Financial planning is about a lot more than sitting down with an adviser, putting a plan in motion, and leaving it to run in the background.

When you work with a financial planner, you’re engaging the services of a lifelong companion who will be there with you throughout everything you’re experiencing, providing guidance and support along the way.

This is all the more important in those life transitions when everything can seem uncertain and is changing fast.

Here are 10 important life events when it’s worth having a chat with your planner.

1. Moving home

Whether you’re getting your feet on that first rung of the property ladder, or you’re looking for your dream home to retire in, you’re likely to move from one home to another at least once in your lifetime.

Your planner can provide support throughout this entire process, guiding you through everything from mortgages to Stamp Duty.

They’ll also support you through the emotional side of moving, helping you to work out the right decision for you based on your needs, wants, and desires.

2. Getting married or forming a civil partnership

Marriage is a huge life step and is also a financially influential one.

Firstly, there’s the costs of your actual wedding day, which averages nearly £32,000 according to MoneyHelper.

Then, there are the wider financial implications of getting married, namely that you’re now managing your money with your spouse.

A planner can help you throughout this process, helping you to balance the books on the costs of your wedding as well as planning for your financial future together.

3. Having a child

Having children is a rewarding life experience, but it’s also notorious for being one of the most expensive things to do.

According to the Child Poverty Action Group, the average cost of raising a child from birth to age 18 in 2020 was more than £71,000 for couples and nearly £98,000 for single parents.

Your planner can help you to work out how you can afford to have children, finding strategies that make the numbers add up.

Additionally, they can also help you to design a saving or investing plan for your child’s future, so that you’ll be able to provide them with a nest egg later down the line.

4. Changing or starting a new job

Starting a new job is another decision with both emotional and financial elements that a planner can support you with.

They’ll help you to consider whether changing jobs is the right choice for you in a particular moment from a financial perspective.

If you do decide to pursue a new job, your planner can also find the strategies that ensure you and your family will always have enough to live on.

This extends to business owners, with planners being able to help you to run your business in the most cost-effective way for you.

5. Receiving an inheritance

At some point in your life, you’ll unfortunately lose someone close to you. At that time, you may find yourself in line to inherit part of their wealth.

Receiving an inheritance is a tricky moment, as it involves dealing with the emotions of losing someone while also being handed what can feel like an enormous financial burden.

Your planner can be indispensable here, helping you to make decisions with the money or assets you’ve been given so that you can fully focus on grieving and being there for your family.

6. Getting divorced

While it may not be nice to think about, a sad reality of marriage is that many end in divorce. In fact, some estimates put the divorce rate in the UK as high as 40%.

When you’re getting divorced, it can be reassuring to have a planner in your corner, supporting you at this difficult time.

This can be particularly useful if your planner has been there throughout your marriage, as they’ll know the relationship inside out. This can give you the confidence that they’ll make the right decisions in both yours and your ex-spouse’s interests.

7. Children leaving home

Once your children leave home, your financial situation can change rapidly.

For one thing, you’ll likely find yourself with additional income now that you no longer have other mouths to feed.

Similarly, your home may also suddenly feel bigger than you need for just you and your partner.

Your planner can help you to navigate this new era of your life, providing support and suggestions as to how to manage your money for just the two of you.

8. Retirement

Perhaps the biggest life moment of them all, retirement is an entirely new phase of life when a financial planner is more important than ever.

As you transition from work to retirement, your planner will be on hand to help keep you steady and on track in this unfamiliar stage.

They can help you to work out what you want from retirement and provide a financial plan that helps you to make the most of the money you have.

That way, you can achieve your goals in later life, safe in the knowledge that someone is looking out for your best interests.

9. Long-term illness

While it may not happen to everyone, a long-term illness or disability could entirely change your life.

Your planner can put plans in place that ensure your family are protected in case this ever happens.

They can also adapt and refine your financial plan if you do ever develop a long-term illness so that your finances are suitably set up to support you.

10. Death of a spouse

As you approach the end of your lifetime, it’s a sad reality that either you or your spouse or partner will need to manage your finances by themselves.

Losing a spouse will be an incredibly difficult time emotionally, and so having someone in your corner to support you throughout this process is absolutely invaluable.

It will also come with important financial considerations, such as Inheritance Tax (IHT), that you’ll need to manage.

At a time like this, knowing that you have a professional who you can rely on is vital.

Work with us

If you’d like help navigating one of these or any other life events that you’re experiencing, please get in touch with us at Lightside Financial Planning.

Fancy a chat? Email or call 0151 372 0161.

Please note

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.