When Financial Planners and Accountants Collaborate – YOU WIN
Financial Planners and Accountants working together can be a beautiful thing
Historically, and for a number of reasons, Financial Planners and Accountants have not always had the best reputation for working well together. Times have changed, and a number of firms, like Modoras, are thriving on the dynamic combination of Financial Planners and Accountants working together for a common goal (your lifestyle potential). A team of finance experts sharing their expertise is far more valuable to you than an Accountant and a Financial Planner who are cautious of sharing knowledge and information because they fear competition. When finance professionals work together, everyone can benefit.
They will bounce off each other’s expertise
When you have a Financial Planner and Accountant on your team, they don’t compete, they complement one another. Each will be upfront about what they are licenced and qualified to help you with and refer you on at the appropriate point. This is the way we work at Modoras, both Financial Planners and Accountants (for personal and business matters) know each other’s skillsets so well that working collaboratively is easy.
What an Accountant might be best at
Accountants may be qualified as CPA or CA but unless they have the Australian Financial Services Licence (AFSL), they cannot provide financial strategy advice. They can advise on plenty of other business and personal related matters, like taxes (GST, CGT, Income, Sales and many more) and depreciation, and small business advice like business advisory, business structuring, business insurances, budgeting and reporting compliance2.
While the tax and reporting side is important to do well and get right, the area where a great deal of value will be added, is in business advisory. Business advisory specialists can advise you on the best practises for your industry, business and situation. We can provide a complete picture of where your business is today and how to get it to the next level. Modoras business advisory specialists assist businesses with cash flow management, growth planning and projections, risk management and succession planning.
How your Financial Planner will add the most value
With financial strategy and advice that is tailored to your financial circumstances. Before they give you any advice, they will ensure they find out as much as they can about you and your financial goals2. They will also (if appropriate and with your permission) speak to your Accountant to get an idea of what your personal or business financial situation is, so they can take this into account when developing a plan for your financial future. Your planner can also help you with personal risk insurances such as life, critical illness and income protection.
Good things happen when Accountants and Financial Planners work together
Accountants and Financial Planners work best when they join forces because together they cover an enormous range of financial knowledge. When you view them as partners in your financial future, you’re on the right track3. You know you’re receiving high quality financial advice and well thought out strategies to reach your lifestyle potential. You also know you’re getting the best accounting service and knowledge, not just compliance and reporting but practical, achievable, strategic advice. This is the magic that happens when financial planners and accountants work together for you.
Modoras was built on the foundation of co-operation between finance professionals. Our success rests on seeing the value of sharing knowledge and skills. Why not find out how you can benefit from these strong collaborative relationships and call us on 1300 888 803 or book an appointment here.
Looking for more on the benefits of financial advice? Read these blogs:
IMPORTANT INFORMATION: This blog has been prepared by Modoras Pty. Ltd. ABN 86 068 034 908 an Australian Financial Services and Credit Licences (No. 233209), located at Level 3, 50-56 Sanders St, Upper Mt Gravatt Q 4122. The information and opinions contained in this fact sheet are general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals personal circumstances have been taken into consideration for the preparation of this material. Any individual making a decision to buy, sell or hold any particular financial product should make their own assessment taking into account their own particular circumstances. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this fact sheet can change without notice. Modoras Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication.