Strategic wealth building

Building wealth is a complex journey that requires careful planning and strategic execution. By harnessing the skills of business accountants and wealth managers, you can create a robust wealth-building strategy that incorporates tax optimisation, superannuation, and diversification. These professionals bring expertise in their respective fields, allowing you to minimise tax liabilities, secure your retirement, and diversify your investments for long-term success.

Individuals and businesses alike are seeking effective strategies to build wealth. Two key players are business accountants and wealth advisors. Both bring unique skills to the table that, when combined, can lead to substantial wealth accumulation. Here we explore how these professionals can help you build wealth through tax optimisation, superannuation, and diversification strategies.

Taxes are unavoidable in earning income, but they don’t have to be a barrier to building wealth. Tax optimisation involves strategising to minimise tax liabilities within legal frameworks. By leveraging business accountancy expertise to identify tax deductions and analysing your financial activities to determine which expenses are deductible and how you can take advantage of tax credits, we reduce the overall tax burden.

Wealth advisors, with the advantage of working with business accountants, can create long-term tax plans. We consider various factors, including investment portfolios, estate planning, and retirement accounts, to devise a strategy that minimises taxes over time. This planning can include timing asset sales, optimising charitable donations, and utilising tax-efficient investment vehicles.

Wealth advisors and business accountants, who can collaborate, help ensure you take full advantage of your superannuation and its tax benefits. A business accountant helps you navigate the rules and regulations surrounding superannuation contributions. By maximising your contributions within legal limits, you secure your retirement and reduce current tax liabilities.

A wealth advisor ensures you select the proper superannuation structure for your needs. Whether a self-managed superannuation fund (SMSF) or a traditional super fund, wealth managers consider your financial goals and risk tolerance to recommend the best structure. This tailored approach ensures that your superannuation strategy aligns with your wealth-building goals.

They have the necessary expertise to help minimise risk while maximising returns. Business accountants and wealth advisors who can collaborate are skilled in creating a diversified portfolio that withstands market fluctuations and economic uncertainties.
Your wealth manager can assess your risk tolerance and financial objectives to determine the optimal asset allocation. They diversify your investments across various asset classes to mitigate the impact of market volatility.

Wealth advisors also consider geographic diversification, investing in assets across different regions and countries. This approach mitigates the risk of economic downturns in specific areas and opens up opportunities in emerging markets. Geographic diversification adds another layer of security to your wealth-building strategy. Using advice from your business accountant, a wealth advisor can help you invest across various industries. Wealth advisors who work with business accountants can ensure your portfolio includes a mix of industries, reducing risk and increasing growth potential. This approach protects your wealth from industry-specific downturns while capitalising on growth trends.

North Advisory is uniquely positioned to assist business owners and managers with their business accountancy needs and individual wealth management strategies. Having the two financial skill sets under one roof creates advantages that single-discipline financial firms cannot match. We work with high-performance business owners and individuals to ensure they maximise their financial potential and access professional and qualified finance services and advice when needed.

North Advisory offers businesses affordable and flexible bookkeeping services, comprehensive business tax advisory, and wealth management services. Contact our team today for a no-obligation discussion.