The Meaningful Money Personal Finance Podcast

This week we’re going to be talking about Financial Planning for ex-pats. This is a session I’ve been asked to do many times, so for all of you who have asked – thanks for your patience, and I hope it is worth the wait! Today I’m going to be chatting to Richard Taylor, a financial planner current based in the UAE – stay tuned…

This week, we’re going to be covering the ten financial commandments, as laid down by the almighty Andy Hart. You may remember Andy from session 79 when we talked about financial forecasting - that was a very popular session indeed.

Now Andy has drafted what he believes are the ten commandments of finance, and I know that he uses these as a hook for discussion with his clients at review meetings. I saw them and asked if I could use them for a podcast session because I reckon they’re great stuff. Stay tuned…

This week, we’re going to be covering the ten financial commandments, as laid down by the almighty Andy Hart. You may remember Andy from session 79 when we talked about financial forecasting - that was a very popular session indeed.

Now Andy has drafted what he believes are the ten commandments of finance, and I know that he uses these as a hook for discussion with his clients at review meetings. I saw them and asked if I could use them for a podcast session because I reckon they’re great stuff. Stay tuned…

This week, we’re going to be talking about how to review an investment portfolio. Those of us who have some money set aside need to keep an eye on it to make sure it continues to do the job we intend for it. Needless to say, this is about more than just performance, so stay tuned to find out everything you need to know and everything you need to do when reviewing your investments

If you have money put away for the future, it needs looking after. One thing is for sure, any portfolio left to its own devices will, over time, veer from the path which it was intended to run on. Asset allocations get out of kilter, funds which were once hot become dogs – you get the picture.

But the key thing to understand is that investment performance is about much more than investment performance. Confused? Let’s look at what you need to know first…

1 – A portfolio is not a financial plan
It’s just a tool which is intended to help realise the plan

2 – Outperformance is not a valid goal
‘To get richer’ is a pathetic goal. You need to understand what you’re aiming for

3 – Benchmarks are bunk
They only help the fund management industry

1 – Ask Why?
Why has the performance been what it was? Systemic issues or fund problems?

2 – Look at the balance of the portfolio
Rebalance where necessary.

3 – Review the costs.
Layers of cost: Platform, plan, fund and advice. Are you getting value? Don’t forget tax – it’s a direct cost

4 – Keep calm and carry on
Those who react too quickly, lose. Instead, try to keep everything in perspective

The four action steps above are exactly what I do when reviewing portfolios with clients. Sometimes, depending on the client, I’ll do this work beforehand, make notes for my file, and then the conversation with the client will be very cursory indeed. Others do want to know the detail behind the performance figures.

But I will always be at pains to reaffirm my belief that if a portfolio is intelligently set up in the first place, with passive funds underneath a multi-asset allocation, it should need precious little adjustment over time, other than rebalancing.

People first, money second, always

This week, we’re going to be talking about how to review an investment portfolio. Those of us who have some money set aside need to keep an eye on it to make sure it continues to do the job we intend for it. Needless to say, this is about more than just performance, so stay tuned to find out everything you need to know and everything you need to do when reviewing your investments

If you have money put away for the future, it needs looking after. One thing is for sure, any portfolio left to its own devices will, over time, veer from the path which it was intended to run on. Asset allocations get out of kilter, funds which were once hot become dogs – you get the picture.

But the key thing to understand is that investment performance is about much more than investment performance. Confused? Let’s look at what you need to know first…

1 – A portfolio is not a financial planIt’s just a tool which is intended to help realise the plan

2 – Outperformance is not a valid goal‘To get richer’ is a pathetic goal. You need to understand what you’re aiming for

3 – Benchmarks are bunkThey only help the fund management industry

1 – Ask Why?Why has the performance been what it was? Systemic issues or fund problems?

2 – Look at the balance of the portfolioRebalance where necessary.

3 – Review the costs.Layers of cost: Platform, plan, fund and advice. Are you getting value? Don’t forget tax – it’s a direct cost

4 – Keep calm and carry onThose who react too quickly, lose. Instead, try to keep everything in perspective

The four action steps above are exactly what I do when reviewing portfolios with clients. Sometimes, depending on the client, I’ll do this work beforehand, make notes for my file, and then the conversation with the client will be very cursory indeed. Others do want to know the detail behind the performance figures.

But I will always be at pains to reaffirm my belief that if a portfolio is intelligently set up in the first place, with passive funds underneath a multi-asset allocation, it should need precious little adjustment over time, other than rebalancing.

People first, money second, always

Here we are at session number 95, and we’re going to be covering some basic financial advice for the self-employed. According to latest figures from the Office of National Statistics, there are 4.6 million self-employed workers in the UK, or 15% of the total working population and that’s the highest proportion there has ever been. But what are the financial implications of being self-employed? Stay tuned…

Here we are at session number 95, and we’re going to be covering some basic financial advice for the self-employed. According to latest figures from the Office of National Statistics, there are 4.6 million self-employed workers in the UK, or 15% of the total working population and that’s the highest proportion there has ever been. But what are the financial implications of being self-employed? Stay tuned…