During a recent financial summit, the chief financial planning director at Evelyn Partners noted that summer is increasingly a crucial period for advisors. Clients often take advantage of their time off to review their Isas and pensions, she explained.

I’ve been known to keep financial experts busy during holidays. During our Easter break, I left the beach to have a WhatsApp video call with my accountant in our hotel room. It was the end of the tax year, and I hadn’t found time to consult her earlier.

This summer, in quieter moments, I’ll undoubtedly be catching up on my financial admin.

If your thoughts turn to your finances while lounging by the pool, a checklist for your annual financial audit can be invaluable.

Start by examining your portfolio breakdown (available on most investment platforms) to assess its balance. This will show the proportions invested in different asset classes, regions, and sectors.

If you’ve been actively managing your portfolio throughout the year, you might deviate from your original risk level. Market shifts and changes in asset classes can also affect your exposure.

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To rebalance, consider selling high-performing funds and investing elsewhere. If your portfolio has done exceptionally well and you’re nearing a point where you need access to funds, you might want to reduce your risk.

Your portfolio breakdown can also highlight underperforming funds. However, don’t rush to sell them.

To evaluate a losing fund, compare its performance with others in the same category using a relevant benchmark. This will help you determine if your fund manager is underperforming or if market conditions are affecting everyone. If the former, it might be time to reassess or delve deeper into the manager’s strategy.

Fees can significantly impact your investment returns over time. Even a slight difference in fees can have large compounding effects.

The overall charge comprises several elements. Annual platform fees can be flat or based on your investment’s value. Flat fees are beneficial as they stay consistent while your investments grow.

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Evaluate what you’ve paid in trading charges over the year. Fees can add up if charged per trade, so look for platforms offering flat fees or free trading options. Don’t forget fund charges and whether you can get similar strategies for less.

Maximize your tax allowances. This year, you can save up to £220,000 tax-free using pensions and Isas: £200,000 in pensions (using unused allowances from previous years) and £20,000 in Isas.

For children, consider sheltering up to £9,000 per year per child in Junior Isas.

Non-earners can contribute up to £2,880 annually to a pension and receive tax relief at the 20% basic rate, bringing it to £3,600. Contributions can also be made on their behalf.

Hargreaves Lansdown modeled scenarios for someone earning £28,000 annually, contributing the auto-enrollment minimum (5% employee, 3% employer) to their pension from age 22 to 68.

One scenario involved a five-year contribution break. In the other, a partner contributed £2,880 annually during this break. The additional contributions resulted in £67,000 more over the long term.

Consider utilizing other allowances, such as sharing the capital gains tax (CGT) allowance of £3,000 with a spouse or civil partner to maximize CGT exemptions annually.

If your situation has changed since your last review, adjust your strategy. A promotion or higher salary is an opportunity to increase your Isa contributions.

With recent generous savings rates, many have accumulated cash. In June alone, savers deposited £3.4 billion into cash Isas, according to Bank of England data.

However, as savings rates drop following a base rate cut, it might be time to consider investing instead.

Remember, interest rates on cash savings can fluctuate. Historically, investment returns outperform cash in the long run.

Taking a holiday might provide the mental space needed to tackle these important financial tasks.

Enjoy your holiday while strategically boosting your investment portfolio!