What is financial planning?

Financial planning is a comprehensive process that involves a wealth check, setting short-term and long-term financial goals, and creating strategies to achieve these goals.

Real Life Financial Planning works differently in that it goes one step further to incorporate your values and purpose in life into your financial plan.

While other financial planners create a financial plan and help you to implement it, we make sure you’re creating a plan that doesn’t simply align with your finances but fits your lifestyle.

We know from experience that our clients are the most motivated by improving their overall happiness rather than by simply hitting financial targets, so we create a head and heart plan that helps you to do this.

Why is financial planning important?

For us, financial planning isn’t simply about hitting financial goals. Sure, this is important but there’s no point saving for a rainy day if you aren’t going to enjoy the funds.

We work with you to make sure you have a strong life plan as to how you want to live your retirement, and then we map out your financial plan to suit.

Perhaps you want to spoil your grandchildren when you retire, spend money on a trip around the world, or have enough money in the bank to play golf twice a week.

By aligning your finances to what brings you joy in life, we can map out a journey that’ll excite you.

Are financial planning fees tax deductible?

Yes, in most cases, the fees paid for financial planning are tax-deductible in Australia.

This is particularly applicable when the financial advice leads to an investment that generates assessable income, or is closely linked to such an investment. Additionally, if your expenses are related to ongoing advice for an existing investment portfolio, these costs may also qualify for a tax deduction.

Under the standard deduction laws, there are no specific rules exclusively for the deduction of financial advising fees.

These laws generally allow you to claim a tax deduction for expenses incurred in the process of generating or acquiring taxable income. This means that financial advice fees can be deductible if they meet these criteria.

It’s important to keep in mind that each individual’s financial situation is unique, so it’s advisable to consult with your accountant for personalised advice.

Can financial planners give tax advice?

As a chartered financial planning practitioner (FChFP), and transition planning consultant, Geoff is qualified to give tax advice.

If you are working with a financial advisor and they are giving you tax advice, they need to adhere to specific regulations under Australian tax law.

They have to be listed on the Financial Adviser Register as a relevant provider and registered with the Australian Securities and Investments Commission (ASIC).

This is so that financial advisors providing tax advice can be regulated by ASIC under the Corporations Act. Make sure your financial adviser is properly registered to give tax advice so you can depend on their guidance.

Can financial advisors help with debt?

While many financial advisers are focused on wealth creation, at Real Life Financial Planning, we also assist our clients in getting them out of debt.

In addition to other services such as investment advice, income tax preparation, and estate planning, and head and heart financial planning, we can also work with you to develop a strategic plan to tackle your debt. This often involves prioritising the repayment of debts with the highest interest rates first, and then systematically working through the rest of your debts.

Before working with a financial advisor, make sure yours has reputable credentials like we do, such as a chartered financial planning practitioner (FChFP) or Certified Financial Planner (CFP). This ensures that you receive advice from a qualified professional.

By working with a financial advisor, you can gain valuable insights and structured plans to effectively manage your debt, paving the way for improved financial health, stability, and increased happiness.

Geoff Ivanac

Book a call to chat with Geoff