Dec 10 2024 17 mins 1
Joining us again is financial planner Hamish Ferguson, founder and director of Vison Newcastle. Hamish and Money's chief accountant Pete Burrows are often approached for financial assistance that the other profession provides. Given how popular and prominent accountants and financial planners are, Pete and Hamish set the record straight in this episode. They discuss similarities between accountants and financial planners, the main differences, and the benefit to you when you decide who you need.
Previous Ep featuring Hamish - What is a Good Financial Planner?
Key Takeaways:
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The intersection between financial planners and accountants involves overlapping functions but distinct responsibilities which require specialised expertise.
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Ethical considerations, such as risk-return balance and truthful tax deductions, are crucial in both financial planning and accounting.
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Times of increased financial anxiety, such as during COVID pandemic, highlight the need for professional financial guidance.
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Clients often benefit when accountants and financial planners collaborate, leading to more effective long-term financial strategies.
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Retirement planning questions are common, emphasising the need for clear understanding and planning decades earlier.
Notable Quotes:
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"The relationship between a good planner and accountant [is] one plus one can equal three." - Pete Burrows
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"Everyone wants the return, but nobody wants the risk." - Hamish Ferguson
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"Managing that whole risk-return relationship is very important." - Hamish Ferguson
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"Don't be afraid to engage a professional but understand why you need them and how far they can help you." - Peter Burrows
Resources:
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Vision Property & Finance: Vision Property & Finance
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Money Smart Website: Money Smart Website
Join the Money: Faith and Finance Group on Facebook here!
We love your questions. Contact the Money: Faith and Finance team and we will aim to get back to you in a future episode.
Pete Burrows is an accountant for small business and individuals with Lower Russell and Farr in Penrith, Western Sydney, Australia.
Ben McEachen hosts Hope Mornings on Hope 103.2FM in Sydney, Australia.
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