Am I paying my accountant and financial planner for what they’re worth?

When it comes to our client’s financial journey, some are focused on the wrong areas to ensure continual growth and can waste resource and energy in the process. Are they wrong? Absolutely not. What they are doing is simply misidentifying their end goal and learning how they can work with their accountant and financial planner to take them on that journey to success, is critical.

A good financial adviser will work with you to set your short-term, medium-term, and long-term financial goals and make a plan (SOA) to help you achieve them. A good accountant will also assist you in your planning and provide crucial guidance during this time of potential uncertainty. If you are only asking them to help put some of your money to your superannuation, or asking them to reduce your taxes, you are wasting your hard earned money as you won’t be getting the most out of their experience or expertise.

Accountants and financial planners are supposed to look at your overall financial and business position in the marketplace, combined with your future vision and come up with various strategies. This in turn will highlight the areas that have the potential to improve and together with your accountant and financial planner, explore what you can achieve. You’ll end up with a roadmap and timeline of your vision for your business – without this, it can lead to distractions and the potential waste of precious resources.

If you find yourself consumed by finding the cheapest deals, low priced goods and hate any form of lock in contracts, taxes or payments, FIRE (Financial Independence, Retire Early) could be a great path to explore, especially if you have a life goal of becoming financial independent early in life. Looking for financial professionals to assist you in your journey would no longer be suitable.


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