Should I See A Financial Planner Or Accountant?

It is common practice to seek the advice of a financial specialist before starting on the path to monetary security. Individuals often find that the difficulties of managing their finances or the finances of their businesses are so onerous that they look to the expertise of financial planners and accountants for assistance. Their priorities and skill sets are different, even though both are essential to ensuring the health of the financial system.

This article will discuss the unique functions of financial planners and accountants, to assist you in determining when to seek personalised guidance from each of these professionals. Understanding the specific contributions that each of these professions brings to the table is essential to making informed decisions that are in line with the objectives you have set for your finances, whether they be the accumulation of wealth, the planning for retirement, or the resolution of concerns with taxes.

Join us as we dissect the complexities of financial planning and accounting to point you in the direction of the most qualified professional to meet your requirements.

Should I See A Financial Planner Or Accountant?

Whether you should seek the advice of an accountant or a financial planner hinges on your financial situation and objectives. Both are essential to society, but in different ways, and they each specialise in different areas. To aid you in making a decision, below is a breakdown:

When To See A Financial Planner

Holistic Financial Planning

  • Situation: If you’re looking for comprehensive financial advice that encompasses your overall financial situation.
  • Example: Planning for major life events (marriage, children, retirement) and developing a long-term financial strategy.

Investment Guidance

  • Situation: When you need assistance with investment decisions and portfolio management.
  • Example: Creating an investment plan aligned with your risk tolerance and financial goals.

Retirement Planning

  • Situation: If you’re preparing for retirement and need guidance on savings, withdrawals, and income sources.
  • Example: Developing a retirement plan that ensures a comfortable lifestyle after you stop working.

Estate Planning

  • Situation: When you want to create an estate plan, including wills, trusts, and distribution of assets.
  • Example: Ensuring the smooth transfer of assets to heirs while minimizing tax implications.

When To See An Accountant

Tax Planning And Compliance

  • Situation: If you need assistance with tax-related matters, including filing returns and minimizing tax liabilities.
  • Example: Maximizing deductions, handling complex tax situations, and staying compliant with tax laws.

Bookkeeping and Financial Statements

  • Situation: When you require help with day-to-day financial record-keeping and the preparation of financial statements.
  • Example: Maintaining accurate records for your business and preparing financial statements for analysis.

Auditing Services

  • Situation: If your business requires auditing services to ensure financial accuracy and regulatory compliance.
  • Example: Providing assurance to stakeholders by conducting external or internal audits.

Financial Advice on Specific Transactions

  • Situation: When you need financial guidance on specific transactions or business decisions.
  • Example: Evaluating the financial implications of a merger, acquisition, or major investment.

Since a financial planner and an accountant can tackle different parts of your financial health in tandem, working with both of them may be useful. You should make a final choice after carefully considering your needs and the level of competence necessary to fulfil them.

When Not To Use A Financial Advisor?

Although financial advisory are often a good idea, there are times when their services may not be what you need or when they won’t work with your existing financial condition. Consider whether you need the help of a financial counsellor in the following circumstances:

Simple Financial Situation

  • Scenario: If your financial situation is relatively straightforward with minimal complexities, you may not require the services of a financial advisor. For example, if you have a stable income, straightforward expenses, and no significant investments, a financial advisor might be unnecessary.

Limited Financial Resources

  • Scenario: If you have limited financial resources and are unable to afford the fees associated with hiring a financial advisor, it may not be practical to engage their services. In such cases, you might explore self-help resources or seek basic financial education.

Interest and Time for Self-Management

  • Scenario: If you have a keen interest in personal finance and the time to manage your finances on your own, you may choose to take a DIY (do-it-yourself) approach. Many individuals successfully handle their finances without professional assistance, especially with the availability of online resources.

High-Risk Tolerance and Financial Knowledge

  • Scenario: If you have a high tolerance for financial risk and possess a good understanding of investment markets, you might feel confident making financial decisions without the assistance of a financial advisor. However, even in such cases, periodic check-ins with a professional could be beneficial.

Temporary Financial Setbacks

  • Scenario: If you are facing a temporary financial setback, such as a short-term reduction in income, it may not be necessary to engage a financial advisor. In such situations, creating a budget and making adjustments to your spending may be sufficient.

Limited Financial Goals

  • Scenario: If you have limited or short-term financial goals that are easily achievable without complex planning, you might not need the services of a financial advisor. For example, saving for a small vacation or making a minor home improvement may not require professional guidance.

Preference for Independence

  • Scenario: Some individuals prefer managing their finances independently and making decisions without external input. If you value financial independence and enjoy taking control of your financial decisions, a financial advisor may not be the right fit for your approach.

One’s decision to work with a financial advisor or not is extremely individualised. It all depends on the individual’s circumstances, including their financial goals, risk tolerance, level of expertise, and personal preferences. You may want to meet with a financial advisor for an initial consultation if you’re not sure if the services they offer are a good fit for your present situation and financial goals.


There are several variables to consider when deciding whether or not to work with a financial advisor, and in certain cases, doing so may not be in your best interest. If your financial situation is uncomplicated, your resources are restricted, or you possess a strong interest in and understanding of personal finance, you might choose a do-it-yourself strategy. Furthermore, professional aid may not be necessary in cases where financial difficulties are short-term or where objectives are specific and attainable.

Forgoing the services of a financial counsellor is acceptable if you are financially self-sufficient and prefer to handle your own money. But it’s important to remember that everyone’s life is different, so one person’s solution might not be right for another.

In the end, it’s up to you to evaluate your specific financial requirements, objectives, and risk tolerance. If you find that your situation becomes more complex, your goals shift, or you meet financial issues, revisiting the concept of seeing a financial advisor may be prudent. A dynamic strategy for financial health involves striking a balance between self-management and consulting professionals as needed.

To ensure that your financial decisions are in line with your goals, it is important to conduct regular reviews of your circumstances and make adjustments as needed. The goal, whether you do it on your own or with the help of a financial counsellor, should be to create a financially secure and rewarding future that reflects your goals and ideals.