5 Life Events That Should Trigger a Financial Review

Why your financial plan needs to evolve when life does

Financial planning isn’t something you do once and forget about. It should evolve as your life changes, just like your career, family, and goals.

At FTA Financial & Wealth Management, we often meet clients who set up pensions, protection policies or investment plans years ago… and haven’t looked at them since. The issue? What worked then might not be right now.

Here are five key life events that should prompt a financial review and what to consider at each stage.

1. Starting a Family (or Expanding One)

Whether you’ve just had your first child or added to the brood, your priorities shift and so should your financial plan.

Consider:

• Increasing or updating life insurance and income protection
• Starting or reviewing savings plans for education or future support
• Creating or updating your Will and naming guardians
• Budgeting for reduced income if one partner takes parental leave

Starting a family is the ultimate motivator to get your finances in order – not just for today, but for their future too.

2. Buying a Home (or a Second Property)

Property is often the largest asset most professionals own. Whether it’s a first home, forever home, or investment property, a purchase like this reshapes your financial landscape.

Consider:

• Reviewing mortgage options (and whether to fix or remortgage)
• Ensuring you have adequate protection (like mortgage cover)
• Balancing property debt with pension and investment contributions
• Factoring in future maintenance and tax liabilities

Your home is more than a roof over your head – it’s a financial cornerstone that should be integrated into your wider plan.

3. A Change in Career or Income

This could be a promotion, switching from NHS to private work, opening your own practice, or even going part-time.

Consider:

• Adjusting pension contributions and tax planning strategies
• Reviewing cashflow and emergency savings
• Reassessing risk profile for investment decisions
• Updating protection if benefits change (e.g., NHS death in service cover)

A higher income might open up new opportunities – but it also increases complexity and responsibility.

4. Divorce or Separation

Separation isn’t just emotionally challenging – it can be financially life-altering. Suddenly, assets are split, income may drop, and future plans change.

Consider:

• Updating your Will and nominated beneficiaries
• Reviewing pension rights and entitlements
• Setting up new savings or investment strategies
• Rebuilding long-term plans for retirement and security

This is a time when objective, professional advice makes a real difference – helping you move forward with clarity and control.

5. Approaching Retirement or Selling a Business

Whether you’re five years out or considering selling your practice next year, this is a crucial time for financial planning.

Consider:

• Creating a detailed retirement cashflow forecast
• Tax planning for practice or asset sales (especially CGT)
• Reviewing investment strategy for income generation
• Exploring ways to pass on wealth tax-efficiently

Retirement isn’t the end of your financial journey – it’s a new chapter. A review ensures you start it on the best footing.

Final Thought: Life Doesn’t Stay the Same and Neither Should Your Financial Plan

At FTA Financial & Wealth Management, we believe great financial advice isn’t just about products – it’s about being a partner at every life stage.

So whether you’re welcoming a baby, buying a property, or preparing to exit your business, we’re here to help you adjust, adapt, and thrive.

Ready for a financial review?

Book a confidential, no-obligation call with one of our independent advisers today and make sure your financial future still fits your life.