We are willing to bet that you have documents, files and endless pieces of paper about your finances.
Don’t worry you’re not alone – we are all in the same boat.
The challenge is that when you’re ready to review your money, or meet with your financial adviser, you need to go searching.
So, we’d like to suggest an exercise that will make life easier for you; and help your financial adviser too – especially if you’re thinking of appointing a new adviser, not familiar with your current set up.
What should you do?
Make a list of all the financial products you currently own:
- The name of the provider
- The policy number or account number
- The employer – this is relevant for pensions
- Check when you last heard from the provider
- The latest valuation or amount saved – this is likely to change, but is a helpful starter
- Your bank account details
Ideally, this task should be done on a spreadsheet, so it can be easily edited and you can email it to your adviser.
Remember, even if you have a good adviser working with you, he/she won’t hold details of products they don’t manage for you, so this is still relevant.
This is the perfect time to pull on your Sherlock Holmes outfit, and go searching for accounts you had forgotten about – premium bonds, old savings accounts etc.
Believe us, it is amazing what people find, when they start delving deep enough.
Oh, and on the subject of premium bonds, there is a very handy website, where you can put in your numbers, to check if you’re a winner: Premium Bond checker
There are over 1.6 million prizes that haven’t been claimed, amounting to over £62million – so it is definitely worth checking. And, there is no time limit – who knows you could be sitting on a windfall!
And, whilst doing this exercise, we’d also like to encourage you to obtain a forecast for your state pension. You can do this via the Government website: Pension checker
Remember, this is an exercise in pulling everything together in one place. Don’t start agonising about the performance of funds, or whether you have your money in the right place – you can talk about this with your adviser.
If you would like to talk about your money in more detail, then please give us a call on 01344 875 310 – we’d be delighted to help.