The Accountant-Lawyer-Financial Adviser Triangle

Three professional disciplines contribute to your tax and wealth strategy: accountant (tax compliance, structuring advice, SMSF administration), financial adviser (investment strategy, insurance, retirement planning, licenced financial product advice), and lawyer (trust deeds, company constitutions, contracts, wills, estate planning). Each has a distinct licence and scope. The coordination problem: these advisers often don't communicate with each other. Your accountant sets up a trust without seeing your estate plan. Your financial adviser recommends an investment strategy without knowing your trust's distribution plans. Your lawyer drafts a will without consulting your accountant on the tax implications of each bequest. The result is a plan with gaps — suboptimal tax outcomes, unintended consequences, or estate planning that doesn't reflect your actual asset structure. The solution: designate one adviser as your 'lead' — typically your accountant for business owners — and ask them to coordinate with the others. Provide each adviser with a one-page summary of your overall structure: entities, their relationships, your key assets, and your goals. Annual reviews with all three should cover the same updated document.

The Financial Adviser Royal Commission (2018) significantly changed the advice landscape. Fee-for-service advice (you pay a fixed fee for the advice received) replaced commissions as the standard. This is better for clients — advisers are paid for advice quality, not product sales. Expect to pay: $3,000–$6,000 for a comprehensive Statement of Advice (SOA) from a quality independent financial planner. Annual ongoing advice (review meetings, portfolio monitoring, strategy updates): $2,000–$5,000/year. SMSF specialist advice: $2,000–$4,000 for specific strategic advice. For business owners who already have a good accountant with tax strategic capability, a financial adviser's primary added value is: investment strategy (asset allocation, portfolio construction for SMSF), insurance review (income protection, TPD, life insurance — levels and tax efficiency), and superannuation strategy in the accumulation phase. If your accountant covers these adequately, you may not need a separate financial planner — but most accountants have licensing gaps in investment advice.