Why Are Review Meetings So Important in 2021?

For many people, 2020 brought a renewed need for a safety blanket for their financial future, emphasising the importance of having a solid foundation in their financial plan.

One constant barrier people face after they’ve begun the process of financial planning, however, is the confusion around review meetings.

Review meetings can sometimes be seen as an unnecessary addition to the process, or an attempt for financial advisers to get extra money where they can.

From personal experience, however, I can attest to the importance of review meetings when it comes to avoiding feelings of uncertainty around financial planning.

Why are review meetings so important?

1. Things change

As 2020 may have taught us, circumstances can change suddenly and unexpectedly, and we can be left struggling to ascertain the next best steps.

All financial plans have room for adjustments, but it’s review meetings that make the difference in how these adjustments are made and in what timeframe.

By having a review meeting, you’re able to account for the changes and plan ahead accordingly, whilst receiving advice on how to best proceed.

“I’ve always enjoyed working closely with clients in order to best understand their needs and objectives, and formulate the best plan for them”.

Richard McKeown

2. Finances aren’t ‘one size fits all’

As your circumstances can change, so can your objectives.

From reaching milestones in your personal life or career to implementing a safety net for your business, each person will have different financial objectives that can evolve over time.

Therefore, review meetings are necessary in order to adapt your financial plan in the most organic way, keeping up to date with your objectives so that you don’t run the risk of having a financial plan that you’ve outgrown.

3. Financial plans need time to grow

The beauty of financial planning is the collaborative aspect – I’ve always enjoyed working closely with clients in order to best understand their needs and objectives, and formulate the best plan for them.

This is why review meetings are essential.

Financial plans are built to grow over the years, and to stay consistent and relevant, they will need adjustments as you go through life in order for you to get as much from them as possible.

4. Financial advice isn’t a one off

Financial planning doesn’t begin with the consultation and end with the strategy.

Financial advisers are there to guide you through the process and give you the best advice to inform your decisions, which means that in order to make the best decisions for your circumstances, review meetings matter!

We might not be able to plan for the unknown, but we can adapt and plan for potential changes enough for you to feel more secure.

What’s next?

The start of a new year can be daunting for many reasons, but that’s why ensuring your financial plan is on track and that you’re receiving the best advice from your financial adviser can relieve some of the new year stress.

If you’d like to talk to someone about your financial objectives, or financial planning, send me a message and I’d be happy to help. 

Sovereign Wealth Limited is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the group’s wealth management products and services, more details of which are set out on the group’s website www.sjp.co.uk/products. Sovereign Wealth Limited is a Limited company registered in England and Wales, Number 07115386. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.