Why You Need a Financial Planner & an Accountant

When a Financial Advisor and an Accountant collaborate, that means one thing: you benefit financially.

Having a financial planner and accountant on your team– together they can provide a complete picture for your personal or business. Both are interconnected in a way that they can deliver powerful strategies by having great combined discussions that will aid clients into financial security and success.

They both play different but important roles in managing, protecting and developing your income and wealth.

Financial advisors give advice in key three areas:

  • Wealth creation
  • Protection of wealth and asset structure
  • Legacy planning.

Accountants, in addition to tracking, executing, and reporting financial date provide:

  • Completion of annual tax obligations
  • Advisory on cash flow and tax implications with investments and
  • Business structuring advice

The reason as to why they work well together is that they cover an enormous range of financial knowledge. Everybody’s personal or business finance goals is different, and having two sets of financial expertise working in tandem to analyse your situation means you will receive a well-rounded strategy and bespoke advice.

There are a few scenarios where you will need to work with both an accountant and financial advisor:

  • You’re starting or acquiring a business: your financial advisor can keep an eye on developments in your market or local area and identify these opportunities to you and plan for future growth. Your accountants can assist you in setting up said business structure, ensuring all relevant fees and taxes are paid. Your accountant will also let you know how much additional funding you have or begin to help you to start saving.
  • You’re buying a home: An accountant can help you with tax breaks or take advantage of government grants or financial assistant schemes, while a financial advisor can work alongside the accountant helping you figure out how much you can afford to spend and consider different mortgage products that fit your needs.
  • You’re reducing your costs: Whether its business or personal, both your accountant and financial advisor can devise a plan to make sure you’re not spending money wastefully and help you identify areas of your operations that need a new approach.
  • You’re planning for retirement: This is a great example of a CA and FA working in harmony. A financial advisor can help you create a retirement plan that will ensure you have enough money to live on, and an accountant can inform you of different retirement plans, as they differ if you own a business or borrow from different account.

The information and advice provided will provide valuable input that will set you up for a sage and secure financial future.