What should a financial review actually cover?

07/02/2026

If you’ve ever had a financial review that went something like this: “Your pension’s up 7% this year, your ISA’s doing well, everything’s on track. Same time next year?” then you haven’t had a proper financial review.

That’s more of a product update.

A proper financial review is something entirely different – and if you’re not getting one, you’re missing out on the real value of financial advice. Let’s take a closer look…

The “How’s my pension doing?” trap

Most people think a financial review means checking how their investments have performed. And yes, that’s part of it. But if that’s all your adviser is covering, they’re only looking at a small part of your financial picture.

When you’re only reviewing products, you miss the gaps: the tax you didn’t need to pay, the insurance that’s no longer fit for purpose, the inheritance tax bill your family doesn’t know is coming.

Real financial planning isn’t about products. It’s about your life – and whether your money is actually working as hard as it should be to support it.

What a comprehensive review actually looks at

Here’s what should be on the table when you sit down with your adviser:

Your goals and priorities

Have they changed? Perhaps you’re thinking about retiring earlier than planned. Or later.

Maybe you want to help your children onto the property ladder, or you’ve decided you’d rather spend more now and worry less about leaving an inheritance. Your financial plan should move with you – but only if you’re actually talking about where you want to go.

Your protection insurance

Is your life cover still adequate? If you’ve paid off your mortgage or your children are financially independent, you might be over-insured. Or perhaps you’ve taken on new commitments and don’t have enough.

Critical illness cover, income protection, business protection if you’re a business owner – when did you last check whether these still make sense?

Your tax efficiency

Are you making the most of your allowances? Could you be saving tax by restructuring how you take income, or how your investments are held? Have recent changes following the Budget opened up new opportunities – or closed ones you were relying on? Many people overpay tax simply because no one’s asked the right questions.

Your investment strategy

This is where performance comes in – but it’s not just “are my investments going up?” It’s whether your portfolio still matches your goals, your timeline, and your attitude to risk. If you’re five years from retirement, the strategy that worked a decade ago probably isn’t right anymore.

Your estate planning

What happens to your wealth when you’re gone? Who inherits, how much will they receive, and how much will HMRC take? Most people assume their affairs are sorted because they have a will. But inheritance tax planning goes far beyond that – and the earlier you start, the more options you have.

What’s changed in your life

This is the part clients often don’t realise matters. You got married. You divorced. Your mother moved into a care home. You sold your business. Your daughter had a baby. You bought a holiday home in France. Every one of these life events has financial implications – but only if your adviser knows about them.

The difference between product reviews and planning

The fundamental distinction is that product reviews are backward-looking – they tell you what happened. Planning is forward-looking. It asks what should happen next, and makes sure you’re on track to get there.

Product reviews treat each investment in isolation. Planning looks at how everything connects – your pensions, your investments, your tax position, your protection, your estate. Because in real life, they’re not separate. They’re all part of the same picture.

Many people have a collection of financial products – a pension here, an ISA there, some life cover from ten years ago, maybe some savings bonds their parents set up.

Comprehensive planning brings it all together. It looks at your whole situation, identifies what’s working and what isn’t, and creates a coordinated strategy that actually serves your goals.

It means that reviews cover whether:

• You’re on track for the retirement you want
• Your family would be protected if something happened to you
• You’re paying more tax than you need to
• Your estate plan reflects your wishes
• The financial decisions you’re making today are setting you up for the life you want tomorrow.

And crucially, they mean someone is paying attention to your situation throughout the year – not just in an annual meeting.

Because that’s what good advice looks like. If you’re not getting this level of advice, you’re not getting advice at all. You’re getting administration.

At Navigate IFA, our LifeMap service brings together every aspect of your financial life into one comprehensive plan. If you’d like to experience what a proper financial review should cover, please get in touch.