Plain-English guide
Accountant vs financial adviser: who do you actually need?
They both 'do money', they're both professionals, and almost nobody can tell you where one stops and the other starts. The split is actually simple — and set by law. Here's who does what, what each costs, and which your situation calls for.
The one-sentence difference
An accountant looks after what you earn — tax, business finances, structures, and keeping more of your income. A financial adviser looks after what you invest — which products, funds, insurance and super your money should sit in. The line isn't just custom; it's law: recommending specific financial products requires an Australian Financial Services Licence (AFSL), which accountants generally don't hold, while lodging tax returns requires Tax Practitioners Board registration, which advisers don't hold.
That legal split is your cheat sheet. "How do I pay less tax on this?" is an accountant question. "What should I invest in?" is an adviser question. Plenty of real decisions need both — which is fine, because they're not substitutes; they're teammates.
Who to call for what
| Your question | Who you need |
|---|---|
| Tax return, deductions, ATO letters | Accountant |
| Starting or structuring a business | Accountant |
| The tax side of an investment property | Accountant |
| Which shares, ETFs or managed funds to buy | Financial adviser |
| Choosing or consolidating super funds | Financial adviser |
| Life/income-protection insurance | Financial adviser |
| Retirement income planning | Adviser (strategy) + accountant (tax) |
| Setting up and running an SMSF | SMSF accountant + adviser for investments |
What each one costs
Accountants are typically pay-per-job: roughly $120–$450 for an individual return depending on complexity, a few hundred for an advisory session, more for company work — and fees related to managing your tax are generally deductible.
Financial advice runs on a different scale, because regulation makes the paperwork heavy: a full Statement of Advice commonly lands between $3,000 and $5,000+, with ongoing arrangements often 0.5–1% of assets or a fixed annual fee. That's not a scam — it reflects compliance cost — but it means advice makes most sense when there's meaningful money to advise on. Many people see an accountant yearly for decades and an adviser at a handful of life moments: inheritance, retirement planning, a windfall, or serious investable savings.
The practical playbook
For most working Australians, the sequence looks like this: an accountant is your first and most frequent professional — they handle each year's tax, and they're the cheap, honest sounding board for business ideas, property moves and structure questions. When a decision crosses into product territory (which fund, which insurance, how to draw a retirement income), they'll say so — a good accountant naming that line is a green flag — and that's your cue to add an adviser for that decision.
If you're not sure which side your situation falls on, start with the accountant conversation: it's cheaper, usually faster to book, and if it turns out you need licensed advice, you'll walk in with your numbers already straight. Below are top-rated tax and planning accountants on the directory — or take the 60-second match and we'll shortlist ones suited to your situation.
Top-rated tax planning accountants on the directory
Ready to talk it through?
Answer five quick questions and we’ll match you with tax planning accountants who already work with situations like yours — free, no obligation.
Get matched — freeCommon questions
Should I see an accountant or a financial adviser first?
For most people, the accountant. Tax touches everything and the conversation is cheaper ($150–$450 vs $3,000+ for a formal advice document), so it's the efficient first step — and a good accountant will tell you clearly when your question crosses into licensed financial-product advice that needs an adviser.
Can an accountant give investment advice?
Not on specific products. Recommending particular shares, funds, super products or insurance is licensed financial advice under an AFSL. Accountants can advise on the tax consequences of investments, business structures, and (with the right registration) some SMSF establishment matters — and should refer product questions to a licensed adviser.
Do I need both an accountant and a financial adviser?
At certain moments, yes — retirement planning, an inheritance, or running an SMSF typically want the adviser setting investment strategy and the accountant handling tax and compliance. Day to day, most people use an accountant every year and an adviser only at those bigger junctions.
How do I check either one is legitimate?
Accountants and tax agents: search the Tax Practitioners Board register (every firm here with a TPB Verified badge has been checked against it automatically). Financial advisers: search ASIC's Financial Advisers Register to confirm they're licensed and see their history.
Wondering about ongoing fees? Individual tax return cost calculator →
General information only — not financial, tax or legal advice. Accountants cannot recommend specific financial products; that requires a licensed financial adviser (AFSL). Consider your own circumstances and seek professional advice before acting.