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5 life events that mean it’s time to seek financial advice

Seeking financial advice is not a one-off event. Whilst a long-term plan can provide peace of mind and a sense of control, aspirations and priorities can change and external factors can have an unexpected influence too.


Financial advice is crucial throughout adult life but there are certain milestones where seeking the advice of financial planning professionals becomes even more important.

Here are just five of them.

1. Buying your first home

Office for National Statistics (ONS) figures confirm that it is pensions that are likely to comprise the biggest proportion of UK adults’ wealth, but buying a home is still the largest financial commitment for many.

Understanding income and outgoings, and budgeting successfully, will be key to saving a deposit and securing a mortgage. A long-term financial plan can help would-be buyers save toward their dream home. Securing a property though, is not the end of the hard work.

Protection policies like life insurance and income protection can help a family to keep their home should the worst happen. This is especially important if mortgage payments are reliant on a single breadwinner, where an accident, illness, or death could have serious financial consequences.

At Ermin Fosse, when reviewing your financial plan, our team of professional financial planners can look for gaps in your financial protection and give you peace of mind that you and your family can cope with a financial shock, whatever the future brings.

2. When you get married

Getting married is an exciting time but it can be expensive too. Online wedding planner Hitchedfound that the average cost of a UK wedding in 2021 was £17,300 (excluding a honeymoon and the cost of an engagement ring). Almost half (48%), though, went over budget and costs often exceed £30,000.

With the average engagement lasting 20 months, there is not much time to undertake conventional long-term investment. Nevertheless a financial planner can help to find the best way to raise funds, from savings to fixed-term bonds and regular investments that take advantage of pound cost averaging.

There will be practical financial matters to consider beyond the big day too. These might include:

  • Setting up joint bank accounts

  • Taking advantage of the Marriage Allowance

  • Estate planning and writing a will.

Taking a holistic view of your finances will mean understanding your partner’s situation too, so consider planning your finances as a couple.

3. When you start a family

According to the Child Poverty Action Group, the cost of raising a child to age 18 is £160,692 for a couple and £193,801 for a lone parent.

Budgeting for a household while factoring in these additional costs won’t be easy. Not only is there day-to-day expenditure to consider, but you’ll want to start saving for the child’s future too.

Investing early, into a Junior ISA for example, can help to provide the funds they’ll need when they enter higher education. Saving into a pension on a child’s behalf can provide a solid foundation for future savings, while also instilling good financial habits from a young age.

The arrival of children will alter your priorities and could mean revisiting a long-term plan. Get in touch to see how Ermin Fosse can help.

4. In the run-up to retirement

The approach to your retirement is a key period for receiving financial advice. Not only can it provide reassurance that your long-term plans remain on track, but it will also allow time for changes to be made if a pension shortfall exists.

Retiring, either fully or partially, will decrease household income so choosing the right retirement option to supplement this drop is crucial – as is managing ongoing pension withdrawals.

A long-term plan ensures a retiree can live their chosen lifestyle in retirement, but plans change. Regular reviews can help to ensure that the plan you have in place still aligns with your needs and wishes. By taking an overall look at your financial situation we can help you to manage lump sums, regular payments, and your non-pension income tax-efficiently.

5. When planning your estate

After a lifetime of wealth accumulation, there may come a time when consideration turns to the next generation.

Financial advice can be a vital tool in managing an Inheritance Tax (IHT) liability. With IHT payable at 40% on the value of an estate that exceeds the IHT threshold, careful estate planning is crucial.

Using HMRC gifting exemptions can lower the value of an estate. “Giving while living” has the added benefit of allowing those making gifts, to see the difference their money makes. There are also spousal exemptions to consider and untouched pensions can also be incredibly IHT-efficient.

Once an up-to-date will has been drawn up to make your wishes known, then speak to us to ensure that your IHT liability is as low as possible, ensuring that your beneficiaries benefit from your generosity, not the Exchequer.

Get in touch

At Ermin Fosse, we can use our decades of experience to help you at all of life’s big milestones, so get in touch now. Email to find out how we can help.

Please note

The value of your investments (and any income from them) 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. Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

This article is distributed for information purposes and should not be considered investment advice or an offer of any security for sale. This article contains the opinions of the author but not necessarily Ermin Fosse and does not represent a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable but is not guaranteed. Errors and omissions excepted.

A pension is a long-term investment not normally accessible until 55 (57 from April 2028).

The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future results.

The tax implications of pension withdrawals will be based on your individual circumstances. Thresholds, percentage rates and tax legislation may change in subsequent Finance Acts.

Please contact us before you invest / disinvest.

Ermin Fosse Financial Management LLP is authorised and regulated by the Financial Conduct Authority Financial Services Register No: 197438

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