Coronavirus – the importance of your annual review


Elaine Finlay

Elaine Finlay

Chartered Financial Planner


Nine weeks into lockdown and we’ve held over 200 annual review meetings online and we’ve another 200 plus booked in over the coming month. Despite it being an unprecedented time, we certainly haven’t been deferring annual review meetings!

The annual review meeting is not just a regulatory box ticking exercise for us at Johnston Carmichael Wealth. We don’t only speak with our clients once a year, we check in regularly, as often as our clients like and that way we build up a strong picture of their goals, attitudes to risk and family plans – all areas that can change regularly throughout the year. The lockdown has meant these conversations have been occurring more regularly, as the situation changes daily, but close dialogue with your adviser is absolutely key at the moment. 

So, what is the purpose of an annual review

So, what is the purpose of an annual review?

  • Time to stop and take stock of your own personal situation/objectives 
    Are you still on track, as a busy professional, business owner or enjoying retirement? We can all be guilty of not taking a step back and considering the present and what we want from the future.
  • Consider any changes in personal circumstances and how this may impact on medium and long-term goals
    Introducing power of attorney and considering potential IHT liability could be considered. Are you looking to retire earlier or later than planned? Are you looking to make changes to your business, number of staff (increase/decrease), review of protection provision?
  • It helps to put everything into perspective
    Continue to sail the course, change direction or just adjust the tiller (make minor tweaks to keep you on course).
  • Review what has gone well
    Is there anything that you would change or that could be improved on? 
  • Make sure we take account of any tax or legislation/UK Budget changes
    For example, Tapered Annual Allowance, Annual Allowance, Junior ISA, Entrepreneurs Relief, to name only a few.
  • Two-way conversation
    Annual review meetings should not be a “talk at you” session. We look for participation and engagement with you, this is your meeting and you need to come prepared with questions to ensure you get what you need from it.

Here to help

Many people are understandably worried about the financial effects of COVID-19, and while it’s still uncertain times ahead, now is a good time to get closer to your money than ever before. Planning, reviewing and keeping the conversations going with your financial planner is important.

There are many times when we are asked by our clients if we “wouldn’t mind” speaking to a friend or family member about their affairs and we are always delighted to assist. If you know of anyone close to you, who you feel would benefit from an initial chat, to understand where we can add value please do get in touch.

If you’d like to find out more about how our team can help, please get in touch with me: Elaine.Finlay@jcwealth.co.uk to arrange an informal chat. As we adapt to the new normal, please don’t lose focus now, keep your future financial goals in sight.