Suitability is one of the most important areas of financial advice as your financial adviser is responsible for ensuring that what they are recommending is suitable for your personal circumstances. Without the reassurance of using a financial advisor, no-one is checking whether your investment decisions are appropriate for you.
As your circumstances change, your original products and investments may no longer be appropriate. This could be due to changes in your taxation position or just that the original products no longer provide the features and benefits to meet your needs.
Your goals may change over time due for many different reasons. Part of the review process is designed to adapt your financial plan to meet your new goals. You may have changed jobs resulting in a change in employment benefits or decided to start your own company.
If your financial plan includes investments, the review process will ensure that your investments are still performing well and on track to achieve your investment goals.
Most people pay for their car to have an annual service even though it is still working. You pay for your car to have an annual service to ensure that it continues to get you to your destination safely, the same applies with financial advice.