For many of our clients, lodging your tax return feels like the finish line – the accounts are finalised, your compliance obligations are met, and another financial year is behind you.
But while your tax return is an important snapshot of where you’ve been, it doesn’t answer many of the questions about where you’re going.
Perhaps you’re wondering whether you’re on track to retire when you’d hoped. Maybe you’re thinking about selling your business, growing your investments, supporting adult children, or simply wanting greater confidence that you’re making the right financial decisions. These are the kinds of questions a tax return can’t answer.
Financial planning, on the other hand, is designed to help you make informed decisions about your future, giving you greater clarity around your goals and the steps needed to achieve them.
Looking Beyond the Numbers
Accounting and financial planning work together, but they serve different purposes.
Your accountant helps ensure your financial information is accurate, your obligations are met and you have a clear picture of where things stand today, while your financial planner helps you look ahead.
We start with what you want to achieve in the future, and then work backwards, helping you create a plan for what needs to happen between now and then to give yourself the best chance of succeeding.
In practice, we find that once tax season is over, clients often have the headspace to step back and consider some of the bigger financial decisions they’ve been putting off.
Questions such as:
- Am I making the most of the superannuation opportunities available to me?
- If I wanted to retire within the next five to ten years, would I be financially ready?
- Is my investment strategy still appropriate for where I am in life?
- If something happened to me, would my family be financially secure?
- Does my estate plan still reflect my wishes?
- Am I carrying the right level of personal insurance?
These questions are less about meeting compliance obligations, and more about making informed decisions that support your long-term goals.
Why Review Your Financial Strategy?
One of the most common things we see is clients assuming the strategy they put in place several years ago is still the right one today.
Sometimes it is, but life rarely stays the same – businesses grow, families change, retirement becomes a little closer each year, tax legislation evolves, superannuation rules are updated, and investment markets continue to shift.
Having a financial planner on your team means your strategy is reviewed periodically, offering an opportunity to step back, reassess, and make sure your financial decisions continue to support the life you’re building.
In our experience, one of the biggest benefits of financial advice isn’t simply better investment decisions. It’s having the confidence that comes from knowing your financial strategy is aligned with your broader goals, and having someone to help you navigate important and complex decisions as your circumstances change.
The Value of Having Your Advice in One Place
Because we offer both accounting and financial planning services, your adviser already has a strong understanding of your business, financial position and tax affairs. Rather than spending time explaining your circumstances to another provider, conversations can begin with what matters most – your goals and the strategies to help you achieve them.
Having your accountant and financial adviser working together also means decisions around tax, superannuation, retirement, investments, insurance and estate planning can be considered together, helping ensure each decision supports your broader financial objectives.
For many clients, having everything under one roof makes the process simpler, more efficient and gives them confidence that their advisers are working towards the same outcome.
Is It Time for a Review?
You may benefit from reviewing your financial strategy if you:
- are within ten years of retirement
- own a self-managed super fund or have built significant superannuation balances
- are considering business succession or the sale of a business
- have experienced a major life event, such as an inheritance, separation or growing your family
- haven’t reviewed your financial plan in the past two or three years.
Even if your circumstances haven’t changed significantly, taking the time to review your position can provide reassurance that your current strategy is still appropriate, or identify opportunities you may not have considered.
Ready for the Next Conversation?
If your tax return is complete, now is the ideal time to look beyond compliance and consider the bigger picture.
Whether you’re planning for retirement, thinking about business succession or simply want greater clarity and confidence about your financial future, an obligation-free conversation can help you understand where you stand today and whether your current strategy is supporting where you want to be tomorrow.
To book a free conversation with one of our financial advisers, or to learn more about our financial planning services, get in touch with our team.
General Advice Warning
The information in this article is general in nature and has been prepared without taking into account your personal objectives, financial situation or needs. Before acting on any information, you should consider whether it is appropriate for your circumstances and seek professional advice where appropriate.