The need for an Annual Review

When did your personal finances last have a review?

You probably give your car a service once a year and maybe your central heating system, too. Both are wise precautions, because you don’t want either of them to let you down. It ought to be the same with your personal finances.

Have you had any changes on the personal front?

For example, have you increased your mortgage, added to your family or moved to a new employer since last year?

Are annual reviews unnecessarily frequent?

An annual financial review gives you and your financial adviser a chance to step back and consider the impact of the last 12 months, both in terms of the past and the future. One of the areas where an adjustment is often needed is family protection. Unless this is increased regularly, life and health cover tends to get left behind by increases in earnings.

In some cases the outcome of a review may be that nothing needs altering, but that does not invalidate the review. Without the formal process, you will not have the comfort of knowing that your finances are on the right track.

A review need not take long, as it will concentrate on the changes, not the status quo. The early part of the year is an ideal time to start the process, as it can be combined with your year end tax planning. 

Why not call us today and make sure your finances are set for this year.