The latest Budget hasn't filled us with great optimism for the tax year ahead, so it's more important than ever to get to grips with the issue of tax efficiency and to really get savvy with your finances.

We thought now would be the right time to launch Xentum’s Desktop Analysis. ‘Wealth check’, ‘financial health check’ are just some of the terms banded around the market but we’ve spent time developing an analysis that really sets itself apart from what’s currently being offered.

Exposed

Independence, independence, independence. I can’t stress this enough. I’ve lost count of the number of banks who claim to provide an ‘independent’ financial check but who are clearly tied to certain products. People assume independent means independent but with the majority of financial institutions this is not the case. They simply use the ‘financial health check’ as a cynical ploy to sell the unassuming consumer yet more products that aren’t necessarily right for them. It’s no more than a box ticking exercise.

Panic

The problem is savers have never been more vulnerable and really are at a loss what to do. The banks are exploiting their customers vulnerability and it makes my blood boil. I’ll simmer down now but with the volatile stock markets and interest rates at an all time low it’s more important than ever to really get to grips with your investment portfolio before you start taking out yet more products.

On Track

Xentum’s Desktop Analysis looks at three key areas; performance, charges and tax efficiency. It’s crucial that performance isn’t looked at in isolation. It’s true to say most investments aren’t on fire at the minute but it’s important to see how your investments are performing compared to those of a similar ilk over a one, three and five year period. It’s easy to lose track of charges, particularly if you have been over sold numerous policies over a period of time. An in depth analysis would help you to see if you’re still receiving overall value from the underlying investment and help you judge if the advice received justifies the charges.

Change

Finally, by looking at the whole picture it will reveal if your investments, including pensions, complement your overall tax situation. These days it’s so easy to be over taxed, so being more tax efficient can be a real boost to your finances.

I’ll step down from my soapbox now and close by inviting you and your clients to contact us if you are interested in finding out more about the Desktop Analysis.

Dominic Baldwin Managing Director