Stick or twist? How does ‘Brexit’ impact on your financial planning?

Thursday 23 June 2016 will go down in history as a significant date - the day that the British public voted to leave the European Union.

Regardless of which way you voted, attention always eventually reverts back to how we and our loved ones are impacted personally, but given the magnitude of the decision to leave the EU, the reality is that there is much that we don’t know and it is hard to say when we will know what the far reaching impacts will be.

So what can we control now? We can’t predict the future, but we can continue to focus on the importance of reviewing and planning our own personal finances. Those with mortgages or loans will still need to repay them and those with families will still need to protect them. People with aspirations to retire with a certain standard of living will still need to save and those with substantial asset bases will still need to plan to pass that wealth on to their heirs.

The framework in which we operate may well change over time, but the principles by which we plan our future will probably not. We will still follow the same broad life plan with three main financial phases:

  1. Protect while we get married/start a family/buy a house/start a business or career

  2. Accumulate when family/debts become less costly and earnings potential is higher

  3. ‘Decumulate’ while you enjoy retirement

At this uncertain time I would encourage people not to panic and make knee-jerk decisions, but to take a deep breath and some advice. Uncertainty is scary, but can also provide significant opportunity with the correct advice.

Day-to-day life is busy and can lead to us to overlook our financial and tax planning and many people often don’t take the time to make changes or seek advice until it is too late, so why not let this change in our political and economic framework be the jolt you need to take control and plan for your future and that of your family.

What are the benefits of undertaking a financial review now?

  • Establish your financial objectives

  • Create a plan to meet those objectives

  • Build an ongoing relationship with a team of professionals who can guide and advise you

All of the above are achievable post referendum and history has taught us that the economy and the political landscape in which we live will continuously change, but if you want to take control of your own financial future the responsibility will still fall upon you, the individual.

At Armstrong Watson we have assembled a strong, experienced and highly skilled ‘Private Client’ team to assist you with exactly this type of planning, so if you’d benefit from a review of your financial circumstances please contact us on 0808 144 5575 or email

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