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7 Questions You Should Ask a Financial Adviser Every Year

When was the last time you did a personal financial review? If it was more than a year ago, you should get in touch with a financial adviser today. Here are seven questions you should ask a financial adviser every year to ensure you achieve your financial goals.

  1. How will recent changes in my personal life affect my financial situation?

Lots of things can affect your financial situation, including falling sick, someone in your family falling sick, the impending birth of a child, retirement, loss of income, an increase in income, the receipt of an inheritance, and more. A financial adviser can assess how these changes will affect your overall financial position and will give you advice on what you should do next.

  1. Am I still on track with my retirement savings?

To ensure you enjoy the right standard of living when you retire, you need to proactively manage your retirement savings. This involves asking your financial adviser to check your position every 12 months. This includes reviewing where you stand now, the performance of your savings over the past 12 months, and if there is anything you need to do differently to ensure you have the level of income you need.

  1. Am I protecting my income?

This normally involves ensuring you have the right insurance cover in place. There is no simple answer to this as it involves considering your priorities as well as your personal situation. This is why it’s important to speak to a financial adviser.

  1. Am I preserving my assets?

Has anything happened in the past year that might affect your estate planning? Examples include getting married or divorced, having children, or a death in the family. Do you have an estate plan in the first place, and do your loved ones know it exists? These are all things you should review annually.

  1. Am I saving tax efficiently?

Properly managing tax on your income and investments is crucial. You must pay your fair share, but it’s also important you manage your tax affairs efficiently to ensure you don’t pay too much and that you optimise your tax position. By asking this question of your financial adviser, you can check whether there are tax efficiencies that you are not yet utilising.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.

  1. How does my current plan affect my family?

This has already been touched on in some of the above points. For example, are the right beneficiaries named in your life insurance policy or in your will? Is the cover enough? Are your plans on track to achieve the financial goals you have set for your family?

The Will writing services mentioned here are not part of the Openwork offering and are offered in our own right. The Openwork Partnership accept no responsibility for this aspect of our business. Will Writing Services are not regulated by the Financial Conduct Authority.

  1. Should any changes be made to my portfolio for the upcoming year?

Finally, get your financial adviser to look at possible improvements to your investment portfolio that you’re comfortable with in terms of the level of risk. New opportunities are always available, while existing investments may not be performing as they should. It is always best to check.

Book a free consultation for financial advice from one of our advisers at Downton and Ali in Dartford, Kent.


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