How can I update my investment portfolio?

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Ask the expert at Smith & Pinching about ways to update your investment strategy in 2021 - Credit: Getty Images/iStockphoto

I have an investment portfolio which I’ve held for about 10 years and which is now worth about £180,000, although it was worth over £200,000 before the Covid-19 crisis. It holds a fairly varied range of investments but I’m not certain that they will be the right funds to hold going forward, as the whole world has been affected by the virus and there’s been so much change. Should I hang on to them as they are for the time being or make some changes?

Richard Barker is a Chartered Financial Planner Picture: Smith & Pinching

Richard Barker is a Chartered Financial Planner Picture: Smith & Pinching - Credit: Archant

Richard Barker of Smith & Pinching responds:

As we start this new year, it is hugely important to make sure that the arrangements you have in place for your savings and investments are still fit for purpose. There have certainly been many changes in the world in recent months and many sectors such as retail have been seriously and perhaps irrevocably changed by what has happened this year.

Frankly, if you haven’t reviewed your portfolio in 10 years, it is high time you did so! We normally recommend that our clients review their investments with us at least annually to make sure they are performing as expected and to make any changes that are needed to keep your overall plan on track. It’s equally important to ensure that you review any investments you hold in pension schemes.

For many clients, some kind of portfolio management is a good idea. This involves a service where specialist investment managers adjust your portfolio as markets change with a view to meeting or exceeding a benchmark such as the FTSE. This can also help to mitigate potential losses if markets fall suddenly. Some financial advisers will offer this service as an add-on delivered by a third party, whereas others, such as Smith & Pinching, provide it as part of their core investment advice service.

I strongly recommend that you get independent advice from a Chartered Financial Planner. It’s important to see your investment portfolio as a part of an overall plan: your plan should include specific goals and expectations so that the performance of your existing arrangements can be measured against the plan and adjusted as necessary.

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.

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