One thing that often surprises me when meeting new clients is just how many pensions, savings accounts and investments they have accumulated over the years. This is rarely a deliberate strategy but happens over time.
A pension from a previous employer sits untouched for many years. An ISA remains with the same provider because it has always been there. Premium Bonds were purchased years ago and gradually fade into the background. What began as a straightforward financial position can become spread across multiple providers and arrangements.
Most people know where everything is, but their spouse, children or the person appointed under a Lasting Power of Attorney often do not. If you were suddenly taken ill or unable to manage your affairs, would your family know where to start? Would they know where your pensions are held, who your financial adviser is, whether a Lasting Power of Attorney exists and where your important documents are kept?
In our experience, one of the biggest challenges families face is not making decisions but finding the information they need. This becomes increasingly important as we move through retirement. Greater flexibility around pensions and investments has given people more choice, which can be helpful. However, changing jobs, opening new accounts and keeping older arrangements can leave finances spread across several providers, making it harder for someone else to step in when needed.
When reviewing clients’ finances, we often find pensions, savings or investments that have not been reviewed for many years. Some remain suitable and may be best left where they are. Others may no longer match the client’s current goals, attitude to risk or retirement plans. Occasionally, we also find arrangements that have been forgotten altogether.
A little organisation today can save a great deal of stress tomorrow. You do not need to share passwords or create a complicated spreadsheet. Instead, keep a simple record and let a trusted person know where to find it. It should list your pensions, savings and investments, the organisations that hold them, relevant reference numbers and the contact details of your professional advisers. These details will make life much easier for those around you.
The key question is not simply whether your finances are organised, but whether someone else could make sense of them if you were unable to help. At Wingate Financial Planning, we regularly help clients gain a clearer picture of their overall financial position, bringing together pensions, savings and investments that may have accumulated over many years. The process often helps simplify arrangements, identify forgotten assets and ensure that financial plans remain aligned with retirement and estate planning objectives. If you are unsure how organised your affairs really are, or whether your family would know where to start, we would be happy to have an initial conversation.
