The Importance of Annual Policy Reviews: A Key to Financial Well-being

By Justin Evans

As a financial adviser, one of my primary goals is to help clients stay financially secure and protected, no matter how life evolves. That’s why annual portfolio and lifestyle reviews are critical to maintaining a robust financial plan. Life changes quickly, whether it’s a new job, a growing family, or health changes, and your financial strategy should evolve with it.

Here’s why these annual portfolio reviews are essential:

Over time, your life circumstances change.

Whether you’ve welcomed a new born, bought a home, or even adjusted your career goals, these events can significantly impact your financial needs. An annual review of your life cover, critical illness, or income protection ensures that your cover is keeping pace with your evolving lifestyle.

If your current portfolio risk benefits are no longer fit, you could be underinsured, putting your financial security at risk.

Arguably even worse, you might be overinsured and spending retirement savings on risk benefits that you may never benefit from. This scenario is one we see with many older clients whose risk benefits have gradually increased year on year, where there circumstances have changed and needs decrease.

Significant lifestyle shifts such as improved health, changes in income, or even a shift in long-term goals can impact your financial planning. If your income has changed, your savings or investment strategy might need to be adjusted to ensure you’re still on track to meet your financial goals.  

Financial goals are not static.

As your personal and professional life changes, so too should your financial planning. Annual portfolio reviews help ensure that you’re still aligned with your short and long-term financial objectives. Whether it’s saving for retirement, growing your investment portfolio, or ensuring your family’s financial security, regular reviews keep you on track.

Life is unpredictable.

A regular review of your portfolio and plans help to ensure that you’re prepared for unexpected events such as illness, accidents, or market changes. By staying proactive, you can mitigate potential financial shocks, ensuring you and your loved ones are protected when you need it most. At TIB Wealth, we also ensure that your Will and Estate plans are updated, removing any possibility of a trail of uncertainty of family feuds in your passing.  

Let’s Review Together

Your financial security is our priority at TIB Wealth. Don’t leave your financial future at risk, let’s review your portfolio and make sure you’re on the right path. Reach out to myself or Zac for a free consultation, whether you’re an existing TIB client or not.