The Importance of an Ongoing Financial Advice Service

NOTE: This post is more than 12 months old, and the information contained within may no longer be accurate.

Building a financial plan is not simply a case of deciding what is needed and implementing it, yes this is an important first step but what’s the point of having a plan if it is not reviewed?

As we have seen over the past year or so a lot can happen in a short space of time. In February 2020 we were all going about our business with no idea that in a month’s time we would all be in lockdown.

Lockdown triggered a lot of anxiety for people and as the markets fell there were concerns about individuals pensions and investments. People were losing their sources of income, or they were much reduced and having to adapt to a new way of life.

This demonstrates the importance of being able to conduct an ad hoc review of a client’s financial plan to help try and put peoples minds at ease. As part of our cashflow planning service, we build in market shock scenarios to demonstrate what the impact a sudden fall in value could have on someone’s standard of living. This means that when the situation does arise it is accounted for and we are able to act accordingly, if anything needs to be done at all.

In amongst all of this, it is important not to shy away from any concerns and to face them full on. By re-assessing a client’s financial situation, reviewing their cashflow plan and looking at their risk profile will help to regain an element of control over the situation and ascertain whether any action needs to be taken.

We are all aware of the impact this pandemic has had on the economy and one would imagine as we hopefully return to more normality that the government will be looking at ways to generate money. Generally speaking, clients’ funds have returned to where they were pre-pandemic and the initial sense of panic has subsided.

This however, does not take away the importance of regularly reviewing a financial plan to not only ensure the client remains on track but just as importantly to take account of any changes in both legislation or market conditions.

I would say that when most clients initially come to Wingate for help it is to review where they are and whether they can survive in retirement on the funds they have accumulated. The plans they have in force have not been monitored and may be ‘out of date’ in terms of the benefits they offer.

If you feel you fall into this category please contact me, as we offer an initial ‘free’ consultation to see whether we are able to assist.

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26 Jan 2024

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