With the right advice your investments could be yielding much better returns

Shopping for new investments tends to be a much more appealing activity than carrying out a thorough overhaul of your old ones.

Many ex-pats have investments that they have not reviewed for years and with the right advice could be yielding much better returns utilising tax saving vehicles to enhance the benefits. Professional advice is so important these days.

It’s all too tempting to skip straight to investing, people are enticed by dreams of the potential riches on offer instead of taking a proper step-by-step approach to reviewing their investments. One of the most common traps people fall in to is listening to friends who think they are in the know.

People’s attention gets gripped by the latest thing, whether Russia is ‘cheap’ and a good buy right now instead of focusing on their overall holdings and what they are trying to achieve with them.

This could lead to a portfolio that is just a random selection of yesterday’s investment ideas rather than a portfolio that works towards a goal and that suits your risk approach. After this stern warning, some good news.

You should carry out a full health check on your investments once a year, doing it more often can actually be bad for you. You can overdo it, and risk falling into another trap, which is being tempted into constantly making small changes and racking up extra costs.

So what is the best way to review your portfolio? Start the process by thinking about why you began investing and whether your goals and timetable remain the same. Many people invest for more than one reason at time. But over time, one or more aspects of your personal circumstances might have changed, like your job situation or receiving an inheritance.

Most people have money languishing in UK banks earning not enough to keep up with inflation, receiving interest that is taxed at source when they could be earning around the 5% mark in a tax efficient way. So what should you do?

In the current uncertain economic climate I would urge you to speak to a professional financial adviser today and arrange a review of your circumstances. Don’t delay, get in touch today. Look after your wealth and your wealth will look after you.

If you need independent, impartial advice on your financial future please contact me by email dave.diggle@blacktowerfm.com or call me on 615 607 278 to arrange a free consultation.

The above information was correct at the time of preparation and does not constitute investment advice and you should seek advice from a professional adviser before embarking on any financial planning activity.

Blacktower Financial Management Ltd is authorised and regulated in the UK by the Financial Conduct Authority and is registered with both the DGS and CNMV.

Blacktower Financial Management (Int) Ltd is licensed in Gibraltar by the Financial Services Commission (FSC) License No: 00805B and registered with the DGS in Spain.

Filed under: http://www.theleader.info/article/43615/

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