Practical steps you can take to get financial matters up to-date
There are practical things you can do yourself, to tackle those financial and administrative tasks to ensure everything is up to date, such as:
Making the most of your tax allowances and exemptions:
The new tax-year 2020/21 opened 6 April. At Charles Stanley, we have taken advantage of the recent market volatility to complete ‘Bed and ISA’ transactions for investments which form part of our long-term core investment strategy. By selling these investments in client’s taxable portfolios, and simultaneously repurchasing in their ISA portfolios, any sharp rebound in equity prices will have the benefit of occurring within the capital gains tax and income tax free environment of the ISA portfolios.
Ensuring your paperwork is in order:
Now is a good time to get all your paperwork in order and let your family know where this information is stored. It is also a good idea to have discussions with your family about your financial situation. We understand that conversations about money are rarely easy or straightforward, but it helps ensure issues are addressed upfront and there aren’t unexpected surprises. Visit www.charles-stanley.co.uk/conversations to read how we have helped clients start conversations about their finances.
Considering a lasting power of attorney (LPAs):
People of all ages and levels of wealth should consider LPAs which allow your loved ones to carry out your wishes if you become unable to do so yourself.
Reviewing your will:
Do you have a will and when did you last update it? Everybody should have a will and it should be reviewed every couple of years to ensure it reflects your current situation and includes all the family and assets you have.
Since lockdown, our reliance on technology has increased and having digital access to accounts is becoming increasingly necessary. Most financial institutions have an online client portal where you can review your finances, along with any important documentation.
Being vigilant against fraud:
The toxic mixture of volatile markets, lockdown isolation, reliance on the internet for financial information and inventive criminality, has led to a boom in online fraud and scams. We advise you to be cautious with any unexpected calls, texts or e-mails asking or enticing you to do anything.
In a world coming out of lockdown and following extraordinary levels of government and central bank support, it is worth reviewing existing plans to ensure they remain suitable for what may lie ahead. If you’re thinking about your family’s financial future and would like to know how our services can help, please get in touch.
This is not financial advice based on your circumstances. The value of investments, and any income derived from them, can fall as well as rise. Investors may get back less than originally invested.
Charles Stanley is one of the UK’s leading Wealth Management firms
We provide a range of investment management and financial planning services. Charles Stanley has had a presence in Norwich since 1985. Our locally based, highly qualified, Investment Managers have over 75 years of combined experience, and are supported by our central research and investment strategy team. Charles Stanley & Co. Limited is authorised and regulated by the Financial Conduct Authority.