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Financial planning checklist

10 March 2020

4 min read

Financial planning checklist

In view of the current government imposed working from home and social distancing rules which apply to many of us we may be looking for ways to usefully use our time. As a result this could be a good to invest in some financial housekeeping? Here are some ideas and how we might be able to help.

Katharine Lindley,

Head of Advice & Chartered Financial Planner

Estate Planning Financial planning Retirement Planning

As we get to grips with the restrictions being imposed on all of us and we all adapt to working from home (or simply not being able to go about our normal lives) it is important to make sure you are aware we at EQ are still here and available to help you.

Having a financial plan provides a foundation for making key decisions about your money. And you can avoid irrational decisions during times of stress if you have a plan to refer back to.

Have you used your ISA allowance for 2019/20?
If not, we can help you decide whether to use this as a cash ISA or investment ISA. Is this a time to be cautious or adventurous? Do you want to hold in cash in the short term until you feel markets are clearer, do you see this as an opportunity or should any new investments be phased in?
Have you or your family used the Junior ISA and Lifetime ISA allowances for 2019/20?
Did you know 16 and 17 year olds can invest in both a Junior ISA and an ISA in 2019/20?
Is your earned income in the 2019/20 tax year over £110,000?
If so, you could be impacted by the annual allowance taper – do you know if you’re affected? Announced in the budget were changes for the 2020/21 tax year. Would you like to discuss these?
Have you reviewed your utility costs in the last two years?
There are various comparison websites which can be used to find out whether you can reduce your energy costs and possibly switch to a renewable energy only tariff (at no increased cost).
Have you reviewed your mortgage costs in the last two years?
With base rate cut again last week could this be a time to look again? We can introduce you to a broker who may be able to help you find the best rate for you.
Have you reviewed the interest rate on your savings accounts in the last two years?
Interest rates are falling and now may be a time to check if you can get a better rate than your current savings account.
Do your savings exceed the FSCS compensation limit of £85,000 with any single banking licence?
With increasing strain on businesses including banks now could be a good time to check with us the extent to which you are covered by the FSCS and what action you can take to improve your protection.
Have you reviewed your Will and Lasting Power of Attorney recently?
Have you reviewed the expression of wishes for your pension recently?
Even if your wishes haven’t changed it might be a good time to complete a new record. If the declaration held by your pension provider is more than a few years old they may need to ask more questions to check it remains in line with your wishes before paying out.
Have you reviewed your life cover and protection recently?
Is it the right amount, not too much, not too little? Is it the right type of cover?
Have you reviewed your choice of beneficiaries for your life cover recently?
Are the right people going to receive the right support at the right time tax efficiently?
Have you reviewed the interest rate on your credit card recently?
Have you taken advantage of the IHT gifting allowances in 2019/20?
If family and friends need help this may be a way you can offer them some help.
Have you reviewed your expenditure recently?
Check your direct debits, do you know what they are all for? Are there things you are paying for every month and no longer using?

Contact us

We may not be in our physical office but we haven’t gone anywhere and we remain available:

for phone calls on all our usual phone numbers
for emails
for video calls/group meetings
for letters and paperwork by post.

Book a video consultation

Alternatively, please feel free to give us a call on 020 7488 7110 or email us at enquiries@eqinvestors.co.uk and we’ll be happy to help.

Estate Planning Financial planning Retirement Planning

Katharine Lindley

Head of Advice & Chartered Financial Planner

I started my career in financial planning in 1998 and joined EQ Investors (EQ) in 2005. During my time in the industry, I’ve gained a wealth of experience and technical knowledge. I’m experienced in all aspects of financial planning and a specialist in pensions and retirement planning. I know the importance of giving clear financial planning advice and adapting to changes in circumstances, goals, legislation, and investment markets. Every client is unique, and it takes empathy, clear communication, and long-term commitment to build trust. I provide personal service and enjoy collaborating with clients to fully understand their values and financial goals and create a clear plan to achieve them. I hold the following qualifications and accreditation's: • Chartered Fellow (Financial Planning) of the Chartered Institute for Securities and Investment. • Chartered Financial Planner of the Personal Finance Society. • Fellow of the Association of Taxation Technicians. • UK Associate member of the Chartered Institute of Tax Taxation. I’ve worked in a range of organisations, from a ‘big four’ accountancy firm, to corporate advisory, and financial planning and wealth management. As my career has progressed, I much prefer working in a smaller business where it’s possible to adapt and change. I enjoy working at EQ. We have a strong financial planning team and are supported by excellent technical and administrative colleagues, all working together for the benefit of our clients. As Head of Advice, my role is split between advising a wide range of clients and supporting the financial planning business to deliver an excellent service. Outside of work, I live in South Croydon and I’m adapting to ‘empty nest’ syndrome now our daughter is studying at the University of Leeds. I’m a member of a local ladies walking group and enjoy being outdoors. I also love music of all shapes and forms; I sing with the Croydon Philharmonic choir and enjoy live music, I’ve volunteered for the Association of Taxation Technicians (ATT) for 20+ years. During this time, I’ve been a member of various steering groups, chair, charitable trustee, and honorary treasurer. I currently sit on the Financial Steering Group and represent ATT in technical pension discussions with HMRC and HM Treasury and I’m a member of HMRC’s Pensions Industry Stakeholder forum. I was editor of the Claritax Pensions Tax Guide from 2021 to 2025.