This 27 January to 2 February marks Financial Planning Week. An important opportunity to raise awareness of the benefits of advice, it’s also a chance for finance professionals to give back to their communities.
From Budget changes coming into force on 6 April to continuing global conflict and Donald Trump’s return to the White House, world events mean that 2025 looks set to be a busy year for the financial sector and stock markets.
With this in mind, keep reading for your look at how our expert advice can help you take control of your finances in 2025.
Financial Planning Week is about you receiving the advice you need
Run by the professional body and educational charity the Chartered Institute for Securities & Investment (CISI), Financial Planning Week is about helping consumers get the advice they need.
Chris Morris, CISI head of financial planning policy and engagement, says: “In today’s world, taking control of your finances and having a financial plan is more important than ever.”
We know that you understand this – it’s why you work with us. And that’s why we have chosen to be involved in this year’s event.
Here are three important times when you might decide to turn to us for advice.
1. Advice can help you make tax-efficient choices in the approach to tax year end
Making the most of available allowances and exemptions can be incredibly tax-efficient. And this is especially important going into 2025/26, with Labour’s Autumn Budget meaning that changes are on the way.
By working with us over the next few months, you’ll have peace of mind that you’re receiving advice from experts in their field. We can help you to think about some key areas:
Making the most of your pension and ISA allowances
Your pension Annual Allowance is the maximum amount you can contribute to your pension in a single tax year without facing an additional tax charge. For the 2024/25 tax year, it stands at £60,000 or 100% of your earnings, whichever is lower. We can help you check back over your contribution history to ensure you make full use of this allowance before tax year end.
ISAs also have their own allowance (£20,000 for the 2024/25 tax year). Unlike the pension Annual Allowance, which can be carried forward for up to three years, the ISA Allowance must be used before tax year end. Any amount you don’t use is lost, so consider maxing it out, if you can afford to.
Topping up your children’s savings
Remember too that the savings and investment products you have put in place for your children have their own allowances. Junior ISAs have the same tax efficiencies as their adult counterparts but a lower allowance, just £9,000 for the 2024/25 tax year. The Annual Allowance applies to your children’s pensions too.
Making tax-efficient gifts using HMRC’s exemptions
Despite some high-profile changes to the Inheritance Tax (IHT) treatment of pensions and some agricultural reliefs, HMRC’s gifting exemptions remain intact for now.
These can be a useful way to lower the value of your estate for IHT purposes while giving money to those you love, during your lifetime. These allowances generally renew at the start of the new tax year so be sure to get in touch if you’d like to make tax-efficient gist before April.
2. Advice can ensure that your plans reflect changing priorities when a life event like a marriage, divorce or death occurs
Tax year end is a particularly useful time to seek annual professional advice, but other (and sometimes huge) life events occur less frequently and can arrive out of the blue.
Births, deaths, marriages and divorces can all change your financial priorities and mean that your long-term plans need to be re-examined. Advice can be invaluable here.
You might need to update pension beneficiaries, for example, to ensure that your new wishes are known or make changes to your will. The latter might reflect the birth of a grandchild, say, or incorporate members of a blended family following divorce. Protection policies like life insurance might also need revisiting if joint cover is taken out.
We can help you to understand the potential impact of these life events so be sure to get in touch if changes to your circumstances need to be reflected in the financial choices you make.
3. Choices you make in the approach to, and at retirement can have long-term consequences so advice is key
One huge life milestone that might be approaching for you this year is retirement.
As the culmination of decades of hard work, the end of your career is something to be celebrated, but you’ll also have some important decisions to make.
From understanding the potential effects of pension “lifestyling” to ensuring that your pension choice best reflects the type of retirement you have planned, we’re here to help. Navigating annuities and Pension Freedoms options can be tough, but your at-retirement choices are only the start.
We can help you to manage your pension decumulation too, ensuring you budget successfully for the whole of your retirement.
Get in touch
Whether you have pressing questions about your finances in 2025, or you simply haven’t spoken to us in a while, make this Financial Planning Week the week you get back in touch. Contact us now to find out how our Chartered financial planners can help you this year, and beyond.
Please note
This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
