The benefits of regularly reviewing your financial goals

It’s time to reconnect: When did you last review your financial goals?

Amidst the relentless pace of life in Hong Kong, it's easy to get caught up in the day-to-day and lose sight of the bigger picture. This is especially true when it comes to your financial goals. Picture this – you met with your financial adviser eight years ago, spoke about your financial plan, and since then, life has just gotten in the way and you haven’t been able to catch up since.

Yet, market fluctuations, new opportunities, and evolving personal circumstances can all significantly impact your financial plan, necessitating an update – or even a revamp – of your initial plan. That’s where financial goal reviews come in.

Why should you regularly review your financial goals?

Think back to the last time you set time aside to reflect on your financial goals. Has your family grown? Have your career aspirations shifted? Perhaps you're considering early retirement or exploring investment opportunities in new markets.

Whatever the changes, it's crucial to ensure your financial plan remains aligned with your evolving needs and ambitions. Regular reviews are the key to staying on track and achieving the financial future you envision.

Reflect and reassess

Just as your life evolves, so do your personal values and aspirations, and with that, your financial goals. What seemed important a few years ago may now be less of a priority. Perhaps you’ve started a family, and in turn, that second property that you’d been dreaming of no longer feels as imperative to own.

As you reflect, reassess the risks you’re taking on, your personal priorities, and the economic and legal landscape you’re operating in. Neglecting this crucial step can lead to missed opportunities, unnecessary risks, and a growing disconnect between your financial reality and your dreams.

The power of proactively reviewing financial goals

After checking in on your current life stage and priorities, a financial review can help you to align your plan to make your updated personal goals happen. Proactive financial reviews are more than just a check-up; they're an opportunity to maximise your wealth’s potential. By regularly assessing your progress and adjusting your strategies, you can identify new opportunities and optimise existing ones.

For instance, recent economic volatility might reveal attractive investment prospects in Hong Kong’s tourism and real estate sectors, which are expected to see growth in 2024¹. A review can help you capitalise on these opportunities while mitigating potential risks.

Furthermore, a comprehensive review can ensure your financial plan remains resilient in the face of economic uncertainty. With inflation on the rise in Hong Kong, it's crucial to ensure your investments are keeping pace and your retirement savings are adequately protected.

More than an adviser: Your partner in financial success

Navigating the complexities of financial planning can be challenging. However, with professional financial advice on your side, you can make informed decisions and maximise your long-term outcomes.

With over 30 years of expertise in financial advisory services, St. James’s Place is a trusted partner for individuals in Hong Kong seeking to achieve their financial goals. We understand that your financial journey is unique, and so our experienced advisers work closely with you to create a personalised financial plan that adapts to your unique needs, goals, and risk tolerance. 

Whether you're seeking to optimise your investment portfolio, plan for your children's education, or secure your legacy, you can rely on a long-term relationship built on trust with us.

Take the first step towards financial well-being by scheduling a complimentary consultation with one of our experienced advisers today.

The value of an investment with St. James's Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.

Source
¹Hong Kong Market Intelligence, June 2024, Turner & Townsend