Stay on track: Your essential financial review checklist
No matter the time of year, taking a step back to review your financial plan is one of the most valuable things you can do. Whether you’re an existing client or thinking about seeking advice for the first time, this checklist can help you make sure your strategy stays aligned with your life.
Use it as a conversation starter with your adviser, or as a guide to identify where expert advice could offer clarity and confidence.
Review the past 12 months
Investment performance: How did your portfolio compare with your expectations?
Budget and cash flow: Are your income and spending in line with your goals?
Tax position: Have you taken advantage of available allowances or reliefs?
Check in on your goals
Life updates: Has anything changed recently, like a new job, a new addition to the family, or a relocation?
Financial goals: Have your priorities shifted? Are you now thinking about things like early retirement, education funding, or passing on wealth?
Risk tolerance: Has your attitude to risk shifted?
Fine-tune your strategy
Asset allocation: Does your portfolio still reflect your time horizon and goals?
Market outlook: Are there economic trends that should prompt a rethink?
New opportunities: Are there emerging investments or planning options to explore?
Revisit your tax planning
(See also: our jargon-busting guide to maximising tax returns)
Allowances: Have you used key tax-efficient options like ISAs, pensions, and capital gains exemptions?
Pension contributions: Are you on track for long-term retirement goals and maximising tax relief?
Salary sacrifice & other strategies: Could you be managing your income more efficiently?
Estate planning: Are you making use of gifting and other IHT planning tools?
Update your protection
Insurance cover: Do your life, critical illness, and income protection policies still suit your needs?
Wills and powers of attorney: Are these up to date and aligned with your wishes?
Review your retirement picture
Pension performance: Are your pensions growing as planned?
Income planning: Will your current contributions support your expected lifestyle?
Drawdown strategy (if applicable): Is your approach sustainable and tax-efficient?
Other areas to consider
Education planning: Have you set aside enough for school or university fees?
Business finances: If you're self-employed or run a company, are your personal and business finances working together?
Charitable giving: Are you making the most of tax-efficient giving?
Ready for a fresh look at your finances?
A financial review doesn’t need to wait for a new year or a major life event. Whether you want to check you're still on course or you're considering taking professional advice for the first time, we’re here to help.
At McHardy Private Wealth, we make complex planning clearer, and ensure your strategy reflects where you are and where you’re headed.
Get in touch to arrange a conversation, whenever it suits you.
