Why do I need retirement advice?
30 August 2016
For as long as I’ve been a financial advisor I always hear comments on why would you pay for financial advice? I would hope the last 18 months have highlighted why working with a financial advisor is so important.
Constant pension changes, new legislation, interest rate cuts, a general election and of course an EU Referendum means your financial advisor should have been working hard to mitigate risks, present growth opportunities and keep you updated as to what is happening.
During the last 7 weeks we have had one of most significant events in the last 40 years with the EU Referendum. This has triggered a change of Prime Minister and Cabinet, implications for the Labour Party and economic changes that will be implemented through negotiation and policy over the next 5 years. As a firm, have taken our time to digest this information and understand some of the positions taken by the Bank of England (BOE) and the Treasury. We have already witnessed an interest rate cut, with a further cut to 0% anticipated by the end of the year. There has also been the reintroduction of quantitative easing with an initial £60bn injected into the economy via a debt purchase (gilts and corporate bonds) by the BOE. It will be interesting to see what adjustments are made by the new Chancellor of the Exchequer Phillip Hammond later this year and in the March Budget.
Our role as a pension specialist firm is to continually react to the economic, monetary and fiscal changes to keep managing risk and delivering returns in a client portfolio.
Over the last 2 weeks we have written to all our clients making recommendations and slight alterations to portfolios to keep momentum whilst managing risk and building any changes to your circumstances into the advice. Some clients have had slight adjustments whilst others have had significant changes.
Our specialist team offer independent pension advice on all aspects of pension and retirement planning from personal pension to complex final salary arrangements. A no-cost review can be offered at any point and it’s very rare we can’t offer recommendations that will improve your current pension or retirement position.
In addition to this, we have just launched a new range of post-Brexit risk rated portfolios. We are more than happy for anyone to have a look at these portfolios. There are plenty of people interested in retirement planning so why not see how you compare and how your pension could be doing.
Your pension and retirement strategy should be review at least once every 12 months. If not, you could be losing money and the opportunity for a better retirement.
Is there a better time to review your retirement options especially given the recent surge in markets? Probably not!
Paul Barnes DipPFS
Independent Financial Advisor and Pension Specialist
PDB Wealth Management Ltd & www.pensionstoretirement.co.uk