Why a Financial review is important

What was appropriate 2 or 3 years ago may have changed

A financial plan should always be evolving to keep pace with the ever changing world, what was appropriate 2 or 3 years ago, may not be appropriate any more. In order to ensure your financial plan is relevant it is recommended that you review your situation on a yearly basis.

There are a number of things that affect your financial plan.

Your personal situation changes- Our lives are constantly changing, we change jobs, get married, get divorced, start a family, have our kids leave home amongst lots of other things, each of these can have a significant impact on our financial plan and may result in our financial plan being adapted to meet our change in circumstances.

Your financial goals have changed- As we move through life what is important to us is constantly changing and this of course means our financial goals are also changing. Different stages of our life cycle usually have different financial goals. Hopefully we are continually ticking off goals and moving to the next one!

Legislation Changes- The government is constantly making changes that may affect your financial plan.  Recent changes to Centrelink and Superannuation over the last 2 years are classic examples. Legislation changes may open opportunities for you, change the attractiveness of certain strategies or in some cases make a strategy completely redundant.

Products Evolve- When the IPhone 1 was released it was ground breaking technology, but seems quite antiquated in comparison to the most recent releases. The same applies to financial products, over time the product providers strive to gain a competitive advantage and in doing so many companies develop products get that are cheaper and/or have better features.


Reviewing your plan each year will allow you to adjust the plan in line with the changes that have occurred to help keep your plan as relevant as possible. Reviewing your plan also serves as reminder to what is important to you and reaffirms what you are prepared to do to achieve your financial goals.

Author; Alex McKenzie Categories: Future Financial Services Blog

About the Author

Alex McKenzie

Alex McKenzie

Owner at Future Financial Services


  • Paraplanner at Zammit Partners Investments
  • Unit Trust Administrator at Colonial First State


  • University of Western Sydney
  • Penrith High


As a Financial Planner I help people to achieve what they would like in life. This involves helping you to identify the things in life they would like , developing plans to help achieve them and strategies to protect what you already have. We do this by providing Financial Advice to guide you through your life stages.

The financial planning process involves determining a clients current situation and financial objectives and tailoring strategies to assist in best achieving those objectives.

I am an expert in superannuation, investments and insurance, these are tools we use to help you achieve your goals.

I aim to use my knowledge of superannuation, taxation and Centrelink to efficiently use your assets and income to achieve your financial goals.

Retirement and pre-retirement planning, wealth creation, asset protection, insurance planning and estate planning are all areas of advice that I provide.

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