Financial experts say keep calm and carry on into 2022

Word 2022 put on coins with coins stack on desk .Savings New year Concept.

Smith & Pinching's financial experts look forward to the New Year - Credit: Getty Images/iStockphoto

Smith & Pinching’s Eaton-based financial advisers, Matthew Hinchliffe and Douglas Bridges, wish all readers health and prosperity in 2022.

Matthew Hinchliffe, Independent Financial Adviser with Smith & Pinching 

Matthew Hinchliffe, Independent Financial Adviser with Smith & Pinching - Credit: Smith & Pinching

Matthew: It seems almost inconceivable that here we are at the end of 2021 and our lives are still being affected by the Covid pandemic in so many ways. From a financial perspective, the challenges of the past year have meant different things for different people.

Douglas: Yes, indeed. For some people, 2021 was all about a quiet consolidation of their financial positions, with investment losses in the early pandemic months in 2020 being recovered, in most cases, and further growth added to most people’s portfolios. We’re still seeing day-to-day market fluctuations, but the overall trend for 2021 was generally one of growth.

Matthew: There will be those that view the months and years ahead with some trepidation. It’s not just the pandemic that has affected UK plc: the impact of Brexit is also being felt by both individuals and businesses. There are certainly signs of rising costs, manpower and materials shortages and clear indications from the Chancellor that taxes may need to rise in order to pay back Covid borrowing. My feeling is that 2022 should be the year for us to take stock and revisit our financial planning to make sure it’s still on track.

Douglas Bridges is an Independent Financial Adviser with Smith & Pinching

Douglas Bridges is an Independent Financial Adviser with Smith & Pinching - Credit: Smith & Pinching

Douglas: I’ve found that many clients have changed their objectives as a result of being at home so much during the pandemic, particularly their plans for retirement. Some have decided to bring retirement forward, enjoying a slower pace of life, while others have discovered that they want to work longer than originally planned. In both cases, we’ve adjusted their financial plan to meet their new targets.

Matthew: Conversations about life insurance and income protection plans have taken on new significance with clients, with the very real risk of financial stress because of Covid focusing minds. Business owners have also become more engaged with planning for scenarios where they may not be able to work and with adopting protection plans that give the business breathing space to recover from interruptions.

Douglas: In the financial advice sector, we’ve been working more or less as usual throughout the pandemic. Our role in providing advice and reassurance has been critical: it’s been mostly a case of “keep calm and carry on” with regular reviews, managing clients’ portfolios and ensuring financial well-being is secured for clients and their families. We look forward to doing so again in 2022.

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Any opinions expressed in this article do not constitute advice. The value of an investment and the income from it could go down as well as up. The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.

For more information, please visit www.smith-pinching.co.uk

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