Financial Review

Look Into Your Financial Review This January



Posted on: 5th January 2024

Christmas is over, the New Year celebrations have settled, and now we look ahead to what the year has to offer. With 2023 being yet another year of uncertainty and challenge, it is understandable that you may be walking into 2024 with a tight reign on what finances you have – or think you have. We want to start your 2024 on a positive note and offer a way to get a better feel for your finances and goals. Starting the year with a financial review with our independent financial advisers Cheshire will help you keep track and take each step in 2024 with confidence.

As well as reviewing your assets, you may feel that you want alterations to your current financial plan. Here is where Haven IFA can really add value.

Short-Term Movements 

There are times when it is appropriate to update your existing financial plan, and you need to be more aware of the risks of responding to short-term movements or bias. We all know that stock market volatility is sometimes scary, tempting you to withdraw money to preserve your wealth.

You may not know of the negative impact on your progress towards the long-term goals you have set. Markets historically deliver returns over the longer term, and investors who stay the long course benefit. In taking money from investments during a downturn, you will transform rumoured losses into genuine ones. Herd mentality can also greatly affect you, leading you to make unnecessary changes that do more harm to your outcome.

Your goals and circumstances are the heart of your financial plan. When changes feel too tempting, get advice from your independent financial advisers Manchester to get a clearer picture.

Changes in Circumstances

With goals and circumstances as the heart, it is expected to some degree that change will become necessary to reflect your lifestyle. It can be bringing forward your retirement planning Cheshire, increasing your pension contributions to provide more financial security, taking out life insurance, or building a nest egg to protect your family.

A financial review with the best independent financial advisers UK provides an avenue to review the changes in your life and how they affect your goals. An adviser can offer advice suitable for you, your circumstances, and your aspirations, including alterations to your plan so that it can realign with your life now and in the future.

Government Changes

As we have all seen over the 2020s, the government can make announcements that will affect you, such as allowances, tax hikes, and other avenues that can directly influence an adjustment to your financial plan – such as abolishment of the pension Lifetime Allowance.

Keeping on top of the latest news and developments and understanding how they play towards or against your financial plan can be difficult – a regular financial review can help to navigate them.

As 2024 begins, schedule a meeting with our independent financial advisers Cheshire to understand how we can help you and your financial goals this year. Contact Haven IFA today.