Financial advisor or accountant or...? What guru should we seek?

Viewing 9 posts - 1 through 9 (of 9 total)

Benj
Participant
@benj
Join Date: 2010
Post Count: 8
November 30, 2010 - 4:57 am
Hi Team,
I have been reading here for some time and have signed up recently.
My first question is: Where the line is drawn between financial advisors and accountants?
Help I need
Basically I want to speak to someone who can give advice on the best way to move to meet my financial goal in X years time.
I don’t want to know about managed funds etc. I just want to know the best way to structure current work arrangements (e.g. contracting using ABN’s, renting for tax benefits etc.) and how this fits into the wealth and equity creation side in property.
It would help if the advisor has walked the walk, rather than some fresh grad who has just completed a series of certifications.
Does anyone have any advice on who or what kind of person I should seek advice? Happy to spend the right money to get this advice.

What questions should I ask them to ensure they are not just someone who talks the talk?

Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 30, 2010 - 7:34 am
Benj wrote:
I don’t want to know about managed funds etc. I just want to know the best way to structure current work arrangements (e.g. contracting using ABN’s, renting for tax benefits etc.) and how this fits into the wealth and equity creation side in property
Sounds like you need to be speaking with an accountant.
Where are you located?
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
jlb2431
Member
@jlb2431
Join Date: 2009
Post Count: 25
November 30, 2010 - 8:10 am
Hi Benji,
If you find a good one (not to say any are bad) let me know asap please. I would also like to talk to a similar person
Regards
J
Benj
Participant
@benj
Join Date: 2010
Post Count: 8
November 30, 2010 - 10:39 am
Jamie, I am in Sydney.
Jlb2431, no problems!
Ryan McLean
Participant
@ryan-mclean
Join Date: 2010
Post Count: 547
November 30, 2010 - 11:08 am
Sounds like you need both. A financial advisor to help show you how to achieve your financial goals AND an accountant for showing you the best structure to save on taxes and maximise investments. The two go hand in hand.
Most financial advisors haven't walked the walk. You need to look at where the financial advisor earns most of their money. If they earn most of their money (or a great deal) from their investments then BINGO you might be onto a winner. If they earn all/most of their money from the fees they charge you and other clients then that may be a warning flag.
Good luck
Ryan McLean | On Property
http://onproperty.com.au
Email Me
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
November 30, 2010 - 11:15 am
The financial advisor may also not be a huge fan of property as an asset class.
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Benj
Participant
@benj
Join Date: 2010
Post Count: 8
December 2, 2010 - 2:54 am
Thanks for the feedback guys, can anybody recommend an accountant in Sydney with a focus on our interests, i.e. property?
I think that will be my first step.
crusty
Participant
@crusty
Join Date: 2010
Post Count: 127
December 4, 2010 - 12:43 pm
Get a good accountant. Be wary of financial advisors most have a particular product to push and it isnt usually property you can find some good ones if you want to buy shares.
PALOHH
Member
@palohh
Join Date: 2008
Post Count: 7
December 6, 2010 - 9:08 am
Hiya,
Yes, Benj I am also after an accountant in Sydney. I did see one in another thread, website businessartisans in Sutherland. Does anybody else have any suggestions?
Cheers,
Palohh