With many businesses’ heads being turned in the direction of supporting the environment, Members Goldby Wealth Management shares its best practice when applying sustainability to future finances.
- Think ahead
Having a plan is everything. Thinking about what you’ll need to earn as you retire is a great way to begin to think about how much to invest in a pension, that strategy should act like a compass in everything you do through life.
Thinking about setting the right insurances and protections in place is another way of safeguarding futures for families. And sometimes we understand life can be influx, circumstances change and so being agile enough to plan for unsettled periods is a sensible strategy.
- Get to know the products that are available to you and what it all means
Reading around the different products that are available on the investment market before seeking the help of an advisor is a good way to wise up. There are some great books available which simplify and demystify the jargon. Getting information from a variety of sources is key…newspapers, magazines and books on the wealth management industry enabling people to make smart investment choices.
- Nurture great financial partnerships
Recommendation is the best way to find a Financial Adviser you trust and can work with. It’s a personal relationship so friends and family are a good source of information and give great real-life examples of where they have felt a good partnership has given them the financial security they set out to find. As with all relationships, putting time and effort in will bear better fruit! Communicating well and regularly is key.
It might also be that a wealth management picture is spread across different providers and keeping a handle of who these are will make life easier and simplifying is often the best approach.
- Review your wealth management picture regularly
As part of most wealth management strategies, a good financial adviser will have an annual review as part of their customer charter (as a minimum). These reviews are important as investments will change (as the adverts say investments can down as well as up!) simple changes to portfolio choices can for example limit the peeks and troughs.
Quarterly touch points are recommended, and this can be through marketing materials such as newsletters, investment magazines or regular portfolio rebalancing reviews – these aren’t time consuming but keep people in touch with their advisers and investments.