LOCALLY-BASED Simon Taylor, of Bury Financial Advisers, has made a career of providing individuals and businesses with ongoing independent financial advice.
Now he has told of its importance and why you should regularly review your investments and pensions.
In an ever-changing financial landscape, independent financial advice is not a one-off service, but an ongoing necessity.
Whether you’re managing investments, planning for retirement, or protecting your future, regularly reviewing your financial situation is crucial to ensure your strategy stays aligned with your goals.
Here’s why ongoing financial advice is key and why revisiting your investments and pensions is more important now than ever.
Life Changes
Life is unpredictable, and your personal circumstances may change over time.
A new job, redundancy, marriage, divorce, or the arrival of children are just a few examples of life events that can have a significant impact on your financial goals and needs.
Regular reviews ensure that your investment strategy evolves with these life changes.
Pensions and retirement plans may also need adjustments as your career progresses, your retirement approaches and throughout your retirement.
Optimising Performance
Pensions, especially those that are left unattended, can underperform without proper management.
Many individuals have multiple pension pots accumulated over various jobs, each with its own investment strategies and fees.
A regular pension review ensures that these funds are working as efficiently as possible, consolidating them if necessary, and adapting investment approaches to ensure you meet your retirement goals.
Risk Tolerance Shifts
Some investments are considered riskier than others. The more risk you take, the more you could potentially gain or lose.
How much risk are you willing to take and do your investments reflect this? As you age, your risk tolerance typically changes.
A portfolio heavy in equities may be appropriate when you’re young and can afford to ride out the falls in the market, but as you near retirement, a more conservative approach may be necessary to preserve your wealth.
Regular reviews will help to recalibrate your risk exposure based on your current stage of life and goals.
Tax Efficiency
Tax laws change over time, and what may have been a tax-efficient investment plan in the past might need updating.
Some of my clients are expressing concerns over the upcoming financial budget and what this will mean for their finances.
Ongoing advice can help you restructure your investments, adapting to the changes to take advantage of current tax allowances, minimising your tax liabilities while maximising your returns.
This is particularly important when it comes to retirement planning, where tax considerations around pensions can have a major impact on your financial future.
Markets are Dynamic
The global economy is in constant flux, with financial markets impacted by political events, technological advancements, inflation rates, and economic policies.
What may have been a sound investment strategy five or 10 years ago might no longer be relevant or optimal today.
We can help you navigate these changes, ensuring your portfolio remains balanced and suited to current market conditions.
Accountability and Discipline
One of the most underrated aspects of ongoing financial advice is the accountability it provides.
Many people struggle to stick to a disciplined savings or investment strategy, especially when markets become volatile or when tempted by short-term gains.
Our regular meetings will help keep you on track, encouraging disciplined, long-term thinking and helping you avoid impulsive decisions that could derail your financial goals.
Evolving Financial Products
The financial industry continually develops new products, services, and investment vehicles.
What may have been cutting-edge or suitable in the past could be outdated now, and new opportunities may better match your goals.
An independent adviser can provide up-to-date advice, offering access to these new options and explaining their risks and rewards.
Independent and Unbiased Perspective
Independent financial advisers are not tied to specific products or institutions. They provide unbiased recommendations that are solely in your best interest.
This independence ensures that the advice you receive is transparent and designed to meet your unique needs, as opposed to being influenced by commission-based product sales.
Ongoing independent financial advice isn’t just a service—it’s a partnership that evolves as your financial situation changes.
Regularly reviewing your investments and pensions ensures that you’re on track to meet your goals and can adapt to life’s many changes.
In a world where financial landscapes are forever changing and personal circumstances evolve, the right advice at the right time can make all the difference in securing your financial future.
Bury Financial Advisers Limited is an appointed representative of pi financial ltd, which is authorised and regulated by the Financial Conduct Authority. FCA No: 499928.
Contact Simon on 07526 005501 or email simon@buryifa.co.uk for a free initial consultation today.
Simon is listed as a Vouched For Top Rated Adviser of 2024. You can read what Simon’s clients have to say about him here: https://www.vouchedfor.co.uk/financial-advisor-ifa/oldham/036747-simon-taylor
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