Accountant or Financial Planner - Which is best for me?

Q. I am confused as to whether I need to seek advice from a financial planner or accountant in relation to my investments?

Josie’s Answer - Your accountant is a great help to get through your personal finance maze.

Technically they are really good on tax matters e.g. which work expenses you can claim on your tax, but personal finance is about a lot more than tax. If an accountant does not have an Australian Financial Services License or is one of its authorized representatives, they are not licensed to provide advice on financial products.

The financial planner puts the whole package together, including tax, budgeting, superannuation, investments, insurance and estate planning.

Financial planners can also be described as financial coaches.  They aim to improve your net wealth over the long term. Generally speaking, accountants tend to focus on your financial position today.

A point to remember - always ask what they charge upfront.   Also, I generally do not like commissions or fees that are charged as a percentage of the amount invested.   I believe it creates conflicts of interests.

 

Don’t forget that the above information is general in nature and not specific to your goals and objectives. It is recommended that you seek personal financial advice specific to your needs.