Watch Iain Stevenson, head of dental, at Wesleyan Financial Services, as he shares some key considerations when it comes to investing your surplus business funds.
When you make the move from NHS to private, you can get caught up in a whirlwind of decisions – both for your career and your financial security. These imminent decisions take precedence and may mean opportunities have to take a back seat while you get your affairs in order.
Once the dust has settled after the transition, it can be a good time to review your practice’s finances to see whether there are opportunities that allow your surplus business funds to work harder.
While there’s no perfect time to start your investment journey with your practice’s surplus cash, there are a few considerations to explore to help you find out what you’re comfortable with – both in terms of risk appetite and the contributions you’d like to make to your investment portfolio.
Ride out fluctuations
Money that sits within your business bank account has been hard-earned, but in times of high inflation and interest rates failing to keep pace, the purchasing power of your money will likely be eroded over time.
Investments are also subject to the effects of inflation. However, with the recommendation to approach investing with a long-term view, time in the market allows the fund to ride out economic fluctuations and therefore offer the possibility for greater returns.
That being said, if you are unable to lock your money away for a minimum of five years, investing may not be the right course of action for your circumstances. Bear in mind that the value of investments can go down as well as up and you may get back less than you invest.
Speaking to a Specialist Financial Adviser can help you develop the best plan of action to help you achieve your financial goals and help you identify whether or not investing is right for your business. You can book a no-obligation financial review by visiting www.wesleyan.co.uk/dental or calling 0800 316 3784.
Advice is provided by Wesleyan Financial Services Ltd.
‘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 is 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.
