Has your Bank or Pension provider stopped providing you with a regular review service?
Most people who save or invest money would agree it is a good idea to regularly review how your investments are growing and decide if you need to make changes.
If you don’t review your savings and investments regularly, you could be missing out, with many banks, building societies and product providers relying on customer apathy. A regular review can help you save tax, check that you’re on track to meet your goals and ensure your existing investments match your appetite for risk. The choices you make for investments will largely be driven by your personal goals and the time frame you have to achieve them. This will determine to some degree the level of risk or volatility you can tolerate. An individual with a longer term investment goal, could consider a more volatile portfolio, than someone with a financial objective of say less than five years, who may be best with their funds in cash.
Of course, managing your investments and pension to ensure they deliver the right outcome at the time they are needed will take some planning and , it’s probably a good idea to take advice from a financial adviser unless you’re confident about selecting the funds yourself. If you decide to switch your own funds, you may need to check first if there is a switching fee and what the charges on the new funds will be.
A regular review from your Bank or product provider would have helped you in identifying whether your investment choices were still appropriate for you. In recent years however, following changes to legislation, a large number of financial institutions have withdrawn from providing advice to all but the very wealthy, meaning some investments may not be in the best place, based on individual circumstances. In recent surveys, it has been suggested that individuals who take financial advice are in general around £40,000 better off, than those who don’t, with 57% of the population preferring ‘face to face’ advice on financial matters.
Can we help you with a review of your existing pension and investments or even provide some reassurance that your investment choices are still appropriate for your circumstances?