Differences Between an Accountant and a Financial Planner
When it comes to managing your finances, there are two professions that can help you understand your numbers, and ensure you have a plan to get to where you want to be. Accountants and financial planners can both play an important role in your financial success, but there are some important differences between the two.
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For any successful business, it’s advisable to have both an accountant and a financial planner because their skills are so complementary and they can work together to help you better meet your financial goals.
There are areas where they are similar, of course. Both can help determine if your financial plans are feasible and can provide you with important strategies for managing your money. And while they can both advise you, neither can make decisions for you.
Here are the main differences between accountants and financial planners.
Accountants
Your accountant is responsible for keeping accurate financial records, making summaries and undertaking analyses of your financial transactions. Depending on their role or speciality, they may also undertake auditing, inventory accounting and financial forecasting.
They’ll also help ensure your business is compliant with tax regulations and may advise you on important financial issues related to your business, such as decreasing costs, setting prices or wages, managing expenses and budgeting. Additionally, they can help you determine the best way to set up your business, how to increase your returns after tax, and how to grow your business.
Further areas accountants can help you include
- Payroll
- Lowering your tax burden
- Preparing business plans
- Forensic accounting
- Selling, buying or merging a business.
Financial planners
Financial planners advise you on your wealth management. Typically, they are specialists in areas such as tax planning, managing your portfolio or retirement planning. They may also advise you on solving your debt or building your long-term wealth.
People who have specific financial goals in mind can turn to a financial planner to develop the best path forward to achieve those goals and improve their financial wellbeing.
Specifically, financial planners can help you with
- Philanthropic strategies
- Retirement planning
- Investing
- Estate planning
- Budgeting
- Inheritance tax planning
- Cash flow modelling
- Portfolio construction.
Who to hire and when
If you run a business, it’s a good idea to have both an accountant and a financial planner on your team. Both will help set you up for success, lessen your risks and develop strategies to enable you to thrive financially. Often, accountants will know of good financial planners to bring onto your team, and vice versa.
If you feel you can only hire one, that one will be based on your specific needs. If you’re working towards long-term wealth or other financial goals, considering investing, or concerned about setting up your estate, talk to a financial planner. If your needs have more to do with running a business, daily transactional financial activities, or dealing with your taxes, an accountant will help you.
Develop relationships with both
In an ideal situation, you’d have both an accountant and a financial planner on your team. Keep in mind that for them to help you to their best abilities, they need to get to know you, your plans and your challenges. By developing a solid relationship with both and being open and transparent about your financial situation and any issues you face you can better enable both to help guide you toward success.
Final thoughts
Whether you’re planning for your business or for your personal finances, it’s a good idea to have someone around who can give you expert advice and advise you on the best financial path forward. At Curve we offer both services, Accounting via Curve Accountants and Financial Planning via Curve Wealth. Get in touch on 03 9588 9000 or [email protected] if you require assistance.
Helpful tip:
Consider your financial goals before choosing professional advice—an accountant can assist with tax and compliance, while a financial planner focuses on long-term wealth and financial strategies. If your circumstances are more complex, using both professionals together can provide a more comprehensive approach. Reviewing your financial needs regularly will help ensure you’re receiving the right advice at the right time.
BERIVAN DUBIER
DIRECTOR
Reviewed by
SEAN DWYER
Edited by
Alix Dower
PRACTICE MANAGER
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FAQ
What is the main difference between an accountant and a financial planner?
An accountant generally helps you understand and manage your financial records, tax obligations and business performance. A financial planner helps you set financial goals and develop strategies for areas such as investing, superannuation, insurance and retirement. Their work can overlap, but the advice each can give depends on their qualifications, registration and authorisations.
When should I see an accountant?
See an accountant if you need help with tax returns, business accounts, cash flow, record keeping or the tax implications of a major decision. If you are paying someone to provide tax agent services, check that the practitioner is registered with the Tax Practitioners Board.
When should I see a financial planner?
A financial planner may help when you are deciding how to invest, reviewing your superannuation or insurance, preparing for retirement, or planning around a major life change. For personal advice about financial products, check the adviser’s authorisation and the areas they can advise on.
Can my accountant recommend investments or a self-managed super fund?
Being an accountant does not, by itself, authorise someone to give financial product advice. Advice recommending an investment or a self-managed super fund generally requires appropriate Australian financial services licence coverage, unless a specific exemption applies. Ask what advice your accountant is authorised to provide and when they would refer you to a licensed adviser.
Can a financial planner give tax advice?
A financial planner can consider tax consequences when developing a strategy, but tax (financial) advice services have separate requirements. For detailed tax compliance, returns or business tax matters, your adviser may work with a registered tax agent. The two professionals can coordinate so the strategy and its tax implications are considered together.
Do I need both an accountant and a financial planner?
You may benefit from both if your decisions connect business or tax matters with personal wealth goals. For example, an accountant can explain the tax consequences of selling a business while a financial planner considers what to do with the proceeds. Whether you need both depends on your circumstances and the scope of advice required.
Who should I speak to about an inheritance or estate plan?
A solicitor should prepare legal documents such as a will. An accountant can help explain relevant tax consequences, while a financial planner may help review the effect on your investments, superannuation and insurance. Australia has no inheritance tax, although income tax or capital gains tax can arise in connection with an estate or inherited assets.
How can I check a professional’s credentials and fees?
Check a tax practitioner on the Tax Practitioners Board public register and a financial adviser on ASIC’s Financial Advisers Register. Ask what services are included, what they will cost and whether ongoing fees apply. A financial adviser’s Financial Services Guide can help you understand their services, fees and authorisations.
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