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Appropriate levels of life insurance may need to be considered . In terms of your investments , stock market volatility can be unsettling . But successful investing is about managing risk not avoiding it . When markets have dropped , as we have seen at times this year , it can be a good time to consider saving and investing . It may seem counter-intuitive but you are buying relatively cheap shares . It is certainly not the time to make knee-jerk reactions , or to over-react .
Is the current financial crisis different to others we have seen ?
I started as an investment researcher not long after the dotcom bubble burst in 2001 and have advised through many subsequent financial crises . 9 / 11 , the Global Financial crisis in 2008 / 9 , the Eurozone crisis in 2011 , Brexit , Trade tariff wars and now Covid-19 . It is worth noting that although very different events , they all ended the same way – concern reduced , confidence returned and stock markets recovered .
How has Covid-19 effected the way you communicate with your clients ?
It has certainly increased the amount of communication , be it updates or review and planning meetings . As was the case with the Global Financial Crisis , providing information explaining what is happening and why , helps provide peace of mind . Clearly , we cannot meet face to face with clients at the moment , as we usually would , so it is phone and video calls . I spend much of my time on Zoom these days !
tax relief that you are due . Check with your employer which scheme they use and if it is under a Relief At Source scheme and you are a higher rate or additional rate taxpayer , be sure to reclaim any extra tax relief you are due . You can also go back and claim for previous years . If in doubt , ask .
If you are still in doubt , then give us a call or email us and we will help you .
Christmas is around the corner any advice for readers and their finances going into the new year ?
Regular reviews of your finances are always recommended but the new year is a great time to reflect . We have prepared a Financial Health Check document for you that highlights areas to consider and review . Please contact us to request your free copy at : williamsbirley @ sjpp . co . uk .
For more information , visit www . williamsbirley . co . uk or call 01244 403 300 .
Are there any common things people miss when managing their money ?
A new client recently commented that she thought pensions were too complicated and a ‘ dark art ’! They don ’ t need to be and I do my best to simplify them but I take her point . Individuals often don ’ t understand the implications of the way in which they pay their pension contributions . It is important that you understand whether your contributions are paid using the “ relief at source ” or “ net pay ” scheme . If you get it wrong or don ’ t know , you could be missing out on wirrallife . com 33