Reviewing a review - the importance of reassurance
12 July 2024The evolution of the financial advice profession continues apace, like many others. Technology will further this cause, and it will continue to increase connectivity. As individuals, we all like to receive our information and data in particular ways, with some more modern than others.
The days of simply 'selling' are thankfully long gone, and the real work of constructing, implementing, reviewing, and where required adjusting financial plans is ever more important. And plans change all the time. Our lives do not stand still, with age, health, family, work and home all changing attitudes, objectives and needs. Reviewing and sharing these updates with clients remains fascinating and rewarding in helping them staying on track to meet their future aspirations or managing expectations.
And our work is varied. Some enquirers seek investment advice and one recent example saw us simply recommending that they hold funds in National Savings & Investments until they could really define their long-term objectives. For them, a life-junction was a year ahead; however, a really defining moment, and tying up funds for the longer term was not appropriate. We will meet again when we are closer to the time.
A financial review can be face-to face, via video call, or by email exchange, even paper, dependent on the preference of the client and their timings. Plus, what a client wants from a financial review can also vary. Sure, fund values, and fund performance (not a guarantee of future performance) against a benchmark might be important, however, for many it is simply reassurance. Reassurance that they have enough cash and investments / pension savings, that they are doing all they can from the funds that they have, that the investment risk being taken continues to be appropriate, that they are controlling tax where possible. Each is different, and importantly to the client, personal to them. This variety is always refreshing when we review. Sometimes no changes are required, other times simple adjustments can keep an agreed plan on track.
Also, our regular newsletters are (with feedback from clients) widely read, and usually provide ideas about what might need to be looked at.
However you review your financial objectives, take advantage of the opportunity to update at intervals to suit you. The last few years have been momentous, and not all for positive reasons. Taking the chance to update yourself can be vital in making a difference to your financial planning in the future.
No individual advice is provided during the course of this blog.
Keith Churchouse FPFS
Director
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899
