What should you look at when reviewing existing investments
Most people put more thought into setting up an investment than they do into reviewing it afterwards. That is understandable. Once money is invested, it can feel like the job is done. But investments do not take care of themselves, and the circumstances that made a particular approach suitable at the start may not remain the same over time. A regular review is not about second-guessing every decision or reacting to short-term market movements. It is about making sure what you have in place still reflects where you are now and what you are trying to achieve.
This guide works through the main things worth looking at when reviewing existing investments, and what questions tend to be most useful to ask. All references to tax treatment and legislation reflect the position as at 2026 and are subject to change.
Start with your own circumstances, not the markets
The most common mistake when reviewing investments is to start by looking at performance figures and market news. Those things matter, but they are not the right starting point. The right starting point is you.
Have your circumstances changed since you last reviewed your investments? A change in income, a new job, a change in family situation, an approaching retirement, or a shift in your financial priorities can all affect whether your current investment approach still makes sense. An investment strategy that was well suited to your situation three years ago may need adjusting if those circumstances have shifted significantly.
It is also worth asking whether your attitude to risk has changed. How you feel about the possibility of your investments falling in value can shift over time, particularly as retirement approaches or as life becomes more financially demanding. If you find that market falls cause you significantly more anxiety than they used to, that is worth noting as part of a review.
Check whether your goals are still the same
Investments are generally set up with a purpose in mind. It might be building a retirement fund, saving for a property, creating a financial buffer, or a combination of several things. Over time those goals can change, merge, or become more or less urgent.
If the goal has changed, the investment approach may need to change with it. Money that was originally invested for a retirement thirty years away and is now needed within five years carries a very different set of considerations. The timeframe matters enormously, because it affects how much volatility is reasonable to accept and what level of risk is appropriate.
Look at whether the risk level still fits
Every investment portfolio carries a level of risk, and that level should reflect both your attitude to risk and how long you have to invest. These two things change over time.
As retirement or another financial goal approaches, many people find it appropriate to reduce the level of risk in their portfolio. This does not mean moving everything into cash, but it might mean shifting gradually towards more defensive assets that tend to be less volatile, even if their potential for growth is more modest. The intention is to reduce the chance of a significant fall in value at a point when there is less time to recover.
Equally, if your circumstances have improved and you have a longer effective timeframe than you thought, or if you have other financial resources to fall back on, you may find that you are comfortable with a higher level of risk than your current portfolio reflects.
Neither direction is automatically right. The appropriate level of risk is personal and depends on your full financial picture. This is one of the areas where a financial adviser tends to add the most value during a review.
Review how your portfolio is spread
A portfolio that was well diversified when it was set up can become unbalanced over time without any deliberate change. This happens because different investments grow at different rates. If shares have performed strongly over a period, they may now represent a larger proportion of the portfolio than originally intended, which means the portfolio carries more risk than it did at the start.
This process is sometimes called drift, and addressing it is sometimes called rebalancing. Rebalancing involves adjusting the portfolio back towards its intended mix, typically by selling some of what has grown and adding to what has fallen. It is worth noting that buying and selling investments can trigger tax implications depending on the type of account they are held in and your personal tax position, so this is worth understanding before making any changes.
It is also worth checking whether the portfolio holds a genuine spread of different assets, sectors, and geographies, or whether it has become concentrated in one area over time. Concentration increases the impact of any one investment performing badly.
Look at the individual investments themselves
Once you have considered the broader picture, it is worth looking at the individual investments within the portfolio. A few questions tend to be useful here.
Has anything changed significantly about the investments you hold? A fund that changed its manager, its strategy, or its charges since you invested in it may no longer be the same investment it was when you chose it.
Are the charges reasonable relative to what the investment is doing? Higher charges reduce returns over time, and there may be comparable alternatives with lower costs. This is not a reason to switch automatically, as switching also has costs and potential tax implications, but it is worth being aware of.
Are there any investments that no longer have a clear role in the portfolio? Over time, portfolios can accumulate holdings that made sense at the time but no longer fit the overall strategy. A review is a good opportunity to ask whether each investment still has a clear reason to be there.
Check the tax efficiency of how your investments are held
The account type your investments are held in affects how any gains or income are treated for tax purposes. In the UK, investments held within a Stocks and Shares ISA benefit from sheltering gains and income from capital gains tax and income tax. Investments held in a general investment account do not have that protection.
