Okay, time to confess – how much paperwork have you got stashed in the back of that drawer regarding your old pensions, life insurance or investments? We’re all guilty of it to some extent, that extra statement or letter you kept, just in case you ever needed it.
For some people this extends to the plan or policy itself, established years ago and left to run its course without reviews or stepping back to consider what the policy is actually achieving for you. It is not uncommon for us to meet with clients who literally don’t know what plans they have or how much they are worth.
Part of our mission as financial planners is to help educate our clients on their finances and this includes rooting out old policy details and providing a clear summary of exactly what benefit they serve. This is not only a simple service we can offer for clients, but also a necessity if we are to provide our clients with the best possible advice. Think of it as trying to piece together a jigsaw – if you were only able to see 1/3rd of the final picture it would become a lot more difficult to get it exactly right.
Reviewing your financial plans on a regular basis can help to reduce the clutter in your drawer but it also ensures that you’re plans are still appropriate and cost effective. Financial products such as pensions have changed dramatically over the past 10-20 years and as providers innovate they are inevitably able to offer plans with lower costs, greater fund choices or additional add-on benefits.
If you’d like help getting to grips with your financial paperwork then by all means, get in touch with our team today and we’ll help you get to the bottom of it.