Iain Stevenson, head of dental at Wesleyan Financial Services, looks beyond the financial headlines and provides reassurance for dentists concerned by the economic landscape.
Economic and political challenges seem to be whipping the media into a frenzy currently. This can understandably be a cause for concern for dentists looking at how they might be affected – both from a personal and business financial perspective.
The ex-Chancellor Kwasi Kwarteng’s mini-budget prompted the markets to panic about the affordability of the tax cuts announced.
The dip in the markets – particularly in gilts – would have made for uncomfortable viewing for investors who check in daily on their investment portfolios (although it’s worth pointing out for those who do this, they would benefit from remembering the long game when it comes to investments rather than monitoring short-term volatility).
The government’s U-turn on many of the tax cuts that were announced paint a picture of uncertainty. This is something that the markets don’t like.
On top of that, the long-awaited energy relief support timeframe was reduced to cap energy prices for households for six months, rather than the two years initially announced.
However, as much as market corrections and political instability can be unsettling, Iain urges dentists not to be driven to hasty investment and financial planning decisions due to uncertainty.
The value of financial advice
Advice from experts, particularly those who understand the nuances of the dental profession, will help provide reassurance – from reviewing your investment portfolio against your financial objectives to helping identify any superfluous spending.
As well as the reassurance financial advice provides, the International Longevity Centre (the UK’s specialist think tank on the impact of longevity on society) revealed in a report that those who took financial advice received a net benefit across various outcomes of interest compared to those who didn’t. This included the probability of saving, average financial assets, average pension wealth and pension income.
Who to turn to
If you’re looking to receive balanced financial advice during these challenging times, you can book a no-obligation financial review with a specialist financial adviser at Wesleyan Financial Services by visiting www.wesleyan.co.uk/dental or calling 0800 316 3784.
Bear in mind that the value of investments can go down as well as up and you may get back less than you invest.
‘WESLEYAN’ is a trading name of the Wesleyan Group of companies.
Wesleyan Financial Services Ltd (Registered in England and Wales No. 1651212) is authorised and regulated by the Financial Conduct Authority. It is wholly owned by Wesleyan Assurance Society. Wesleyan Assurance Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Incorporated in England and Wales by Private Act of Parliament (No. ZC145). Registered Office: Colmore Circus, Birmingham B4 6AR. Telephone: 0345 351 2352. Fax: 0121 200 2971. Calls may be recorded to help us provide, monitor and improve our services to you.
