Share Prices & Company Research


15 May 2024

Dust Off Your Financial Plan

Have you found the time to update, or even write, your financial plan?

Whether it’s a home extension, celebration or business expansion, most of us have goals which are underpinned by our financial resources. While we may plan how to spend our money, many do not sit down regularly and review our financial plans.

Take this opportunity to dust off your plan and ensure that it is up to date.

Below are seven steps that you should take when reviewing your financial plan.
Step One: Set Your Goals

Before you review your plan, you need to establish your goals.
Your goals may range from the purchase of your next car or a once-in-a-lifetime holiday with family all the way through to stopping work and how you will fund your future.
Once you have goals, you can set a plan to get there.
Step Two: Establish Your Current Position

Now that you have a goal in mind, you need to determine your starting point.
You should complete a full audit of your portfolio, of both liquid and illiquid assets. This may include assets ranging from cash, stocks & shares, businesses or property.
Only once you have a holistic view of your current financial position are you then able to adequately plan for the future.
Step Three: Prepare a Cashflow Forecast

Now that you know your starting point and finishing line, you need to map out how you’re going to get there. Do you have a roadmap to achieve your goals?
Take this opportunity to review your income and expenditure and predict your financial standing. By having a clear view of any possible shortfalls, you are able to adapt your plan to mitigate these. 
Step Four: Consider Tax Efficiencies

As you have completed an audit of your finances, now is the time to consider if you are making the most of the tax efficiencies that are available.
If you are looking to shield the growth of your assets there are various solutions that can be employed to protect these.
Step Five: Plan for Retirement

What does retirement look like for you?
Are you going to travel around the world? Do you plan on moving closer to family? Would you like the reassurance that you can afford in-home care, should you need the extra support?
When planning for retirement, it is important to take inflation into account as well as personal health circumstances. 
Step Six: Consider Estate Planning

Are your assets protected for the next generation?
If you are planning on passing wealth to future generations, you may have two considerations in mind; how do you do so tax-efficiently; how do you get the right assets, into the right hands, at the right time?
There are a multitude of solutions that you can make use of to support your beneficiaries, are you using the most suitable ones for your personal circumstances?
Step Seven: Schedule Your Next Review

As Heraclitus once said, “Change is the only constant in life.”
There may be change in global markets, tax rates, legislation or personal circumstances. Once you have established your financial plan and set a course for your future, it is important to periodically review it to ensure that it stays on course.
Our team of qualified Financial Planners are on hand to assist you with planning for your future and supporting you to make it a reality. 

If you would like to speak to a Financial Planner regarding your financial plan, you can call 0344 259 0002 or email

Start planning for your future today.
Please note that this article is for information only and does not constitute a recommendation or financial advice. The value of investments and any income derived from them may go down as well as up and you could get back less than you invested. Please note that tax treatment depends on the specific circumstances of each individual and may be subject to change in the future. The Financial Conduct Authority does not regulate tax or estate planning.
Dust Off Your Financial Plan
We offer complimentary investment publications produced by our in-house Investment Research team. Please click here to view our range.