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Financial planning

A personal journey tailored to your unique financial situation and aspirations

Financial planning isn’t a one-size-fits-all process. It is a personal journey tailored to your unique financial situation and aspirations. Without considering your complete financial status and goals, the effectiveness of specific planning elements can be compromised. Here are some main areas to consider when developing a robust financial plan.

Setting your financial goals

Consider your life plans for the next five, ten and twenty years. Are you on track to achieve these? Depending on your life stage, your goals might differ. Short-term focuses include buying a house, paying university fees or making significant purchases. Medium-term goals can involve tax-efficient investments, retirement planning and more significant spending events. Long-term objectives might include tax-efficient retirement income, estate planning reviews and identifying Inheritance Tax issues.

Keeping track of your cash flow

Understanding your cash flow is crucial. It provides a clear view of your current assets and future requirements. Incorporating cash flow analysis into your financial planning gives an accurate position of your short, medium and long-term goals. This monitoring keeps you on track with financial returns, inflation, planned changes and any unexpected occurrences. It also allows for the creation of ‘what-if’ scenarios, empowering you to make informed decisions about your finances.

Preparing for unexpected situations

Life can throw curveballs – illness, unexpected death of a partner, financial emergencies or job loss. Preparing for these potential situations can provide security during challenging times. Ensuring that your household has financial resilience in case of such events is essential.

Creating a debt repayment plan

Debt comes in various forms, with mortgages being the most common. A plan to pay off debt is vital for long-term security, whether being mortgage-free or focusing on early retirement and reduced expenditure. As interest rates rise, reducing any debt over a shorter term than previously planned could be financially sensible.

Evaluating and managing risk

Risk can take many forms. It could be family risk should illness strike, job changes or investment risks. Do your investments align with your risk appetite? Are you aware of how market volatility can affect your investments? With many factors increasing risk, such as the COVID-19 pandemic, global lockdowns, supply-chain disruption, the war in Ukraine, high inflation rates and rapid interest rate rises, ongoing risk assessment and management are vital to keep your long-term financial plan on track.

Making informed investment decisions

Your investment strategy is critical to any financial plan. A bespoke investment strategy considers your personal outlook and goals, balancing the risks you’re willing to take with the return needed to meet your objectives. It also considers your tax position and maximises your tax allowances. Diversification is key – ensuring you’re not overly reliant on one type of investment reduces the overall risk of losing money.

Effective tax planning

Your financial plan should consider your current tax position, tax-efficient investments and savings. It should also plan around your estate to ensure your legacy is passed on as you wish. With many tax bands frozen until 2028, including the Inheritance Tax threshold band, financial planning must effectively cover trusts, planned gifting and investments that hold assets outside the estate.

Need further assistance or information for your unique financial situation and aspirations?

Remember that financial planning is personal, and the right approach can make all the difference. Should you require further assistance or information, feel free to contact us. We’re here to help you navigate your financial journey with confidence.

THIS ARTICLE DOES NOT CONSTITUTE TAX OR LEGAL ADVICE AND SHOULD NOT BE RELIED UPON AS SUCH. TAX TREATMENT DEPENDS ON THE INDIVIDUAL CIRCUMSTANCES OF EACH CLIENT AND MAY BE SUBJECT TO CHANGE IN THE FUTURE. FOR GUIDANCE, SEEK PROFESSIONAL ADVICE.

THE VALUE OF YOUR INVESTMENTS CAN GO DOWN AS WELL AS UP, SO YOU COULD GET BACK LESS THAN YOU INVESTED.

Adam Reeves

Author: Adam Reeves

DipPFS Cert CII (MP&ER)
Independent Financial Planner, Wealth Manager, Director

Last updated on

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Adam was quick to assess & understand my situation, and was able to discuss & communicate in a very concise and simple way the various options available to me, taking time for me to understand and clarify where necessary. My understanding & knowledge of taxation & pensions has increased significantly allowing me to feel much happier making financial decisions for the future.

Rob – West Sussex

Adam and his team undertook in-depth research into our existing QROPS schemes and clearly set out both pros and cons of transferring the funds back to the UK. Having decided to go ahead with the transfer, Adam and his team worked extremely hard to facilitate the transfer. The QROPS pension trustees were not always the most professional or responsive organisation – however we were very grateful for the perseverance and commitment that Adam showed us as clients.

Jonathan – East Sussex

Adam offered a range of financial products , the one he suggested was affordable and proved to be a good choice.  Returns on investments have exceeded my expectations, based on Adam’s advice and guidance. Profits have enabled house improvements to take place.

David - Surrey

Adam arranged an appointment very timely, he explained his role and qualifications as an IFA giving me reassurance , we went through my retirement and investment goals. Adam discussed my options explaining in great detail, I felt relaxed during our discussions allowing me to fully understand my choices. I feel very confident in the financial advice allowing me to enjoy my retirement.

I was very happy with Adam’s recommendations and explanations of financial products which would suit my retirement goals, I feel this has helped me review and reduce my financial risk as I reach retirement, leaving me feeling confident that I can enjoy my retirement plans.

Ron – West Sussex

After initial meeting Adam put together a very detailed and thorough written plan. At our second meeting he went through the whole booklet and explained everything in layman’s terms which made it a lot easier to understand.

I am very happy with everything that was suggested and put in place especially with something as big and important as pensions. Adam and his team have taken a huge weight off my shoulders and I would highly recommend their services to anyone needing help with their financial planning and pension.  Adam couldn’t have been more helpful, and even came outside his normal area to meet me on a number of occasions.

Richard - Kent

Unfortunately I had to claim on my critical illness insurance due to my wife being ill and because of the sound advice Adam gave in acquiring this insurance we ended up being financially safe through a tough time.

Steve - Kent

Adam did a review of our financial situation, confirmed that Flexible Drawdown best suited our needs as a family, and then did all the research into the best product for us. He will continue to monitor it for me. He acted extremely promptly because we had a deadline for requiring the lump sum; went out of his way arranging meetings during non-office hours, was professional yet friendly and explained a difficult subject very well.

Clare – East Sussex

Adam did a thorough review of my pension policies, clearly explained how well they had performed, how flexible they were, how the market regulation has changed, and, crucially, what the tax implications would be if I were to leave them untouched. He accurately assessed my attitude to risk and recommended an up-to-date solution that will offer me the greatest flexibility at retirement.

Greg – East Sussex
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Data is compiled by Adviser Portals Ltd every 60 minutes. Information is not realtime. Last updated: 04/03/2024 at 02:00 AM
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