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Why Should I Have A Financial Review?

Money. It’s generally always on our minds, making sure we have enough, making sure the kids have got what they want, making sure our investments are where they should be and giving us the best return, it’s never ending!

If you don’t review your savings and investments regularly you stand to lose money. In fact, many banks, building societies and product providers rely on you doing nothing!

Here are 5 signs that you need an investment review:

Are my investments working for me?

Put your mind at ease to make sure you are still on track to reach your financial goals.

To take away one of the headaches of worrying about if your investments are working for you, is to make sure you check their performance on a regular basis. If you don’t know, how are you supposed to ensure you are getting the best from them?

A regular financial review will allow you to re-visit your objectives and check if the strategy you have undertaken is actually proving fruitful or if it is time to re-asses and look at alternative options to get you back on track.

Am I paying too much tax?

This is a question we hear a lot. Paying too much tax can have a significant impact on your return, by undertaking a financial review it is possible to identify your current situation and look at options to help minimise the amount you are paying. By undertaking a financial review it will help you to determine the most tax-efficient avenues for your savings and investments.

My circumstances have changed and I am not sure if my investments are in the best place.

This is not an uncommon statement, life is a never ending rollercoaster. From changing jobs to buying a house to starting a family or retiring, all these changes can lead to a financial re-assessment, and it’s nothing to worry about!

By making sure you review your finances regularly you are more in control of the decisions you make about where your investments should be, making sure they are providing you with the best possible return. Quite often changes in our lives can change our goals and risks, by undertaking a financial review your existing strategy can be assessed and changed to suit your current lifestyle.

With interest rates having been reduced from 0.5% to 0.25% in March, many people have left money in current accounts.

Make it a priority to check exactly how much cash you have in low-paying current accounts, and if you find you have a large sum piled up, this should serve as a clear reminder that you need to take action and move your money elsewhere.

Similarly, with many savings accounts paying low rates of interest, there is also a risk that you could have big sums of money languishing in accounts paying interest as low as 0.05%.

Stock market fluctuations are concerning me.

This year has seen the stock market fluctuate significantly due to Brexit and the new US President Elect, that said, the market hasn’t crashed like predicted and has stabilised without too much cause for concern.

Quite often though, if you have concerns, undertaking a financial review to check your investments performance can put your mind at ease and provide you with reassurance to know your wealth is performing as it should. If it isn’t, then a new strategy can be put in place.

Protecting your legacy.

No one really likes to think about this or have the conversation but the value of your estate, along with inheritance tax, rules can change over time and it is very important to make sure you have a plan in place to deal with these changes. A financial review will help you to ascertain whether your estate is liable for inheritance tax, by doing nothing and not having a plan in place, it could result in your family and loved ones paying up to 40% tax when you are no longer here.

The idea of losing track of your savings and investments may sound unlikely, and yet there are currently billions of pounds of unclaimed funds in dormant bank accounts, overlooked insurance policies and mislaid investments.

If you think you have money in a lost or forgotten account, you should visit mylostaccount.org.uk, a site which offers a free search across the UK banks, building societies and National Savings & Investments.

Once you’ve tracked down lost and forgotten cash, you will be in a far better position to take action to get your finances into shape.

At Abbotstone we can help you to make the best decisions for your financial investments or savings, if nothing needs to change then we hope that our service will give you peace of mind, if things do need to change, then we will ensure that we will do our best to get you the best!

If you would like to have a FREE financial review, please contact us today.