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The importance of reviewing your financial plan

With the cost of living crisis looking like it is here for the foreseeable, it has never been more important to be on top of your financial planning and reviewing.

Financial planning is an ongoing commitment to achieving your financial goals and requires regular attention to ensure continued financial stability. The world of finance and pensions can be difficult to navigate, Reeves would therefore always recommend consulting an independent financial advisor (IFA) when reviewing your situation.

Why do you need a financial review?

1. To review your retirement goals

As a Reeves client, you will have set out your goals for retirement with your Financial Advisor. We want to make sure that you achieve those goals and will therefore allocate you to a specialist Life Stage Team, depending on what part of your retirement journey you are at. Your Life Stage Team will assess if you’re on track as part of your annual financial review.

Furthermore, we understand that not all goals are set in stone and circumstances and aspirations change as we move through different life stages. As part of your regular reviews with Reeves, we’ll determine whether or not your previously set goals are still in line with what you want to achieve financially.

2. To keep track of progress

It is important that we continue to regularly monitor the market and analyse the performance of your investments in line with market activity. As mentioned above, we want to make sure that all our clients achieve their financial goals.

3. To highlight potential opportunities and risks

As part of our analysis, we’ll also identify and risks and opportunities that could potentially impact your investments.

Recently we’ve seen record inflation rates resulting in the cost of living crisis and as your independent Financial Adviser, we have an obligation to keep you updated with any potential impact. By regularly checking in, we are able to identify any potential issues before the become highly impactful.

4. To assess any life changes that could have a financial impact

We’ll review your circumstances to ensure your plans are still in line with your lifestyle and objectives, both short, medium and long term. If you have had a change in your life, which could impact your finances, we need to be made aware.

Changes in circumstances that could have an impact include, but are not limited to:

  • A new job

  • Divorce/separation

  • Receipt of inheritance

  • A sudden, high cost that is not covered by insurance

  • Birth of a child

5. To review your wealth projections

We’ll use financial data to forecast your future potential pension investment returns, so you’ll have an understanding of your estimated pot size when the time comes for you to retire. We’ll also talk you through your options for withdrawals and your predicted ongoing retirement income, based on your current pension contributions and forecasts.

Please note that past performance is not a guide to future performance.

The Reeves Annual Review

As a client of Reeves, you’ll get an annual comprehensive analysis of your current financial set up and advice on areas of potential improvement. It’s our aim to make sure you’re maximizing your pension plan, capitalizing on any growth opportunities. This includes a portfolio advisory management service.

Your annual review also provides the opportunity to touch base with your dedicated Financial Advisor and raise any issues or ask any questions you may have.

If we haven’t been already, we’ll be in touch soon to book in your annual review. If you have only just joined Reeves, we’ll discuss your pension progress to date. Alternatively, you can get in touch with your Life Stage Team at any time to update us with any changes to your circumstances or to simply get an overview of how your plans are performing.

These articles are for information only and should not be construed as advice or a recommendation. The investment strategies mentioned are examples only and may not be suitable for your particular: circumstances, tax position or objectives. Please seek independent financial advice before taking any action.

No advice should be conferred from the articles. No action should be taken without independent professional financial advice as any actions on your pension may be irrevocable and have a big impact on your income in retirement.


The contents of this post are not intended as and should not be taken as advice. Any actions taken on your financial products may be irreversible and could negatively impact your financial planning, so we recommend seeking personalised financial advice before acting. Investment performance is not guaranteed, past performance is not an indicator of future performance, and you may get back less than your original investment.

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