Whenever we take on a new client for personal financial planning services the first item on the agenda is a full review of their existing financial circumstances. This is where we probe deeply into your employment status and benefits, insurance policies, pension funds, savings, life policies and so on.

As independent financial advisers (IFA) we are authorised to advise on all your existing plans and policies and make further recommendations from the whole of the market place.

What often surprises me is that clients often are paying for insurance that they are unable to claim on. For instance, Client x took out a mortgage when they were employed and is now self employed.

But what about the redundancy insurance which came with the mortgage? They had been paying the £34 per month premium for the last 3 1/2 years but would never have been able to claim.

Often we find that new clients are overpaying for their insurance cover. Client y need a commercial loan for her business and felt obliged (or pressured) to take out key person life cover in case she died. A good idea but the bank could only sell it’s own insurance which was very expensive.

As part of our advisory service, we were able to provide identical cover with a different insurer giving her a saving of £62 per month.

Do you want to see if you can reduce your monthly expenditure, or even maximise the potential of your current budget. Call us now to arrange a free initial consultation.