Chase Wealth Solutions | Get It Done 2023 | May 2023

Chase Wealth Solutions believe that everybody needs to take more care of not only our physical and mental health and wellbeing but also our financial health; often the two go hand in hand. With Covid, the cost-of-living crisis, the war in Ukraine, and Brexit having lasting effects on the economy, it is more essential than ever to make sure we have our financial affairs in order. Chase Wealth Solutions are encouraging people to put into action all of those financial arrangements they have been putting off.

Date: Wednesday 10 May 2023

Are you one of those people that always start off the New Year with the very best of intentions and then by February the desire is still there, but it just seems that you have not gotten round to actually starting what you set out to? Life does tend to have a habit of getting in the way when we want to make real changes.

Do not despair, there is still time to get cracking at the gym, start that new hobby or join that evening class and what about one of the most important things in our lives that a lot of us take for granted, our finances!

With the Cost-of-Living crisis, high inflation, possible recession and increasing interest rates coming off the back of almost 3 years of Covid, Brexit and of course the devastating war in Europe, your financial wellbeing must be one of your highest priorities. So why don’t you make 2023 the year that you “Get it Done”?

When Financial Planners look at a person’s financial position, we have a list of priorities that we apply to their individual circumstances to see what we need to do first to help them the most.

Protection is always the top priority. Life assurance, critical illness cover, income protection all with add-ons like Global Treatment and Fracture Cover, are an essential part of a person’s financial planning. Protect those you love but also protect yourself if you should become critically ill or unable to work. Make sure if something unforeseen comes along you and your family can carry on with the lifestyle that you have worked so hard to create.

If you are relying on whatever cover your employer provides, you need to think again. Four times death in service will give your family four times your salary, that is enough for four years….but what are they going to live off for the rest of the years they are alive? You also need to make sure you have your own robust protection portfolio in place to cover you and your family should the worst happen. And if you are self-employed then protecting your own income is even more crucial. Stop putting it off, get yourself covered now and then we can get on with the other financial priorities.

With interest rates going up, a lot of people are worried about their mortgage payments and what will happen when they come to the end of their current rate. The best advice is to speak to an expert who can talk you through all the options on the market, ensure you get the best deal, and they can forecast what your monthly expenditure will be and help you plan for it. Be ahead of the game, if you know your rate will expire in a few months speak to someone now so you can plan ahead.

Pensions are not sexy, but they are an essential part of your financial planning, and they mean that you can have a tax efficient way of saving for your retirement.

Whether you have been putting off starting a pension or reviewing an existing one to ensure the funds you first selected years ago are still performing as well as you need them to, now is the time.

The sooner you start putting money away and ensure the funds you are investing in are performing as well as they can within your appetite for risk, then the better placed you will be as you move towards retirement. It will give you confidence that your desired lifestyle after you finish working is not only achievable but secured.

Next is savings, how many of us really have enough savings? Officially the advice is to have at least 3 – 6 months of your household’s income set aside for that rainy day, for when the car blows up or the washing machine conks out. It gives us financial freedom that means we don’t have to reach for the credit card or a personal loan to get us out of a hole. Also, with savings rates having increased following the rise of the Bank of England base rate now is a good time to hold an amount of cash that you can rely on in times of need.

Finally, we look at investments. Once we have all of those other things in place and ticked off, we can start to talk about what other money you have, how to grow it and make sure you are getting the best returns you can for your own personal risk appetite. 

Do you have investments already? How often do you review them? How have they performed over the last 12 months? the last 5 years? It is crucial you review any investments regularly and make switches when needed. There is a wide range of investment products available on the market and it is essential to compare and make sure you are investing in the right ones for you.

After we have looked at your financial health as a whole, we can then start to plan and help you to achieve your goals and to live the best life you can. To retire when you want to, to make sure you can afford the important things in life, to provide for those you love, not just today but for the future as well and make sure that they are looked after should the unthinkable happen. Lifestyle Cashflow planning when done well is a game changer and together we can manage your Financial Health and wellbeing and it starts now – Get it Done 2023.

You don’t go to the gym just once and expect to get fit, you have to work at it and you have to keep on working at it if you want to achieve the results that will mean you can live your best life.

Financial Planning is the same but rather than pounding that treadmill or spinning your heart out you have to focus on what it is you want to achieve and then, much like a personal trainer, you need to work with someone that can help you attain and sustain the level of financial wellbeing that you seek.

At Chase Wealth Solutions and Financial Options, we have been helping people achieve their goals for over 25 years. Make your financial health a priority for 2023 and “Get it Done”!


Chase Financial Services Limited trading as Financial Options and Chase Wealth Solutions is regulated by the Isle of Man Financial Services Authority