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Coronavirus updates, Keep Calm and Carry On, Week 9…

It is now 9 weeks since our first blog, launched on the eve of the UK being locked down due to Coronavirus (Covid-19). We launched our blog to provide regular, and useful insights from our network of wealth managers and beyond, for all those who were understandably anxious about their financial wellbeing. As the dust begins to settle, and we increasingly return to a rational mindset, now might be the perfect time to conduct a review of your wealth management arrangements. 

Regardless of whether you are a DIY investor, use a robo advisor or have a discretionary wealth manager it is good practice to check your investments, as well as conducting a thorough review of your wealth management arrangements every 3-5 years, or following a significant event. It is a legal requirement for charity trustees to review investments and investment managers from time to time, changing them if necessary, you should do the same for your personal wealth!

For the benefit of those new to our blog, The Wealth Consultant is a free to use digital wealth platform helping clients to achieve financial Peace of Mind, a tall order in the current environment. However, it is at unprecedented times like these, and as some may argue not seen since WW2, that we must keep our head, or risk losing our mind; we must “Keep Calm and Carry On”, in so far as that is possible.

There is a bit of an art to balancing how often you check your investments. Checking too often tends to mean watching your account’s value rise and fall daily with the stock market, which can be stressful. While not checking often enough sometimes means missing out on an opportunity or catching a problem later than you would have liked to. While striking the right balance is personal to you, there are sometimes when it’s a good idea for every investor to double-check their portfolio and approach. This is one of them, and here are Boring Money’s “5 reasons why now is an ideal time to check in with your investments”. Read here

One thing we should all keep on top of is our pension! To have all your basic needs covered in retirement, you will need to have enough money put aside. Relying solely on the state pension for your golden years may not be the best strategy and may not be enough to cover the minimum costs you will face when you retire. A good way to boost your retirement income is to start planning for later life as soon as you can. Wealthify’s insight “How to boost your retirement Income” provides some valuable tips. Read here

Conducting a review of your wealth manager does take time and consideration. Fortunately, lockdown has provided ample time. Many clients will find themselves questioning their existing wealth management arrangements. This is perfectly natural in the current market environment. According to EY, one third of clients plan to switch wealth management providers over the next three years!

The Wealth Consultant’s guide to changing wealth manager “Out with the old, in with the new”, should help you answer that question by looking at some of the common issues that may prompt a change, debunking some of the myths that prevent a change, and discussing the practicalities of changing. Read here

The Wealth Consultant is here to help you assess your current situation, to hold your hand through these testing times, and to give you peace of mind. If needs be, and at the appropriate time, we can introduce you to wealth managers who may be better placed to serve your needs, free of charge.

Thank you for reading, I hope you found this helpful. Please do get in touch if you would like to find out more or to book a consultation.

Keep well, Keep Calm and Carry On.