New year, new plan: turning financial aspirations into reality

Gary Brownbridge, Head of Wealth Planning in Jersey, writes that, whether you are in the Crown Dependencies, have strong ties to the UK or reside in the UK itself, the start of a new year is the ideal moment to review your finances and put a clear plan behind your long-term goals.

The start of a new year is always a time for reflection and fresh beginnings. Many of us set resolutions: exercise more, travel to new places, learn a skill, or spend more time with family. But how often do you stop to think about your financial goals for the year ahead?

Because here’s the truth: an aspiration without a plan is just a wish. Whether it’s retiring comfortably, funding your children’s education, or building wealth for future generations, these goals don’t happen by chance. They happen with a plan.

Why now is the perfect time

The start of a new year is the ideal moment to take stock of your financial arrangements. Life doesn’t stand still and career changes, family milestones and market movements can all impact your financial position. A plan that worked five years ago may not be the right fit today.

Think of wealth planning as a living, breathing process. It’s not something you set once and forget. It needs regular attention to ensure it’s aligned with your current circumstances and future aspirations.

Questions you should ask

Here are some key areas to review as you start the year:

Do you have retirement plans in place?

Retirement planning isn’t just about saving, it’s about knowing whether you’re on track to achieve the lifestyle you want. Consider your current and projected earnings, investment growth and retirement timelines. Small adjustments today can have a big impact on your future.

Are your nominated beneficiaries for your pension funds still the right people?

Life changes - marriage, children, divorce, blended families - can make updates essential. Ensuring your beneficiaries reflect your wishes is a simple but crucial step.

Do you have a Will and is it up to date?

An outdated Will can create unnecessary complications for your loved ones, reviewing it regularly ensures your estate planning reflects your current intentions.

What are your financial priorities for this year and beyond?

Are you focusing on building wealth, funding education, or preparing for retirement? Defining priorities allows you to allocate resources effectively and create a roadmap that makes your goals achievable rather than aspirational.

Are you making the most of tax efficiencies?

With a new tax year approaching, now is the time to review allowances and reliefs, make sure that your assets are structured efficiently, particularly bearing in mind recent changes in the UK for domicile and inheritance taxes. Taking simple steps now can make a big difference over time for you and your beneficiaries.

Is your investment strategy still aligned with your goals and risk tolerance?

Markets change and so do personal circumstances. A quick review can help ensure your investment portfolio remains on track and still reflects the right risk level for you.

Why this matters

Wealth planning isn’t just about numbers, it’s about peace of mind. It’s about knowing that your aspirations aren’t just wishes, but achievable goals backed by a clear strategy.

Without a plan, even the best intentions can fall short. But with the right plan, you can help turn uncertainty into confidence and dreams into reality.

From resolution to reality 

Think of this as your financial new year’s resolution: commit to reviewing your arrangements and setting a clear path forward. It’s one of the most impactful steps you can take for yourself and your family.

And the good news - you don’t have to do it alone. Our Wealth Planning team is here to help you navigate the complexities, identify opportunities, and create a plan that works for you.