How can you improve your financial situation?

With the many obvious challenges we have all faced throughout the pandemic, there has been one silver lining - the extra spare time. As a result of this, we have found a significant increase in people looking to review their finances.

This is down to two main reasons – firstly, people having more time on their hands. Secondly, people looking for assurances that they have their financial affairs in order, wanting reassurance that they have a robust strategy to ensure they can achieve their long-term financial objectives. 

So, how can you improve your financial situation?

Reduce unnecessarily high charges

As with anything important, if you don't review your charges regularly, you run the risk of things becoming unsuitable as times change.

We have uncovered client’s funds that have been in portfolios with extremely expensive charges. In some cases, clients are paying fees that they are completely unaware of – or even for a service they no longer receive.

Providers are becoming more streamlined and competitive with their fee structures, so in many cases clients can move to more suitable solutions to better meet their needs – with the added bonus of reducing their overall fees at the same time! 

Reducing Tax Liabilities

Every year the rules around tax allowances change or reset, so you can be forgiven for not being up to date with them (that’s our job!) We have found many clients have missed out on tax free allowances and ended up paying tax when they did not need to.

Keeping up-to-date with ever-changing tax allowances (which is a big part of our ongoing commitment to our clients), ensures that you’re being as tax efficient as possible. 

Finding Lost Pensions

It’s normal these days for people to move jobs or careers more frequently, so many of the people we speak to have understandable lost track of all the pension schemes they have in place from previous employers – with these pension pots end up forgotten about and not managed suitably.

Regularly review your pension strategy. We aim to ensure all out client’s investments are well managed with a regularly reviewed strategy, bespoke to their specific circumstances and financial objectives. 

At Black Lion, we believe that the financial planning space will continue to grow from strength to strength – through the changes in embracing technology to deliver advice, the changing of attitudes towards the importance of regularly reviewing your finances, having a robust strategy in place, and the improved, more “human” relationships between advisers and clients. 

Black Lion are experts in helping people with their financial planning needs, including Pensions, Investments, Mortgages and Financial Protection. Find out more and get in touch on their website. 

If you want to contribute to the Chamber blog, contact us on hannah@brightonchamber.co.uk