Why Should An Accountant Be Your Ideal Financial Planner?
Choosing a financial planner is crucial for maintaining a long-term partnership with your trusted advisor. However, a cost-effective alternative is working with your accountant instead of hiring a separate financial planner. With recent changes in Australian law, having a single trusted specialist handle all accounting and financial planning Brisbane needs can be cost-saving. Hiring your accountant as a financial planner could be the best financial decision for the following reasons:
- Lower administrative fees
If you decide to hire a separate financial planner besides your accountant, you will be paying two sets of fees to two different advisors for overlapping areas of advice and duplicate information and administrative processing. It doesn't make much financial sense as a result. Using a single trusted advisor for both accounting and financial planning saves time and reduces fees by half. You will not waste your hard-earned money on multiple advisor fees.
- Clear and consistent advice
Consistency in business fosters trust, making it crucial to consistently perform tasks to establish a positive reputation in the industry. When you use your accountant as a financial planner, you ensure clarity and consistency while also monitoring and maximising all aspects of your wealth management. And there's no more concern about intricate and complex information being lost in translation.
- Solutions that save time
A financial planner who also serves as a Brisbane tax accountant can save time by providing comprehensive financial planning and taxation solutions, especially for complex financial affairs or proactive tax advice. A single point of contact ensures wealth management is considered in the larger picture, preventing delays caused by multiple advisors waiting for responses. This approach is particularly beneficial for those with complex financial affairs or requiring proactive tax advice.
- Tax-efficient investment methods
Financial planning goes beyond insurance and investments. It involves a comprehensive approach to determining the best investment plan for individual circumstances. It's essential to ensure investments are tax-effective, as high returns aren't necessary for tax collectors. Therefore, it's crucial to consider the wider picture and ensure your investments are tax-efficient to maximise returns.
- Enhanced investment options and transparency
Financial planners often limit their offerings due to commissions on specific products. Accountants, who are not allowed to accept commissions or provide specific advice, ensure objective advice. They can offer a broader range of investment options, enabling informed investment decisions. A financial planner who also works as an accountant is more than just an insurance salesman because he/she can also provide accounting services, including bookkeeping in Brisbane.
In the end
Hiring an accountant as a financial planner is a cost-effective, time-saving, and effective approach that combines tax and financial planning. Accountants offer objective, transparent advice without commission-based biases, ensuring clients make informed, tax-efficient investment decisions. Working with a single advisor who handles both can maximise financial health and align with overall financial goals. Many senior tax accountant jobs in Brisbane also incorporate financial planning as part of their broad services. Choosing a trusted and experienced accountant cum financial advisor is crucial for ensuring a family's financial security.