Seeking advice on the right ownership of assets before you invest is very important, and unfortunately not something everyone considers before launching into a wealth creation strategy. When looking to build an asset base to create Financial Freedom, the ownership of assets over the journey is important, not just what makes sense right now.
Everyone, in particular Business owners, should give serious consideration to the pros and cons of various factors, including;
- Personal ownership versus a structure (Trust etc)
- Asset Protection
- Future flexibility
This is where a good Accountant…working in collaboration with your financial adviser, can be worth their weight in gold. Remember, an accountant can’t give financial advice, and a financial adviser can’t give complex tax or structure advice. So having both on your team and working together is important.
I’ve had the pleasure of working with a number of outstanding accountants at The Practice over the last 10 years. Rather than me talk about the various considerations of structure and ownership, I thought it’s best to bring in the experts. In the above video, I interview one of my business partners, Brad Davidson who is one of the directors in our Business Advisory division and one of the most passionate accountants I know. It’s fair to say that Brad does some of his best work after dark, and is quite often still at the office late in to the night, living and breathing what he does and striving to delight our business advisory and tax clients. See the above video to tap into Brad’s genius when it comes to ownership considerations of various assets.
Matthew Morrison is the Director of Wealth Advisory at The Practice, a Personal Wealth Advisory & Business Advisory firm based in Melbourne & Sydney. Matt along with The Practice team are committed to and passionate about developing & implementing wealth creation strategies for clients to enable them to Fuel their Family’s Future (while protecting them along the journey).
Matt and The Practice team can be contacted via http://thepractice.com.au or (03) 8888 4000.
Disclaimer – the above views and ideas are general advice only and are purely the opinions of the author. It’s important that you seek professional advice tailored to your needs before taking action regarding your financial future. (Also, unfortunately we can’t guarantee the top quality content in this blog will secure you a prosperous future if you ‘try this at home’, or trust any old backyard financial adviser to help you & your family with what is one of the most important decisions you’ll ever make…who to partner with on your quest to build wealth & create future Financial Freedom).