End of Year Review

This is our last blog post of 2019 and what a year it has been!  We have celebrated our 30th anniversary, launched our new website, supported various charitable events and, of course, continued to provide unbiased, reliable and trusted personal financial and investment advice to all of our clients. 

Looking further afield, we’ve had a prorogued Parliament, the country feels divided, there is slow economic growth and the result of the recent General Election means that Brexit will happen.

Whilst uncertainty has created anxiety, our advice has remained the same throughout the year –  Brace for Brexit but don’t be tempted to make any rash decisions. It’s important to remember that when the financial landscape changes, to not respond would be a missed opportunity.  It is important to maximise your tax free savings, utilise all of your allowances and ensure your investments are positioned for 2020 and beyond. 

We suggest taking some time over the festive period to ask yourself the following questions:

1.Are you maximising your tax free saving allowances?

If you’ve money to save, but haven’t used up your ISA allowance, make sure you take advantage of this tax-free form of investment.  Equally, ensure you’re making the most of allowances on your pension contributions to cut your tax bill.

2.  Are you in control of your pension arrangements?

Whether you’re looking to set up a pension, save money on annual management charges or to reduce fees on expensive pension plans, review your current pension arrangements to see if they’re likely to help you achieve your retirement goals.

3. When was the last time you reviewed your investments?

Markets have been volatile over the last 12 months. With fast changing political events affecting markets, it‘s imperative that your portfolio and pensions are strategically invested to profit from uncertainty and protect yourself from market shocks.

4. Are you prepared for the future?

Safeguard against unexpected future events spoiling your final wishes by setting up a trust alongside your will.  Trusts come in a variety of forms and can help lower potential inheritance tax bills as well as give extra guarantees  that loved ones will be looked after. Appoint a lasting power of attorney so loved ones can act in accordance with your best interests and wishes as they are now.  There are two different lasting powers of attorney to consider – one to look after your health and the other your finances.

If you would like to review your finances, are unsure of how your portfolio is performing, are concerned that you are paying too much for a poor service or just want a second opinion, please call us on 0114 235 3500 for a free initial meeting. We can then review your current plans and discuss how we can help.

Hamnett Wealth Management would like to take this opportunity to wish all of our clients, professional connections and social media followers a very Merry Christmas and a Happy New Year!  Our office closes at 5pm on Friday 20th December.  It is open 10am – 3pm on Monday 30th December  and reopens fully at 9.30am on Thursday 2nd January 2020.