The Differences between an Australian Expat Financial Adviser, an Accountant and a Stockbroker

The Differences between an Expat Financial Adviser, an Accountant and a Stockbroker

Australian Expats will require the services of different professionals when it comes to managing their tax affairs and financial objectives. In this article, we discuss the key differences between an Australian Expat Financial Adviser, Accountant, and Stockbroker.

What is an Expat Financial Adviser?

An Expat Financial Adviser is an Australian licensed professional who specialises in financial advice to Australian Expats. The advice provided addresses the unique financial and tax complexities faced by Australian Expats. They have expertise specifically addressing the nuances of living and working abroad. This advice is Australian-centric and considers the unique tax status of Australian Expats to unlock potential opportunities and avoid cost pitfalls. It also ensures compliance with international tax regulations.

The financial and tax issues faced by Australian Expats differ significantly from those of individuals living and working in Australia. As a result, Australian Expats should seek guidance from a specialist Expat Financial Adviser who has the necessary expertise, qualifications, and experience to provide tailored advice that considers their specific circumstances as Expats.

Expat Financial Adviser vs Accountant

Expat Financial Advisers primarily offer advice on investments, financial planning, retirement planning, and comprehensive wealth management. They assist clients in setting financial objectives, creating investment strategies, managing portfolios, and planning for significant life events such as purchasing property or funding education.

Accountants, on the other hand, focus on tax compliance and planning, ensuring clients meet tax obligations while minimizing their tax liabilities. Their services include preparing tax returns, advising on the tax implications of financial decisions, and developing strategies to reduce the tax within legal boundaries.

In short, an Expat Financial Adviser helps clients build wealth and achieve financial goals through investment strategies and planning, while an Accountant ensures tax compliance and reduces liabilities through effective tax planning and preparation.

Expat Financial Adviser vs Stockbroker

Expat Financial Advisers provide holistic financial planning and investment management services tailored to an Expat’s unique situation. They focus on broader financial goals and strategies, building long-term relationships with clients to fully understand their financial situations and objectives.

In contrast, stockbrokers typically have more transactional relationships, primarily focused on executing trades. Financial Advisers including Expat Financial Advisers are held to a fiduciary standard, meaning they are legally required to act in their clients' best interests. Stockbrokers, however, often operate under a suitability standard, ensuring that investments meet clients' needs but not necessarily offering the best possible options.

Summary

It is important to understand the key differences between an Expat Financial Adviser, Accountant and Stockbroker, as each professional offers diverse services. To learn more about the Expat Financial Planning services Runway Wealth Management has to offer, be sure to check out our Expat Financial Planning services in the link below.

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Runway Wealth Management is the trusted Financial Adviser to the Australian Expat community. Our tailored advice is backed by expertise, education and experience, which allows us to be at the forefront of Australian Expat Financial Planning.

If you would like to speak to one of our Expat Financial Advisers about this blog or if you have other queries, we would be more than happy to speak with you. Feel free to send us an enquiry through the ‘Contact Us’ tab provided in the below link:

General Advice Disclaimer: The information contained herein is of a general nature only and does not constitute personal advice. You should not act on any recommendation without considering your personal needs, circumstances, and objectives. We recommend you obtain professional financial advice specific to your circumstances.