Is it time to review your personal circumstances and plans for the future? by Lindsay Carter, Ascot Lloyd Independent Financial Adviser

Lindsay Carter

In these unprecedented times we have been shown that you can’t take anything for granted, health and financial security being a primary concern for most people.

Focusing on the things you can control is one way to feel assured, particularly when it comes to your finances. That’s easier said than done when the world markets are unpredictable and you’re being advised to be patient, sit still and do nothing.

Be proactive

One thing you can do is take time to review your personal circumstances. Many people are talking within their immediate and extended families about the recent impact and anticipating the longer-term effect, not just for themselves but the next generation.

Therefore, it’s an ideal time to have a discussion and a review meeting with your financial adviser who can take the time to revisit your financial goals with you and make sure all is in order. It will put you in the best possible position when the markets pick up. You may end up doing nothing, but there may be opportunities that your adviser can highlight to you because your circumstances or ideas are changing.

It’s also an opportune time to involve your family in those discussions if you need to. Estate planning and discussing how to provide short-term help for loved ones if needed, or reconsider how you might leave the best you can for the next generation is front of mind for many. Now could be a good time to introduce family members to your financial adviser and broaden the discussion. Or maybe you are needing less cash in the current climate and can further maximise the potential of your investments by taking out less.

How can a financial review help?

COVID-19 has turned the world upside down and has made many reassess what’s important. You may need to re-think your long-term aspirations and how you achieve these taking into account what has changed. It’s difficult to anticipate the future, when we don’t really know the longer-term effect of the virus on the economy or society, but when life gets back to some kind of new normal there will still be things you’ll want to plan for…

• Enjoying your retirement and spending time with your family.
• Perhaps travelling or making the holiday plans you’ve always wanted to, when travel comes back onto the agenda – or maybe you’ll change your ideas on this.
• Considering home improvements so you can stay in your home in later life. You might be reconsidering or even newly thinking about moving home as a result of events happening.
• Making adjustments as a result of reviewing household income and resetting pension drawdowns to maximise returns.
• Leaving your estate in order, how you want it, whether it’s taking a fresh look at inheritance implications for your family or how you want to leave your legacy.
• Perhaps you need to make a will. Only around 35% of people in the UK make a will, yet it could reduce the time and the cost needed to deal with an estate.
• Reviewing your life insurance to ensure it gives you and your family peace of mind that costs are covered. The protection gap across the UK is estimated to be around £2trn and with recent events reminding us how the unexpected can have a devastating impact, now may be the perfect time to look at your own protection gap.

Protecting you and your family’s lifestyle is the cornerstone of financial planning. At Ascot Lloyd we don’t just advise on investment management, we look at the whole wider financial landscape for you and your family’s whole life journey.

If there are any areas you would like to discuss, or if you have a family and friends who you think we can help – please do get in touch and take this period of lockdown to refresh your plans.