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5 Reasons why your Financial Planner should also be an Accountant


Choosing a financial planner will be one of your most important financial decisions and one can ill afford to make the wrong choice as the outcome will be a costly one – and always at your expense. Making poor financial decisions that lose your hard earned money is money that can never be replaced or made up, it is lost forever.  As we live in a financial world where the power of time and compounding are our best friends for growing financial wealth, the last thing one wants is to lose valuable time and money.

So why should your Financial Planner be a qualified and experienced Accountant

1. TAXES – Accountants are in the know

Many Financial Planners will insist that Financial Planning is all about the Investments. This is not the case.  Financial Planning is all about creating the right Investment Strategy for your client, aligning the investment strategy with the most suitable Investments and ensuring that the investment strategy and investments are the most “tax effective” for the client.

Therefore using a Financial Planner who is also an experienced Accountant (in particular one who is an experienced Business Taxation Accountant) will be very beneficial as he/she really does understand “taxes”.

Also, an experienced Accountant is always looking at the big picture for their clients, and they are focused on looking for the opportunities and strategies that will best help their clients get ahead and stay ahead. A Financial Planner, who is also an experienced Accountant, will be able to integrate forward looking tax planning as part of your financial plan.

Unfortunately many Financial Planners don’t have enough tax and accounting knowledge to factor this into their advice and choose not to worry about this aspect of your plan. Instead, they will leave it to you and your Accountant to worry about the tax implications of their advice and financial plan.

In contrast experienced Accountants have generally worked with many high net worth clients, and wealthy clients generally have complex tax issues that require intelligent and perceptive Advisers to manage their tax affairs whilst assisting them to get ahead

2.  BREADTH OF KNOWLEDGE – Accountants have a deep breadth of knowledge

There are now many Financial Planners who are becoming qualified Accountants to improve their service to clients. However, it is not just the qualification you should be looking for, it is important that your Financial Planner have real experience working as an Accountant as it is from experience that one has depth of knowledge and develops expertise.

Experienced Accountants can do more than just prepare and lodge clients tax returns, in particular Business Accountants, and given the growing complexities in the financial services legislation that affects a clients’ needs it makes even more sense to work with a Financial Planner who is also an experienced Accountant.

By working with a Financial Planner who is also an experienced Accountant, you will be working with a professional who understands the tax implications of his financial planning advice and can identify the financial planning opportunities that sit behind his tax advice.


Financial Planners and Accountants share a common goal – to increase their clients’ wealth, and in doing so they individually overlap in a number of ways in the landscape of the advice provided and their business models for delivering that advice to the client.

Therefore, a Financial Planner who is also an experienced and qualified Accountant will be in the best position to provide time poor clients with a holistic approach and a one stop shop solution for all their financial planning and taxation requirements. This is particularly true for the more sophisticated client and clients with complex financial affairs and where financial advice may include strategies that will impact you tax position.

So clearly having a Financial Planner, who is also an experienced Accountant, should mean you have all the angles covered and peace of mind.


Have you ever had to take information your Financial Planner has given you and relay it to your Accountant, or vice versa?

A lot can be lost in translation if the information is intricate and complex, and this is where you can achieve the greatest advantage in your quest for clarity and consistency. Having a Financial Planner who is also an Accountant, and having the one professional Advisor providing you with all the necessary information helps you make more informed decisions whilst saving you time.


If a Financial Planner and an Accountant have many overlapping areas of knowledge and advice, then there is a very strong chance that you will incur additional costs due to double handling of information and administrative processes.

Therefore it makes better sense to engage a Financial Planner who is also an Accountant and save some time and fees, whilst minimising any confusion.

After all, having one point of contact for both financial planning and accounting services will ensure that all aspects of your wealth management and are being monitored and maximised.

Having one Adviser, for all your Financial Planning and Accounting needs, can provide you with a more cost effective and time effective solution.

And with increasing favouritism towards qualified Financial Planners with tax expertise, who can make a difference to their clients between getting by and living well, this will be the future of personal wealth management.

Paul Baggetta is the Founder & Principal of Baggetta & Co. Paul Baggetta has been a Taxation Accountant for over 36 years, a Financial Planner for over 18 years and in 1993 qualified as a Real Estate Licensee, holding a Triennial Certificate (currently not trading), and operated his own Real Estate business for property investment clients for over 5 years as a second business.

 Financial planning services provided by Paul Baggetta as an Authorised Representative (No. 261469) of Capstone Financial Planning Pty Ltd. ABN 24 093 733 969. Australian Financial Services License No. 223135. 

Taxation & Accounting services provided by Paul Baggetta as a Registered Tax Agent (No.61487008) and is a Member of SMSF Association, IPA & NTAA.


The material and contents provided in this publication are informative in nature only.  It is not intended to be advice and you should not act specifically on the basis of this information alone.  If expert assistance is required, professional advice should be obtained.

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