Its Important to Have Your Retirement Professional Work with Your Accountant and Attorney - The Diamond Group

Its Important to Have Your Retirement Professional Work with Your Accountant and Attorney

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Many of us may think that our accountant can do the work of a financial professional (or visa versa). However, the two really need to be able to complement each other.

The word for accountant is “taxes”. They strategize, they shelter, they budget, and prepare your tax returns.

An account can identify the big picture of opportunities and strategizes that will help you get, or stay, ahead.

Are you depreciating all of the right assets in a productive way?
How do the most recent changes in tax law effect you and are there opportunities therein?

Your accountant needs to have a good understanding of these issues and know how to use them as an advantage.

Some of the issues an account can help you with:

  • Tax Preparation
  • Financial Statements
  • Depreciation
  • Break down of your expenses
  • Appropriate tax shelter recommendations
  • Tax Law (how they effect you)
  • Audit Representation

If accounting is all about taxes, your financial professional is all about investments. Just as accountants can offer so much more than tax preparation, so too can your financial professional do more than just invest your money.

Financial professionals are ideally focused on the big picture, however, the picture is different than the picture the account looks at. Us in the finance field, are goal oriented with an eye for building wealth in the most effective means while taking into affect the clients need as individuals, not as a group.

Same as accountants, financial professionals are experts in their given field and will identify opportunities that you may not know about. Have you thought about the dynamics of your family in the event of an emergency? Are you currently invested within your comfort zone? Can you take the emotion out of investing to make the best decision? Do you have a pension? If not, how do you build your own?

Here are some of the things your retirement professional should focus on:

  • Income and Expense Planning
  • Investing – short, mid, and long term
  • Asset Allocation
  • Estate Planning – along with an estate attorney
  • Insurance Planning
  • Keeping up to date with changes in the industry that will effect you and your family
  • Wealth accumulation AND protection

We support the idea of you having a financial TEAM, specifically, your accountant, retirement pro, and lawyer. Each of these experts has a great knowledge base in their given field and will bring perspective to the table for the other team members. Each of these fields separate in of itself and should be respected as such. No advisor, accountant or attorney can do the job of all three.

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Alan Schmidt