last time you had a financial review?
I regularly meet with prospective clients who set up a pension or ISA many years ago and haven’t looked at it again. Often, they have to scrabble around in filing cabinets or the backs of cupboards to find the paperwork that “is in there somewhere”. If that is you, don’t worry, you are not alone.
With work and family commitments days are busy and life has a habit of moving on quickly but the problem with forgetting about one’s investments is that you are leaving your financial freedom and financial security to chance.
Whether you do it yourself or hire the services of a professional conducting a review of your financial circumstances at least annually is really important.
If you need convincing, here are 12 reasons why a financial review is so important:
- How are you going make sure you can continue to do everything you want in an ever-changing world?
- How are you going to make sure you have enough money to stop work when you wish to.
- How are you going to make sure you don’t end your life with too much money that you could have used to do more in your most active years?
- How are you going to make sure you are never taking too much or too little risk?
- How are you going to make sure you are not paying too much in unnecessary charges?
- How are you going to keep in touch with tax changes to make sure you’re not giving away too much wealth to the tax man.
- How are you going to keep your head when those around you are losing theirs because the stock markets are falling?
- How are you going to make sure an accident or illness isn’t going to derail your future plans?
- How are you going to make sure your husband/wife isn’t going to suffer financially from your death?
- How are you going to maximise investment returns without undue risk?
- How are you going to choose and maintain the most appropriate funds and fund managers? Note, I didn’t say ‘best’ fund or fund managers.
- How are you going to choose and maintain the most appropriate product providers?
If you want help to review your finances as you approach retirement to contact me.