My career in financial services commenced over 50 years ago, and I started our firm 47 years ago. During that time we have worked through, and advised clients throughout, the many vicissitudes that life presented – the 1973 oil crisis; the secondary banking crisis that followed; the stock market crash when our stock market fell 73%. I recall rampant inflation in the UK at 25%; and that led to interest rates being raised to 17%! Then the recessions – mid-1970’s, 1980/81, 1990/91, the great recession of 2008/09, and now we have Covid-19 and Ukraine.
The last months have been challenging for everyone. The COVID-19 outbreak signalled the dawn of a worrying time for everyone. And now we have the war in Ukraine and its effects upon the world economies and on supplies of oil, gas, and grain. As well as anxiety about our own health and the wellbeing of our loved ones, many are understandably worried about their financial future, their capital and income needs, their employment, their retirement.
It has been a period of time that has led us to focus on many things that we previously, and understandably, accepted as a ‘given’ – to some extent or other. We reflect on how uncomfortable we may have felt about those ‘givens’ and to what extent they may be challenged in the future.
And that leads us to think about what we could do, should do, ahead of another crisis like these latest ones, or in the event there is a longer-term market set-back.
Our advice is “apply the process, always plan ahead”. Review your own circumstances and comfort zones in the context of your time horizons and, of course, your asset allocations:
(*) Personal Circumstances – any changes that are known or possible for the future.
(*) Employment – current salaries, and possible changes.
(*) Expenditure – your estimated budget for living expenses.
(*) Capital Needs and Availability – for short, medium- and longer-term requirements.
(*) Income Needs and Availability – in the context of possible changes.
(*) Risk Profile – check that it is appropriate for you and update if necessary.
(*) Asset Allocations – check they reflect your risk profile and capital and income needs.
(*) Retirement – possible changes in dates and value of pension pots.
(*) Pension Contributions – if eligible, are they at the right level for your income targets?
(*) Taxation – Review Income Tax, Capital Gains Tax, Inheritance Tax, current and possible future changes and their effect on all of the above.
“Review those elements” is what we recommend you do ahead of whatever challenges the future holds. And that process is ongoing. Reviews should be carried out at least once a year and whenever any changes are anticipated in any of those elements of your financial planning.
Throughout all the vicissitudes that have occurred during my time in business, our team at Barry Fleming & Partners has been there advising clients, helping them to apply the planning process. And we have witnessed clients, who have planned ahead, emerge on the other side of each challenging time – stronger, less anxious.
We are here now to help so please do not hesitate to contact us regarding your financial planning situation. Reviews and our Lifetime Financial Planning Service are all part of our added-value services for our clients.
We have set out above what is only a brief summary of some key points that involve quite complex considerations. Always seek relevant professional advice before taking, or refraining from taking, any action.
Barry Fleming & Partners has grown from a tax advisory background into a broader business that encompasses investment management. Both things matter for wealth management, retention and creation. That expertise makes the company strikingly different from others.
This capability allows Barry Fleming and Partners to use its strength in tax advice to take a 360-degree-view of a financial situation to give much broader, more comprehensive advice.
We bring together up to the minute tax, estate, investment and retirement planning advice to create individual, ‘joined up’ financial strategies. This allows our clients to understand and have confidence in how they can best control, retain, and build their assets and income to achieve their objectives with least risk.
A high level of service is key to our long-term client relationships. We work collaboratively. That means our clients can benefit at all times from having ready access to our team of financial planners.
Barry Fleming & Partners are an independent financial advisor specialising in ISA’s, Pensions, Tax, Trusts, Estate Planning, Inheritance Tax Planning (IHT) and other Financial Planning areas. Please don’t hesitate to call on 01488 608 686 and ask to talk to one of our financial advisors. Alternatively use the contact form on our home page.