Bringing it all together

23 Jan 2013

By Tim Breen 

Wouldn't it be great to ensure that your legal, taxation and financial affairs are all in sync? Wouldn't it be even better if you didn't have to do the organising to make this happen? 

Unnecessary costs, time, mistakes and frustration can be caused if professional advisers don't work together to ensure the best outcome for you. 

Despite their best intentions, all sorts of problems can be caused if a strategy devised by one of your professional advisers is implemented without another of your professional adviser's knowledge. Sometimes these problems are irreversible or costly to fix, and could have been easily avoided with a simple phone call or joint strategy meeting. 

But who brings it all together?

One of the key roles of a financial adviser is to be your 'central adviser' and facilitate the lines of communication between you and all your advisers, whether they are your financial accountant, mortgage broker or lawyer. 

Generally, if you have a close working relationship with your financial adviser they will ensure that as part of their ongoing service, any strategies discussed and devised with you are also in accordance with your accountant's strategies.Or at the very least, ensure that your accountant is made aware of them before implementation.

In regard to legal matters, you may not have the same ongoing relationship with your lawyer, so a financial adviser can play a vital part in briefing them on your situation. They can help to ensure that all matters that are particularly important to you and your situation are addressed. 

Even if you don't have a lawyer, it can be very useful to have your financial adviser facilitate the first meeting. They can assist to 'get the ball rolling' by providing a referral letter to the lawyer to provide them with some background to your situation. 

It may sometimes be necessary, and in your best interests, to have a meeting with all of your advisers. A financial adviser can take on the organising and other pressures from you in regard to this. Not only will such integration among your advisers significantly improve the chances of the best outcome for you, it will substantially minimise the potential for mistakes. It will also 'save' you from running back and forth after meetings and retelling your other advisers what has just happened in a meeting. 

So, yes, a financial adviser will implement a suitable investment strategy for you, based on your comfort levels, goals and objectives. There will also be areas that will need addressing with other advisers as part of your overall financial planning affairs. But if your financial adviser is able to integrate them into the advice process, you can be assured that the best advice and strategies are implemented, mistakes are avoided and perhaps most importantly your life is made easier.

After all that is what you pay advisers to do! 

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