DON’T PANIC IN THE RUN UP TO ISA DEADLINE

• Savers should take the time to ensure they make an informed decision and not a panic purchase
• Investors need to understand the level of risk they might be exposed to rather than focus on the most marketed investments.
With ISA season about to come to a close, online financial advice firm Wealth Horizon is reminding investors that while the deadline is approaching it remains important not to make a snap decision when it comes to where they put their hard earned funds.
While the official ISA deadline for the 2014/15 tax year is 5th April, this year, because of the long Easter weekend, many investment firms may close to new ISA members on the Thursday before (2nd April).
Chris Williams, CEO of Wealth Horizon, said: “When people think end of the tax year, they think ISA deadlines, but investors shouldn’t wait until the last minute to have everything in place. Doing this will only leave them in a panic and could cause them to make a poor decision on where to invest.
“Of course we would rather people use their ISA allowance than not, but when you throw your hard earned money into an account without thinking about the underlying management of the product or your appetite for the level of risk in the investment, then you may end up owning something that doesn’t work for you.
“It is really important savers understand the level of risk they might be exposed to rather than focus on the most marketed products or falling back on the easiest option, such as the product being offered by their high street bank or simply leaving the funds in a cash accounts that are typically paying out low rates of interest.
“In the first instance, before choosing where they place their money, those looking to invest in an ISA should download a personal investment report. These reports can be downloaded free online and aim to help investors identify how much risk they are really willing to take with their savings and evaluate the best way to invest their ISA.
“When you borrow from a bank, it’s important to understand the level you can afford to repay over the term of the loan. In a similar vein investors should ensure they are comfortable with any planned investment and that it is based on their own individual circumstances.”
To download your free, personal investment report, that can help you identify your personal appetite for risk and advise on how you might choose to invest your ISA, – visit www.wealthhorizon.com