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  1. #1
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    Default Financial advisor or accountant?

    I'm not sure who we need! We need to get finances in order and decide where to put some money, how to possibly make our hobby farm turn over enough to make some claims on tax, how to better run our small business finances and how to prepare for retirement down the track.

    Would I follow up with an accountant or should I find a financial advisor?? I know we need to put everything on the table and sort finances better but I don't know who to start with. Help please...?

    Sent from my GT-S7500T using The Bub Hub mobile app

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    Quote Originally Posted by turquoisecoast View Post
    and this is why i hate financial planners. how are they unbiased when they are paid trailing commissions to flog certain products.

    and spruiking your business on bub hub, shame on you!
    It's terrible isn't it.

    And I am so disappointed that the government reversed all the changes that were to be made.

    I think ALL advice needs to be pay for service and not commission. The amount of terrible advice I have seen just to get commission. And then not helping the client after getting their upfront commission.

  3. #3
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    My hubby was a financial advisor (has stepped a level down whilst doing further study and with two young kids). It's not all like this. If you find the right advisor for you they can definitely be helpful in certain circumstances.

    Trailing commissions don't exist any more on investments as far as I remember hubby saying.

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    why was my post deleted?

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    Hmm....did yours contain a quote by the person who joined just to advertise themselves. I see that's been deleted
    Too

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    oh yes, that would be it! thanks!

  7. #7
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    yep that is it

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    Default Financial advisor or accountant?

    I would say accountant, but not any accountants. Has to be an specialised tax accountant who's licensed as a registered tax with the TBP and also hold masters in accountancy/finances plus tax and of course years of practice. Financial advisors are basically 1/3 qualified and also not as competent as the tax expert accountant.

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    The original post is very old and I can't see any comments prior to March this year, so sorry if this is out of context or irrelevant, but in answer to the original question (in case anyone comes across this thread with similar questions), the only thing an accountant can advise you on, is what would be the minimum required to convert your hobby farm into a legitimate business for tax purposes, and how to manage your business more efficiently.

    The first issue is a matter of Law and possibly some creative thinking but generally quite black and white - so any accountant would be able to help you here, but the second issue, managing your business, would require an accountant that has business experience or is competent in business advisory services - not all tax accountants would be able to help in this regard, and you don't necessarily need an accountant either, although a qualified accountant that provides business advisory services would be your best bet.

    Preparing for retirement and investment advice fall under financial services, which require a specific financial services licence for, which most tax accountants don't have. Some accountants might have it but it is a completely different profession so unlikely that you would get quality advice in both areas.

    In other words, to get your affairs in order you would need a good accountant and a good financial adviser.

    And these days financial advisers must disclose all commissions that they receive on recommended products and their fees and commission need to be set out in the financial services guide (FSG).


 

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