We’re big on recommending that investors seek professional advice on structuring portfolios to match their individual growth objectives. Yet, at the end of the day, investment success comes down to financial discipline and the buck stops (quite literally) with you.  So, wherever you are on your investment journey, it’s your job to check your strategy still aligns with your financial goals.  

What does checking your investment strategy mean?

It means keeping things real and acknowledging that, as your needs and horizons change (and they will), you’ll have to monitor whether your investments are keeping pace with your expectations.

Are you sure you’re putting enough away and getting the right yields to fund that camper van you’ve always dreamed of? Or have you moved on and set your sights on a Camps Bay beach house instead?

If you’re mentally picking out the loungers for your infinity pool, chances are it’s time to course-correct. And that’s OK!  The point is to be clear that you’re making the right investment decisions to support your future plans.

How often should you revisit your investment plan?

Whether you’re working to a five-year horizon or taking a much longer view, once a year is probably a good benchmark. And while reviewing statements and spreadsheets is no-one’s idea of a good time, it’s always worth taking an hour or two to see where you’re at.

We asked some of our financial advisors to give us their key pointers and, thankfully, they all agreed it is less of a headache than it sounds and that the logical time to do it is at the start of the new financial year.  (Right up there with dusting off your gym membership!)

The main purpose is to flag any meaningful change in your short, medium and long-term goals, so you can look at making adjustments to your portfolio if you should need to.

They also recommend biting the bullet and taking some time to stay on top of your financial admin.  First, so you can nip any errors and ‘unexpected’ fees in the bud. (Yup, you know they happen.) Then to check if you’re in line for any benefits and, hey, depending on how well you’ve managed things, you might find you’re eligible for cashback bonuses, discounts or more credit.

Of course, it’s one thing to know how you ought to manage your investments and another thing to follow through. Especially if things have ever been complicated or you’ve fallen into bad habits. (No need to beat yourself up, we’ve all been there.) It’s just way easier to get things right again when you understand where you’ve been going wrong. And, just in case you’re thinking this all sounds too much like hard work, we’ve saved the best bit of advice till last.

Though investing is undoubtedly a serious business, our advisors know we’re all more likely to stick to a financial strategy if we’ve also set aside funds for some fun stuff.  So, along with providing for life’s emergencies and retirement, make sure you’ve structured things so you can reward yourself now and again.  (Maybe a floating flamingo for that infinity pool … ?) 

For more pointers on keeping your financial focus, check out our opinion piece on IOL.