Why regular financial reviews matter more than you think
If you've been invited for a financial review, you might be wondering what to expect - or even what you're supposed to bring to the conversation. What many people forget is that your review is much more of a two-way conversation than they might assume.
A financial review is a chance for us to catch up on what's been happening in your life, so that we can make sure your financial plan is still aligned. Because even small changes can have a surprisingly significant ripple effect on your financial future.
The ripple effect
Financial planning isn't just about investments and tax returns. It's about your whole life, which is why seemingly minor changes can have surprisingly significant implications.
Take something like your daughter moving back home after university. On the surface, it's just a family matter. But it might mean a change in your household expenses and cash flow, potential opportunities to help her save or invest early, a need to review your life insurance if you're supporting her again, and thoughts about longer-term wealth transfer planning.
Or perhaps you're thinking about working part-time next year. That decision affects your pension contributions and how much you can put away, your tax position and whether you should adjust your strategy, your National Insurance record and state pension entitlement, and the timing of when you start drawing on your pension.
When clients tell us they've decided to help their son buy a house, it triggers questions about how much they can afford to gift without impacting their own security, the seven-year rule for inheritance tax, whether a loan might work better than a gift, and what documentation would protect everyone involved.
If your mum's moved into a care home, that might mean reviewing your own long-term care planning, understanding what this means for any expected inheritance, considering lasting power of attorney for yourself, and adjusting your own care cost assumptions.
Why we ask about your life, not just your money
Some clients are surprised when we ask questions that don't seem directly financial. But your finances don't exist in a vacuum - they're part of your life, and your life affects them.
When you mention you're getting divorced, caring for an elderly parent, starting a business, a health-related issue, or even just feeling more anxious about markets than you used to, these are important context that helps us give you better advice.
Over the years, we've heard clients say things like "I didn't think you'd need to know that" or "I assumed it was too small to matter" or "I meant to tell you but I forgot." And often these "small" things turn out to be quite significant.
Perhaps you've become a trustee for someone, inherited a pension pot from a relative, started receiving rental income from a property, taken on a new directorship, been made redundant with a decent payout, received a bonus that's larger than usual, or simply changed your mind about when you want to retire. All of these create planning opportunities - or potential pitfalls we can help you avoid.
When to get in touch
The simple answer is: when in doubt, mention it.
You won't be bothering us or wasting our time. We'd much rather you told us about something that turns out to be unimportant than miss something that could have made a real difference.
Good rules of thumb - let us know if:
Your income has changed (up or down)
Your family circumstances have shifted
You're planning any major expenditure
Your health has changed
You've received a windfall or inheritance
You're thinking about a big life change
Your attitude to risk feels different
Something's worrying you about your finances
Financial planning works best when it's a two-way conversation. We'll keep you informed about market changes, regulatory updates, and planning opportunities - but we need you to keep us informed about what's happening in your life.
The more we know, the better we can help. And often, the things you don't think are worth mentioning turn out to be exactly the things we need to know.
And while your review is a natural moment to have that conversation, you don't need to wait for one - we're always happy to hear from you in between.
So next time something changes - big or small - please do get in touch. Even if you're not sure it's relevant. Your life is changing all the time. Your financial plan should change with it.
Please get in touch if you’d like to chat.