Resolve to revolutionise your finances with Rensburg Sheppards

2008 has provided a tremendous shock to the financial system. Little did we know at the time but the FTSE 100 peaked for the entire year on the third day of the 2008, at 6479.44.

Since then it has steadily and in some cases, dramatically, dropped, losing over 35% of its value to the beginning of December.

Now is not the time, however, to hide away and hope it will all turn round. The New Year is the perfect opportunity to take a fresh look at your circumstances and reassess your investment goals.

To help investors be more positive about their finances Rensburg Sheppards, one of the UK's leading independent wealth managers, has put together a list of New Year Resolutions that can make a difference to every investor in 2009.

Evaluate and Review - What impact has the downturn had on your investments and retirement plans? Be honest. Is it time to review your investment strategy? The New Year provides the perfect time to take a fresh look at your situation and reassess the degree of risk you are willing to take.

IHT & CGT - Make the most of your allowances. Did you know you can gift £250 to as many people as you wish, as often as you like, on top of the £3,000 annual Inheritance Tax allowance? Did you also know that under the Capital Gains Tax rules you can use the stock market volatility to liquidate some assets and carry forward those losses to offset against gains you might make in the future?

Income Tax - With the proposed super tax of 45% it is even more critical to ensure investments are registered in the correct partner's name. It makes sense to have the income and interest bearing accounts in the name of the person who is paying the least tax.

Stock Market Investments - Historically stock market levels are low and valuations look attractive. Rather than trying to time entry into the market take advantage of pound cost averaging and drip feed money into equities.

Pension - Commit to a regular pension review. If your circumstances change, make sure that is reflected in your pension. If you are within eight years of your retirement date it is time to start thinking about reducing your risk profile.

Corporate bonds - The risk/reward qualities within corporate debt look compelling. Investment grade and high yield debt prices have continued to fall over the past 18 months and with spreads of corporate bond yields over government bond yields approximately 5%, you are being offered more than sufficient reward for the amount of risk.

Where there's a Will - Commit to reviewing your Will regularly. The right Will, drafted in the right way, can be a valuable planning tool in managing your wealth and any future threats to it, such as divorce, bankruptcy and tax.

Now is not a time to hide away, now is the time to face facts and be proactive. It is time to detox your finances with a thorough financial wealth check and look forward to saving pounds rather than shedding them in 2009.