Sometimes, an ability works out differently in play than you had imagined it. Sometimes house rules or rules clarifications make something unfavorable after you've purchased it. On those occasions, it's nice to be able to respec your character.
Our policy on respecs is as follows:
A First Circle character may respec any aspect of their character at any time. This may involve spending starting money differently (If I'd known I needed a belt pouch to be able to access my booster potion during combat, I would have bought one! ...So let's say I did.) or changing around the allocation of your starting talents.
One of the advantages of this is that you can create a more balanced character to play at First Circle, without feeling the need to stick to the 3/3/2 min-maxing for Talent ranks that is the most efficient way to spend Legend Points.
If a house rule or clarification makes an ability you have less appealing, you may respec that ability with no relation to how long ago you purchased it. (For example, a wizard who took First Impression thinking it would synergise well with Bedazzling Display of Logic may want to swap it out for something else when they learn that their nifty spell does not apply to that particular Talent.) You need only note for posterity on their character thread what they swapped out, what they swapped it for, and why.