The decision to start a family is a huge one - and one that will have a financial impact.

Advisers with clients who are prospective parents will want to help them set aside enough to give them the best start in life. 

For many clients, this will mean paying for their child or children to be educated privately. The cost of private education is soaring, so clients need to be prepared to keep up with the costs.

Henrietta Grimston, relationship manager at Seven Investment Management, says: "Investors need to be realistic about what they can do, and that’s where a good financial planner can come in.

"First and foremost, clients need to be putting their own financial security first – this is one of the bedrocks of a stable family, whatever shape or form that might take."

She notes: "Tax efficient wrappers are a useful way to save for a child, although investors might want to think about utilising their own tax efficient wrapper first."

The Junior Isa can be a useful way to start a pot of savings for a child, but what are the pros and cons?

"With an investment time horizon of up to 18 years the ability to look to the longer term is clear," suggests Paul White, head of marketing and customer engagement at The Share Centre. 

"Parents might well be surprised by the return achieved by the time their children reach adulthood and therefore putting them in a position to help financially with university fees, buying a first car or even a house deposit."

The guide will also look at how clients can continue to meet the costs of putting their children through education, and whether it is worth paying university fees.

Finally, how can advisers help clients to plan for their children's future?

This guide is worth an indicative 60 minutes of CPD.

Contributors to this guide: Adrian Lowcock, head of personal investing at Willis Owen; Kay Ingram, director of public policy at LEBC Group; Myles Edwards, membership director of Foresters Friendly Society; Chris Justham, relationship manager at Seven Investment Management; Jake Wombwell-Povey, chief executive of Goji Investments; Rachel Springall, finance expert at Moneyfacts.co.uk; Paul Osborn, chief executive of Foresters Friendly Society; Henrietta Grimston, relationship manager at Seven Investment Management; Lisa Lloyd, wealth planner at Sanlam UK; Paul White, head of marketing and customer engagement at The Share Centre; www.gov.uk; ISC Census 2018.

Ellie Duncan is features editor of FTAdviser and Financial Adviser