Five life events when you should seek financial advice

11 January 2023
Dominic Richmond, Independent Financial Adviser

Even if you’re usually comfortable managing your own finances, there are many circumstances and life-changing events when expert financial advice could make a huge difference to your finances.

In the article we look at some examples of when you should seriously consider seeking independent financial advice.

1. Thinking of or planning for retirement
Retirement is a significant life event. It’s a crucial turning point for your finances so it is worthwhile taking some time to focus more on your pension.

Your retirement is unique to you, so even if you’re financially savvy, it may prove beneficial to access professional advice when dealing with something as complicated as accessing your pension.

You may have lots of different pension pots which can make it much harder to plan for retirement. Often, it is easier and clearer to consolidate your pensions.

This is not something to rush into though and it is vital to know what you hold, where it is invested and any hidden benefits and guarantees you may give up by transferring. There may also be exit charges on some pensions.

We can review all your pensions and produce a tailored plan based on your retirement goals. We’ll also help you avoid the pitfalls and make the most of any historic benefits you may not be aware of.

2. Bereavement
Losing a loved one is hard enough. It can be even harder if you must then deal with their finances or if your financial situation changes as a result.

When dealing with a bereavement, support from a trusted financial professional can be of great comfort.
If you’re not sure what to do with any assets you’ve inherited, we can review your situation and give personal recommendations on:

  • Understanding your new financial situation
  • Making the most of what your loved ones left you
  • Ensuring any investments match your needs and goals
  • Dealing with inheritance tax and making the most of your allowances

3. Estate planning
As Benjamin Franklin once said, “nothing is certain except death and taxes”, so the last thing you want is for your loved ones to struggle to unravel your finances and wishes when you pass away.

Talking to an adviser could make things easier for you, and clearer for your family. By taking financial advice alongside legal advice, you can make sure that your finances line up with any legal arrangements detailed in your Will.

We can also provide advice on your inheritance tax status. It’s a complicated area, but we can help you navigate the rules, and you could leave more behind for the ones you love.

4. Divorce
A divorce is a significant life event which could see your finances change dramatically.

We can support you during divorce proceedings by explaining the various financial assets on the table. Being informed means you’ll have a clearer picture of what you’ve got and what you’re giving up.

We’ll be able to help you rebuild your finances afterwards. Your budget, needs and goals are all likely to have changed, and we can help you create a financial plan that ties everything together.

5. Property sale proceeds
You may have chosen to downsize or maybe considering the sale of a rental property to gain more liquidity. It can be difficult to decide what to do with the residual funds if you do not have any immediate plans.

We can discuss your goals and provide advice around the options available to you. We can ensure that these funds are invested well, working hard for you and are well managed.

Within Cullimore Dutton our Financial Services team work closely with our legal teams including Family Law, Property and Wills &Probate to provide a bespoke, convenient and comprehensive service.

For a free initial consultation to discuss how we may be able to help you plan your finances for the future simply click on the “Speak to Our Experts” button on this page, call us on 01244 356 789 or email

Please note: This article is provided for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions.

Levels, bases of and reliefs from taxation may be subject to change and their value depends on the individual circumstances of the investor.

The value of your investment can go down as well as up and you may get back less than you have invested.

The Financial Conduct Authority does not regulate Taxation advice.



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