Financial Health Check
Are your finances in the best possible shape?
Lumin Wealth’s 8-point Financial Health Check aims to provide you with a clear overview of your finances and help you optimise your wealth. Having a clear overview of your finances is the first step towards bridging potential gaps between a current situation and your goals for upcoming life stages.
We will analyse all of the pieces of your personal situation, including pensions, ISAs, cash, wills, life insurance, mortgage(s), investment strategy, income and expenditure, tax situation, and your progression towards retirement.
We will then provide a report highlighting where improvements can be made to fully optimise your wealth for retirement. There is no charge for this service. The service is suitable for those with a minimum of £200,000 of investable assets.
8-point Financial Health Check
Firstly, it’s important to set some cash aside as an emergency reserve. Typically, we recommend this should be around three to six months’ worth of expenditure.
We’ll look at your mortgage(s), including repayments, loan terms, and interest rates, to assess whether your current deal is best suited to your circumstances. We can also assess any other forms of debt you might have.
A full audit of all protection policies you hold will ensure that they are still relevant and represent good value for money. We can also determine the correct level of cover to match your current situation and protection needs.
We will look at whether wills and power of attorney arrangements (if applicable) are in place and up to date. Factors to consider include your current health and financial affairs. This should be considered an important part of your financial plan.
You can save thousands of pounds each year with clear planning at the right time. We’ll analyse your annual income and expenditure and identify ways to increase tax efficiency and ultimately pay less to HMRC.
We’ll evaluate whether you might have the scope to increase (or start) annual contributions into valuable tax-efficient wrappers such as pensions and ISAs.
Understanding your personal risk profile is the key to constructing a suitable long-term portfolio. We’ll evaluate your attitude to risk and whether your current portfolio construction is suitable, provide commentary on the fees you’re paying and whether they are appropriate, and consider whether you can implement investments in a more tax-efficient manner.
We’ll use cashflow planning to project your retirement income in retirement. This will highlight any asset shortfall/surplus, and provide you with a clear overview of your financial outlook both before and during retirement.
Our process
1. Health Check meeting
Complimentary in-person meeting in St Albans, London or online.
2. Simple fact-find
At this meeting we will establish an understanding of your current assets and investment plans, and see how they match with your objectives.
3. Our recommendations
We’ll provide a report highlighting our findings. We will make some recommendations if we think you can optimise your plans. Your peace of mind is our goal.
4. Next steps
To book your complimentary Financial Health Check call us on 03300 564 446, or use our contact form.
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