I have always played it safe with my investments, sticking to funds that focus on big well-known businesses and property in the UK, US and Europe. My portfolio is currently worth about £300,000 so I have a pretty solid base now. I wonder if maybe I should take a little more risk in the hope of better growth. What do you think? I’m in my mid-fifties with a good pension scheme in place that is currently worth about £250,000.

Lowestoft Journal: Matthew Beck is a Chartered Financial Planner Picture: Smith & PinchingMatthew Beck is a Chartered Financial Planner Picture: Smith & Pinching (Image: Archant)

Matthew Beck of Smith & Pinching responds:

This isn’t something that I can answer without knowing a great deal more about you and your circumstances. It is certainly possible to increase the risk level of the investments that you have in your portfolio and you are at a stage in your life where it may be appropriate for you to take a long-term view in respect of the ups and downs of the market. However, that doesn’t necessarily mean that a riskier portfolio would be right for you.

It’s a common mistake to build your investment strategy based on what you already have invested and its performance. The foundation of your strategy should be the outcomes – what you want to achieve with your money and when you want to call upon your savings and investments. It should focus on your goals and ambitions rather than on rates of growth. In addition, your strategy should be considered in conjunction with all your financial circumstances, including when you want to retire, your pension savings, other cash savings and any property.

The amounts you have in your portfolio and your pension are indeed significant and have the potential to grow over the medium to long term. I do think that you would benefit from independent advice about how to invest for your future goals. A Chartered Financial Planner will take you through an advice journey that will give you the most appropriate mix of savings and investments to achieve those goals.

Advice isn’t just a single step to take – it is something that will benefit you on an ongoing basis. Regular reviews and portfolio adjustments are part and parcel of the process. Your Chartered Financial Planner will be a trusted long-term adviser who knows you well and can adapt your plan as life unfolds.

Any opinions expressed in this article do not constitute advice. The value of an investment and the income from it could go down as well as up. The return at the end of the investment period is not guaranteed and you may get back less than you originally invested.

For more information, please visit www.smith-pinching.co.uk