There are good reasons to review your financial year as we near the end of 2022. We all know it was a tough and challenging year with energy costs reaching inflationary levels unseen for many years in some parts of the world consequently affecting all other costs and of course global markets.

Astute investors, however, know that sometimes such times bring opportunities so they don’t just throw their hands up and surrender, but simply seek advice from the professionals to see where they might have scored and how they might have done things differently.

There’s something to be learned from this by all of us. Regardless of what level of wealth we may enjoy, or what constant challenges we seem to be facing, by reflecting on 2022 we can determine a financially better 2023!

The four ‘D’s

Financial Advisors know that a healthy wealth profile is a holistic one encompassing not only financial growth but the protection of yourself, your loved ones and of course your assets. When these are compromised and we aren’t positioned to cushion the blows that life inevitably throws at us, whatever wealth we have managed to create is also compromised.

Before plunging into 2023 and what promises to be another economically tough year (some are even predicting the possibility of a global recession) it’s a good idea to just take a close look at some of the challenges that may have transpired in your life or the lives of those around you in 2022. We call them the four ‘D’s and going into the new year you need to be prepared for them…

Depletion of assets

Fire, theft and motor accidents are simply a part of life and chances are you experienced one of these in 2022, or you or your business were victims of cyber-crime. If you are not adequately insured against such things it eats away at the capital of your savings and investments. Let our Financial Advisors point you to experts in the field of short-term insurance to make sure you are protected against these in 2023. It should be a part of your overall portfolio.

Disability

An accident, acts of violence or a critical illness are not something things you expect to happen, but you can never think they only happen to other people. Good medical cover, Gap cover, Critical illness cover and Income protection are vital parts of the armour you need to protect your wealth in 2023. Think about it – do you know someone who went through this and wasn’t prepared for it in 2022? – chances are you do.

Death

Sadly the circle of life affects us all and death is inevitable, so the chances are in 2022 you would have experienced a death, hopefully not of someone close to you but the probability is that it would have been someone you know.

The question is did that person leave an up-to-date, legally binding will – and was his or her family able to access whatever was left to them if anything? Having a will in place, Life insurance and a properly planned estate will give you great peace of mind as you enter 2023.

Depletion of wealth

The advent of any of the above, for those who were not prepared, would have depleted their savings or investments and ultimately their wealth creation for the future. Yes, we do need to look to the future too with solid investments and tax-reducing retirement plans like Retirement Annuities, but taking care of the present is just as important if that future wealth is not to be eroded.

This is where Hereford Groups’ highly trained Financial Advisors come in and if you do your year-end review with us you will find that you can plug all the potential pitfalls that 2023 can throw at you and still have a wealth creation plan that looks to a brighter future.

Talk to us today and let us customise a wealth growth strategy for your specific requirements and within the realms of your unique circumstances – after all, that’s exactly what makes Hereford Group different.

For those of you going away and who haven’t already done that year-end review, we’ll be happy to set it up for you first thing in the new year. Travel safely!