The final phase of our holistic financial planning process involves continuous monitoring and assessment of your portfolio’s value. This ensures that our advice remains consistent with your evolving needs and goals, providing you with peace of mind and confidence in your financial future.
This entails monitoring your investment from start to finish on an annual basis. We do not charge clients as we wish. The charges are within the FCA rules. The benefits of having annual reviews are as follows:-
- Nothing stays the same as things do change and evolve. Your circumstances change and evolve (you may have a pay rise, redundancy, inheritance, illness, death, divorce, marriage etc, etc). Therefore, your investment strategy and objective should change and evolve in line with the change in your circumstances. Some clients say I leave everything to my husband, then what if the husband is no longer there.
- Tax legislation changes and evolves. This might impact your tax status and your investment. Part of my role is to utilise any tax breaks & tax allowances that are available for you annually. This will enable you to earn more money over the years or retire early.
- Your risk tolerance and your investment performance do change and evolve in line with the change of the economic cycle i.e. volatility/market movement). I hope you appreciate that investment does not grow in a straight line.
- You need ongoing advice supervision, especially in the last 10 years pre-retirement and 15 years post-retirement. This is called a retirement vulnerable risk zone.
- The risk of not monitoring your investment far outweighs my ongoing charges, especially if you were to encash your investment at the wrong time or take more income than what your investment making during the economic downturn. This will force you to work longer than intended, preventing you from having retirement freedom and your investment won’t last longer than you do. This equates to saving you money more than what we are charging you. Do you have the time and the know-how to do all of this yourself?
- Do you understand the effect or the impact of inflation and interest rate increases or decreases on your fund performance? (This is like having a pay rise or pay cut on your investment fund. Do you know what to do then?
- We are living in a world of mergers and emerger. Funds/products can be bought and sold by different providers. Do you know what to do then?
- You can phone me directly as your financial advisor, financial coach, and administrator rather than phoning a life office that will not give you financial advice. You are speaking to a human being and not a robot/alexia. Which should be at the expense of human interaction.
- All the required information within the platform pension/investment account will be available digitally rather than by post.