If you hold significant investments outside an ISA wrapper, it may be worth considering whether using available ISA allowances in future years would be beneficial. The annual ISA allowance is set by legislation and may change. How this applies to your situation depends on your personal tax position, which can be complex and is worth reviewing with a qualified adviser.
For investments held in a pension, the tax treatment on contributions and withdrawals applies as set by current legislation, which is subject to change. Understanding how your pension investments fit alongside other holdings is part of a complete investment review.
Consider whether you are still with the right platform
Platforms vary in the charges they apply, the range of investments they offer, and the tools and support they provide. A platform that was well suited to your needs when you started may no longer be the most appropriate option, particularly if your portfolio has grown or your investment needs have become more sophisticated.
Switching platforms is possible but involves a process and can take time. It is worth comparing what you are paying against what alternatives offer, taking into account the full cost including any exit charges from your existing platform and any tax implications of the move.
How often should you review?
There is no single right answer, but most financial advisers suggest reviewing investments at least once a year as a matter of routine, and more frequently when circumstances change significantly. A review does not always need to result in changes. Sometimes the most useful outcome is confirming that everything is still on track and no action is needed.
It is also worth being clear about what a review is not. It is not an opportunity to react to short-term market movements or to chase recent performance. Investments that have recently performed strongly are not necessarily better going forward, and those that have fallen recently are not necessarily worth selling. Decisions made in response to short-term noise tend to work against long-term investment outcomes more often than they help.
Frequently asked questions
How do I know if my investments are performing well? Performance should always be assessed relative to something meaningful, not in isolation. Comparing against a relevant benchmark, such as a market index the fund aims to track or outperform, gives a more useful picture than looking at a figure in isolation. It is also important to consider performance over a meaningful timeframe rather than just the most recent period. Short-term performance can be misleading, and a fund that has underperformed recently may have performed well over five or ten years, or vice versa.
Should I sell investments that have fallen in value? Not necessarily, and often not. Selling after a fall locks in a loss and means missing any subsequent recovery. Whether it makes sense to sell depends on why the investment fell, whether the reasons you originally chose it still apply, and whether your circumstances have changed. Reacting to short-term falls is one of the most common ways investors reduce their long-term returns. That said, if an investment has fundamentally changed or no longer fits your strategy, a review is the right time to consider whether to hold it.
What is rebalancing and do I need to do it? Rebalancing means adjusting your portfolio back towards its intended mix of assets after market movements have shifted the proportions. It is a way of managing risk rather than chasing returns. Whether and how often to rebalance depends on your portfolio, the account types involved, and the tax implications of making changes. It is worth discussing with a financial adviser as part of a broader review rather than doing it in isolation.
Can I review my investments myself or do I need an adviser? You can carry out a basic review yourself, checking whether your circumstances have changed, whether the account types are appropriate, and whether the charges seem reasonable. But a thorough review, particularly one that considers tax efficiency, risk levels, and whether individual investments are still appropriate, tends to benefit from professional input. The value of an adviser is particularly clear when circumstances are complex or when significant amounts are involved.
How do I find out what I am actually paying in charges? Platform charges are usually shown in your account settings or in an annual charges statement. Fund charges are expressed as an ongoing charges figure, or OCF, and should be available in the fund's key information document. Some platforms also provide a total cost figure that combines platform and fund charges. If you are not sure what you are paying, asking your platform directly or speaking to an adviser is the most straightforward way to find out.
What if I have investments in several different places? This is common, particularly for people who have accumulated pensions from different employers alongside other investments. A review is a good opportunity to get a consolidated view of everything you hold, so you can assess whether the overall picture makes sense rather than looking at each account in isolation. The government's pension tracing service can help locate old workplace pensions you may have lost track of.
A final note
Reviewing investments is not about finding reasons to make changes. It is about making sure what you have in place still fits your circumstances, your goals, and your attitude to risk. The investment landscape changes, your life changes, and the two need to stay aligned. An annual check, combined with a more thorough review whenever something significant changes in your life, tends to be a reasonable rhythm for most people. For anyone who has not reviewed their investments for some time, or whose circumstances have shifted significantly, a conversation with a qualified financial adviser is a sensible place to start.