Time for a financial mid-life MOT

Posted on May 09, 2018

Latest Posts

Archives

There’s an argument that we look after our cars better than we look after ourselves… Although it’s a legal requirement for cars older than three years to have an MOT, we rush to get our four-wheeled friends checked-over, to make sure everything is running safely and it’ll get us through another year.

When it comes to our own health, many of us ‘wing it’ and will wait until there’s an obvious issue before we have a check-up and, in terms of finances, we’d rather just stick our head in the sand and hope for the best. Research – which we covered in a recent blog – even suggests that the majority of us just assume we won’t reach old age.

Unlike our cars, we can’t replace ourselves when we get a bit too old or rusty – so it makes sense to talk to a professional and see how we can potentially reach old age in the best financial state.

A financial mid-life MOT is something currently being pushed by the Pensions and Financial Inclusion Minister, Guy Opperman, who said it is ‘something I am championing, I cannot stress enough that this is the way forward’.

The introduction of Pension Freedoms has given people more choice and flexibility when it comes to their finances post-retirement, but Mr Opperman said at an event organised by the Association for British Insurers recently that the insurance industry needs to make the case and support Pension Freedoms’.

He said that people did not appear to have ‘squandered’ their pension pots but there was a real need for good advice.

Many experts are suggesting that getting a mid-life financial MOT should become the norm. If this type of overview could take place when somebody is in their early-50s, rather than about to hit retirement, then there is most likely a window of opportunity to address any obvious financial shortfalls.

At The Goodman Partnership our process of getting to know you and your financial situation is akin to doing an MOT on your finances and, like your friendly local garage, our support is ongoing:

1. INITIAL DISCUSSION
We’ll start with an initial discussion, when we introduce ourselves to each other. We will explain how we work, our areas of expertise and our fees.  We will then ask for some background information about your current financial situation and the advice you require.

2. REVIEW OF EXISTING ARRANGEMENTS  
We will provide a detailed assessment of your existing pension plans, occupational scheme entitlements and other investments. We will ascertain the options available and report on their performance and effectiveness in the light of your objectives and requirements.  We can also take over the administration of existing arrangements, if required.  

3. ASSESSMENT & STRATEGY DESIGN  
This is possibly the most important step and includes:

  • A meeting to define your objectives, requirements and priorities.
  • An assessment of your investment risk profile using specialist software.
  • Further comment on your current plans, pension entitlements and investments. 
  • The creation of a report.
  • A follow-up discussion to review our analysis and explain our recommendations.  

4. IMPLEMENTATION 
This stage includes:

  • Refining our Strategy Design recommendations.
  • Research to identify the most appropriate products and providers.
  • A report confirming our final recommendations.

5. REVIEW SERVICE
Regular reviews, follow-up advice and practical help are an integral part of our approach.

If you’d like a financial mid-life MOT, give us a call on 01892 500600 or visit: https://www.goodmanifa.co.uk/our-services/retirement-planning-kent

 


Goodman Chartered Financial Planners is a trading name of Fairstone Financial Management Ltd. Fairstone Financial Management Ltd., is authorised and regulated by the Financial Conduct Authority – FRN: 475973 Registered in England and Wales no: 05574120. Part of the Fairstone Group. Where you have a complaint or dispute with us and we are unable to resolve this to your satisfaction then we are obliged to offer you the Financial Ombudsman Service to help resolve this. Please see the following link for further details: www.financial-ombudsman.org.uk.