Money Mistake 3 Not Doing Regular Financial Reviews

Money Mistake 3 - Not Doing Regular Financial Reviews

Other Mistakes: 1.  Going Direct  2.  Not Bartering  4.  Poor Quality Adviser  5.  Investment Timing

FACT: Markets continually go up and down and the costs of insurance change daily

How much do you spend on your car's MOT?

• People spend hundreds of pounds a year ensuring that their car passes its MOT test and again spend the same keeping their home maintained to a nice standard.
• Money makes the World go round
• The one thing that keeps your car on the road and your house in order is your wealth, yet many people do not service their finances every year.

How much do you spend on a yearly money MOT? Like many, it is probably not a lot.

Did you know that financial advisers still get paid commissions on your policies long after you have seen them?

Many banks, insurance companies and financial advisers offer no ongoing service to clients yet still receive millions of pounds in renewal commissions on your policies and investments each time you pay a premium or a fund charge is made.  

  Whatever happened to my platform shoes?

You would not dream of wearing the clothes you bought in the 1970’s, so why are you still invested in the same pension fund you chose back then?

Did you know that in the last 2 years alone:

• Whilst UK, Europe and US stockmarkets plummeted with losses, certain sectors doubled in value?
• Pension Laws have completely changed, affecting every single pension in the UK?
• Trust Laws have completely changed affecting virtually every single Will that has been written, as well as any trusts you may have established?

Tax Laws change every year?

The investment climate has changed every year so that the most popular low risk, medium risk or high funds last year will not be the same as this year.  

Are you still in your ‘tank top and platforms’ investment?

We are are not saying that they will never be back in fashion, but you are making a huge financial mistake if you do not review your financial position, pensions and investments, big or small, every year.

Conclusion - Regular financial reviews are important

The importance of people reviewing their financial position every year is paramount.

When you look at what you spend each year on pensions, mortgages and savings, spending a few hundred pounds with an adviser for a yearly review can make all the difference.

Even just your bank charges being saved or a cheaper credit card or moving one pension fund to another (but staying with the same company) or switching your savings account to another, or even just changing whether a savings account is in your name or your partners, can make huge differences to your wealth.

In the longer term, it may make you and save you many hundreds if not thousands of pounds.

If the adviser does not offer such a service or does but fails to make you or save you at least his fee each year than cancel the service and go elsewhere.

Choose a regular advice service to suit you

It is our belief that you should have the choice of exactly how you wish your money to be looked after.  This is why we have developed four distinct ongoing regular advice service levels to suit your needs.  Bronze, Silver, Gold and Platinum.  Take a look online at our Money MOT services in the ‘help and advice’ channel.

ALWAYS REVIEW YOUR FINANCIAL POSITION EVERY YEAR.

The Other Four Money Mistakes ..

Contact us - Book Callback