Staying on Course: The Necessity of an Annual Financial Review

Hello APS Members,

Welcome to your yearly financial health check-up!

It's time to take a closer look at your financial plan to ensure it's up to date with your current needs and the latest market trends. Another year offers another opportunity to fine-tune your financial strategy. An annual financial review is more than just a routine check; it's a crucial step in keeping you confidently on track toward your financial goals.

1. Review Your Investments

Have your financial goals or circumstances changed? Now's the moment to reassess your investment portfolio. Make sure it still fits your risk tolerance and personal objectives. Also, remember to use tax-efficient strategies such as maximizing your TFSA contributions.

2. Update Your Insurance

Life changes, and so do your insurance needs. Check your policies to ensure they cover your current assets and financial responsibilities. It's also a good moment to review your life and disability insurance coverage to see if it still matches your current and future needs. Don't forget to align your estate planning with any updates to your will or family situation.

3. Budget and Cash Flow

Take a hard look at your net worth by re-evaluating your assets and liabilities. This will give you a clear financial snapshot. Adjust your budget if there have been changes in your income or expenses. It's also a good opportunity to prioritize your savings goals, whether that's investing in property or building up an emergency fund.

4. Health Care Planning

With health care costs rising, make sure your medical aid scheme is still giving you the coverage you need. Consider how healthcare costs will fit into your monthly budget.

5. Legacy and Beneficiaries

A lot can happen in a year. Make sure your will is still reflective of your wishes and that all beneficiary information is up to date. Keeping your executors or trustees informed about any changes is crucial for smooth legacy planning.

Remember, our team at APS is here to help you through this review process. We're ready to assist you in making any necessary adjustments to keep your financial plan on track.

For any questions or to start your review, just get in touch with your APS advisor.

Warm regards,

APS Group

“The information and opinions contained in this document are recorded and expressed in good faith and in reliance on sources believed to be credible. No representation, warranty, undertaking or guarantee of whatever nature is given on the accuracy and/or completeness of such information or the correctness of such opinion. APS Group will have no liability of whatever nature and however arising in respect of any claim, damages, loss or expenses suffered directly or indirectly by the investor or the investor’s financial advisor acting on the information contained in this document This information does not constitute financial advice and it should not be used, relied upon or treated as a substitute for specific, professional advice. It is, therefore, recommended that investors obtain the appropriate legal, tax, investment and/or other professional advice and formulate an investment strategy that would suit the investor’s risk profile prior to acting on such information and to consider whether any recommendation is appropriate considering the investor’s own objectives and particular needs. No guarantee of investment performance or capital protection should be inferred from any of the information contained in this document.”