Why you need an accountant AND an adviser

Why you need an accountant AND an adviser

As tax time nears you’ll probably make an appointment with your accountant soon, and this may prompt you to review your finances and ask a few questions to make sure you are making informed choices with your money. While we agree it’s always a good idea to review your financial position and strategies, it’s equally important to ask a qualified person, and this isn’t necessarily your accountant.

At UP Financial Planners we work closely with many high quality accounting practices because we believe it is important that you get holistic advice from both a qualified accountant AND financial adviser. We think YOU need us both on your financial team!

When it comes to your finances you’ve broadly got two sets of numbers to work with; 1) your historical data that looks at your past income, expenses and assets; and 2) your future projections that support investment recommendations, estate planning, retirement planning, insurance and super. Your accountant typically works with your historic data for reporting and tax purposes, and your adviser primarily focuses on future projections to provide tailored financial advice.

You may think it’s ok to ask your accountant a couple of quick questions while they prepare your tax return, for example, if your SMSF contribution amounts are appropriate. However, this is considered advice and both ASIC and the ATO have clamped down on accountants providing financial advice without an Australian Financial Services Licence. This is why most accountants now partner with or refer to advisers for financial planning advice and SMSF, outsourcing both the risk and responsibility of providing compliant advice. While it makes sense to seek advice from someone qualified to provide it, you’ll also be more likely to get better advice tailored to your specific goals from an adviser who has their ‘finger on the pulse’ when it comes to financial trends and opportunities.

So, when you book in for your end of year tax requirements with your accountant, be sure to book in for a strategic financial review with an adviser too!

Cesar and Kellie


Disclaimer: The information provided in this document, including any tax information, is general information only and does not constitute personal advice. It has been prepared without taking into account any of your individual objectives, financial situation or needs. Before acting on this information you should consider its appropriateness, having regard to your own objectives, financial situation and needs. You should read the relevant Product Disclosure Statements and seek personal advice from a qualified financial adviser. From time to time we may send you informative updates and details of the range of services we can provide. If you no longer want to receive this information please contact our office to opt out. Millennium3 Financial Services Pty Ltd ABN 61 094 529 987, AFSL 244252