Reviewing Your Wealth Management Plan and Improving Your Finances

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 planning and financial 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 business 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.

In the meantime, here are the topics we are covering in this blog entry to help you make an informed decision and secure your financial future:

  • how often should you check your investments
  • how to plan for retirement with a pension
  • how to change your wealth manager

How often should you check your investments

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

How to plan for retirement with a pension

One thing we should all keep on top of is our pension investment plan! 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 income is to start retirement planning for later life as soon as you can. Wealthify’s insight “How to boost your retirement Income” provides some valuable tips. Read here

How to change your wealth manager

Conducting a review of your wealth manager does take time and consideration. Fortunately, the 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.

Please do get in touch if you would like to find out more or to book a consultation. Make an enquiry, or let us know how we can help by filling up this questionnaire.

Keep well, Keep Calm and Carry On.