Financial planners talk a lot about financial plans.
At Manning Gee Investments, we are no different.
However, we do not believe financial planning should start with a product or an investment. How can you know what the right investment looks like if you do not first understand the plan?
This is where many people get stuck.
Some ask, “Why pay a financial adviser when I could do it myself?” That is a fair question. But if we then ask whether they have a clear financial plan, the answer is often no.
The plan is the map.
Regular financial reviews are what keep you on the right journey.
Whether these are scheduled annual reviews or ad-hoc conversations when something changes, they matter because life changes. Markets change. Tax rules change. Family needs change. Personal priorities change.
Our view is simple.
A good financial plan should not sit in a drawer. It should move with you.
Financial Planning Is a Journey, Not a One-Off Event
I have mentioned this before, but when I started saving into an endowment, I had no real idea why. My godfather said it was a good idea, so I did it.
Even if I had a financial plan at that stage, I was in my early twenties. Over the next ten years, I got married, had children and moved house three times.
Since then, three of my roles have been made redundant. One of our daughters has gone to university. I have moved from employment to self-employment.
The point is simple.
Even if I had created a financial plan when I first started saving, that plan would not be relevant today without regular reviews.
Life happens.
We get married. Have children. Change jobs. Get ill. We may divorce. May move house. We may retire. May receive an inheritance. We may want to help children or grandchildren.
One year, nothing major may happen.
The next year, three things may change at once.
A regular financial review helps keep the plan relevant and identifies whether any adjustments need to be made.
What Can Change Between Financial Reviews?
A lot can change between reviews.
This may include:
- Income and spending.
- Pension contributions.
- Retirement plans.
- Investment values.
- Tax allowances.
- Family needs.
- Health or vulnerability.
- Wills, pension nominations and estate planning.
Our review process looks at more than just investments. It covers your values, goals, personal circumstances, risk, tax position and estate planning needs.
That matters because your money should support the life you want, not just sit in products that were arranged years ago.
Reviews Help You Stay Aligned With Your Goals
Products and investments are part of the plan, but they should not be the starting point.
The focus should be on your goals.
During a review, useful questions may include:
- Are you still aiming to retire at the same age?
- Do you still want to support children or grandchildren?
- Has your income need changed?
- Are you still comfortable with the level of investment risk?
- Has anything changed in your family, work or health?
- Are you thinking more about passing on wealth?
These questions help bring the plan back to what matters.
For some people, the priority is building wealth.
Others, may see it as creating a sustainable retirement income.
For others, it is protecting family members or passing on wealth tax-efficiently.
The right plan depends on the person.
That is why regular reviews matter.
Reviews Can Help Protect Wealth
At Manning Gee Investments, our aim is to help clients grow, protect and pass on wealth.
For some, this may simply mean making sure they have a sustainable income for life. For others, passing wealth to the next generation may be a key priority.
Regular financial reviews help us look across areas such as:
- Investment suitability.
- Diversification.
- Withdrawal levels in retirement.
- Protection needs.
- Tax allowances.
- Estate planning.
- Pension nominations.
- Family priorities.
This joined-up approach is important because financial planning is rarely about one thing.
Your pension, ISA, investments, mortgage, protection, tax position and estate planning can all affect each other.
A review helps bring these moving parts together.
Reviews Can Help Avoid Emotional Decisions
Financial planning is also behavioural planning.
In our recent blog on mid-year financial check-ins, we talked about Budget speculation and the noise that often surrounds tax, pensions and investments.
We all consume a huge amount of information. Some of it is useful. Much of it simply creates worry.
Markets fall, and we feel we should do something.
There is speculation about pension tax relief, and we feel we should act quickly.
Inflation rises, interest rates change, or the headlines turn negative, and suddenly a long-term plan can feel uncertain.
This is where a financial planner can add real value.
Although we have annual reviews, we also encourage clients to speak to us when something changes or when they are concerned.
Short-term decisions made because of noise can damage long-term plans.
Sometimes the most valuable role of a financial adviser is to act as a calm, independent sounding board.
What Happens in a Financial Review?
Yes, we review your pensions, investments and money.
But a good financial review should go wider than that.
It may include:
- Reviewing your goals and values.
- Updating your personal and financial position.
- Reviewing your attitude to risk and capacity for loss.
- Checking pensions and investments.
- Considering tax-efficient planning.
- Reviewing estate planning and nominations.
- Looking at income needs in retirement.
- Agreeing actions for the year ahead.
The review is not about making changes for the sake of it.
Sometimes the best outcome is to confirm that the plan remains suitable and no major changes are needed.
At other times, the review may highlight something important that needs attention.
Who Benefits Most From Regular Reviews?
Some DIY investors may read this and think regular reviews only benefit the financial adviser charging the fee.
We understand that view.
Not everyone needs ongoing financial advice. Some people have simple finances, clear goals and the confidence to manage everything themselves.
However, many people benefit from regular financial reviews, especially when life becomes more complex.
This may include:
- People approaching retirement.
- Retired clients drawing income.
- Families planning ahead.
- Business owners.
- People who have received an inheritance.
- Those thinking about passing on wealth.
- Clients with £100,000 plus of investable assets who want clear, human advice.
For many people, the value is not just in the investment review.
It is in the structure, accountability and reassurance that comes from knowing someone is helping them keep the plan on track.
Final Thoughts
Regular financial reviews are not just about checking investment performance.
They are about making sure your money continues to support the life you want.
Your goals may change. Your family may change. Tax rules may change. Markets will certainly change.
A good financial plan should be flexible enough to adapt.
At Manning Gee Investments, we help individuals, families and business owners grow, protect and pass on wealth through clear, approachable and tax-efficient financial planning.
If you want to check whether your financial plan is still on track, speak to a Financial Planner in Bristol.
Frequently Asked Questions
What is a regular financial review?
A regular financial review is a meeting or conversation with your financial planner to check whether your financial plan remains suitable. It may cover your goals, pensions, investments, tax planning, retirement plans, protection and estate planning.
Why are regular financial reviews important?
Regular financial reviews are important because life changes. Your income, spending, family needs, retirement plans, tax position and attitude to risk may all change over time.
How often should I review my financial plan?
Most people should review their financial plan at least once a year. You may also need an ad-hoc review if something significant happens, such as retirement, inheritance, redundancy, illness, divorce, a house move or a change in family circumstances.
Is a financial review just about investment performance?
No. Investment performance is only one part of a financial review. A good review should also look at your goals, risk, income needs, tax planning, protection and whether your money still supports your wider life plans.
Do I need ongoing financial advice?
Not everyone needs ongoing financial advice. However, it can be valuable if you have pensions, investments, retirement decisions, tax planning needs, family wealth planning or £100,000 plus of investable assets.
How can a Financial Planner in Bristol help with regular reviews?
A Financial Planner in Bristol can help you review your pensions, investments, retirement plans, tax-efficient planning and family priorities, while helping you stay focused on your long-term goals.
General disclaimer: We sourced the data from external providers. While we strive for maximum accuracy, we cannot guarantee the reliability of the data they supply. The author writes the introduction from their perspective, reflecting their views, which may not align with those of Manning Gee Investments. Anyone considering a product or service based on this blog should seek professional advice or conduct their own research before deciding. The author bears no liability for decisions made based on this blog. Investments can rise and fall in value, and the return at the end of the investment period is not guaranteed—you may receive less than you originally invested.