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10 step ‘wealth workout’ for financial fitness

The following fitness regime will do little for your cardiovascular smartwatch scores but it should leave you feeling at peace and in better financial shape when normal life fully resumes.

1 Bill bust your bank statement – Trawl through your bank statement and review your outgoings.  Review your subscriptions services and verify if you really need them? Do you know what every direct debit is for? Can you save yourself some money?

2 Is your mortgage on the best rate for your circumstances? Make sure you are aware of the interest rate you are paying and when your deal is coming to an end.  If you are on a standard variable rate, it may be worth seeking advice on what deals may be suitable for you?

3 Reassess your insurance needs – Review your life insurance, income protection and critical illness/serious illness policies to check if they are still relevant, appropriate and competitively priced.  You can ring fence any life policy proceeds from the rest of your estate to protect it from IHT by placing the policy in trust.

4 Review cash savings accounts – Are your cash savings languishing in a current account? Take the opportunity to look at the best savings accounts on the market or consider other options such as investments to make your money work harder for you.

5 Review your pension – Do you keep meaning to get your pensions in order? Do you have ‘pots’ in multiple places? It’s a great time to consolidate, understand your pension and take the time to investigate how your retirement may look.

 6 Use your tax allowances – Each of us have a number of tax allowances in a year. (ISA’s, pension tax relief, capital gains etc) It is important to make the best use of them and maximise them if you can in the tax year.

7 Sort out your will – Check that your will is still relevant, especially if you have divorced, married, had children or grandchildren since you wrote it.  If you haven’t got a will, now is the perfect time to get the process in motion.

8 Set Up Lasting Powers of Attorney – Empowers the identified loved ones or trusted professionals to make financial and health decisions on your behalf if you are incapacitated. This is not just for the elderly, the forms need to be completed when you are of sound mind, as incapacity can strike in many ways at any age.

9 Expression of wishes forms – Pensions fall outside of your estate for tax purposes, so you must tell your pension provider who you nominate to benefit from these assets on your death.

10 Sort out your financial paperwork – You could save your family a lot of effort and confusion by only keeping relevant paperwork. Produce a summary of your assets and where to find them.  Place it somewhere safe and make sure your family, executors and powers of attorney know where to find them.

This regime may feel arduous, but the good news is that we are here to help. Wealth fitness, just like health fitness, hurts less when exercised regularly.  At Rosewood we are completely independent and can make sure that your specific objectives and goals are researched thoroughly and specifically, to get you where you want to be.

Why not contact us for your free, no obligation financial health check?


Rosewood Wealth Management Ltd

388 Brimington Road
Chesterfield, Derbyshire S41 0TF
United Kingdom (UK)
Phone: 01246 932300

Registered in England and Wales Registered Company Number : 08291755. Registered address: 388 Brimington Road, Chesterfield, Derbyshire S41 0TF. Directors: Donna Robertson & Shannan Pool-Gorman


Monday 9:00 AM - 5:00 PM
Tuesday 9:00 AM - 5:00 PM
Wednesday 9:00 AM - 5:00 PM
Thursday 9:00 AM - 5:00 PM
Friday 9:00 AM - 5:00 PM
Saturday Closed
Sunday Closed

What to do if you have a complaint: If you have a complaint or dispute with us, you are entitled to make a complaint. We have a complaints procedure that is available on request. If you wish to register a complaint, please contact us either in writing, by telephone or email. If you wish to register a complaint, please contact us: In writing: Shannan Pool-Gorman, 388 Brimington Road, Chesterfield, S41 0TF. Email:, or by telephone 01246 932300. Please be assured we treat complaints seriously. For your protection, if you cannot settle your complaint with us, you may be entitled to refer it to the Financial Ombudsman Service (‘FOS’). Please see the following link for further details:

A lifetime mortgage is secured against your home and is a complex product. To understand the features and risks, ask for a personalised illustration. Your home or property may be repossessed if you do not keep up the repayments on your mortgage. You may have to pay an early repayment charge to your existing lender if you remortgage. The value of your investment can go down as well as up and you may not get back the full amount invested. Accessing pension benefits early may impact on levels of retirement income and your entitlement to certain means-tested benefits. Accessing pension benefits is not suitable for everyone. You should seek advice to understand your options at retirement.

© 2019 Rosewood Wealth Management | Rosewood Wealth Management is a trading style of Rosewood Wealth Management Ltd which is Authorised and Regulated by the Financial Conduct Authority – number: 841587. You can check this on the Financial Services Register by visiting the FCA’s website – or by contacting the FCA on 0800 111 6768. The Financial Conduct Authority does not regulate taxation advice, university/school fees planning some aspects of buy to let mortgages. The guidance and/or advice contained within the website is subject to the UK regulatory regime and is therefore primarily targeted at customers in the UK. The FCA’s consumer website address can be found here.