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Information You won’t get from Unlicensed Accountants #89

Along with a raft of legislative change, the Australian Securities and Investments Commission (ASIC) has also introduced new licensing requirements for accountants who work with and advise Self Managed Superannuation Fund (SMSF) Trustees. Only approx. 10% of accountants have complied with these changes to date.

As such if you, as many, consider your accountant would be your 1st port of call for Financial Advice, they will likely advise you, they are unable to provide the information you require & should consult a qualified Financial Adviser / Planner.

This is general advice only and you should seek expert financial advice from a qualified financial adviser before acting on any of the information covered in these topics.

Are Australians ready for the largest wealth transfer in history, taking place over the next 30 years?

Approximately 75% of Australians don’t have a current Will, and approximately 55% have not discussed their Will and legacy with their children, according to recent research conducted by ‘Finder’.

Investors should seek expert Estate Planning and Financial Advice. Consideration should be given to including adult children in discussions to reduce the chances of their estate being squandered. Statistics show that 70% of the time, beneficiaries will blow inheritances by the 2nd generation. This figure increases to 90% for the 3rd generation.

As such improving the financial literacy of your children should be a primary goal for investors.

“In my book you either do it right, or you get eliminated.” – Gordon Gekko.

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