Review and Monitoring
If you are on a journey or have a goal, you need to monitor your progress. If the rules change, you need to be able to adapt or make the most of an opportunity.
Financial planning is a dynamic process and your financial development needs to be regularly monitored for changes in your circumstances, economic conditions, government legislation and a range of issues that may impact on your financial wellbeing.
Whilst we contact you annually as a reminder for your review, our relationship is best described as a partnership in which your active participation is vital.
At any time you can advise us of significant changes in your personal situation so that we may assess whether this will warrant alterations to your strategy. This includes changes such as:
- Employment status
- Family – change to marital status or dependants
- Significant change in income, lump sum funds or debt
- Risk tolerance – how you feel about investments or your time frame has changed
When we aren’t with you face to face, Menico Tuck Parrish are still working for you. In constructing any portfolio we use several levels of research to reduce the investment universe to a more manageable level:
- External research company
- Financial Wisdom Limited research (Approved Product List)
- Menico Tuck Parrish preferred products
Then we regularly review the Menico Tuck Parrish preferred products in conjunction with other sources of research, talking with the fund managers and ensuring that they remain true to their investment objectives. In this way we know that they are doing the job that they have been employed to do.
When there are changes to legislation or economic conditions, we are considering who this may impact and whether action is required.