Why on earth would I move out of tax into financial planning?

I often get asked the question why I would transition from law and accounting, in a Big 4 accounting firm, doing significant transactions into a small financial planning business looking after professionals.

This question is even more relevant given the recent negative media attention which has been given to the financial planning sector.

Whilst I do not think my prior role and current role vary significantly (other than the issues we seek to solve), for me, the decision was two-fold:

• Professional; and
• Personal. 

Professionally, I enjoyed the challenge and skill involved in tax.  I loved the collaborative approach used to develop innovate solutions and strategies that worked.

Through my financial planning practice, I am able to utilise the skills, techniques and strategies I previously applied at a corporate level to the personal life of every individual that I deal with.

I seek to bring this new thinking into every client meeting and interaction. This means a focus on needs, goals and aspirations rather than a more traditional mindset.

Think about this, a tax advisory client approaches your firm as well as competitor.  How do they decide?  They will no doubt consider a number of factors including education, reputation and price, but the critical issue will be how well do you understand the problem they have and what solutions can you offer.

No longer is it simply how do I pay less tax.  Factors such as global taxing rights (e.g. BEPS) and corporate reputation (e.g. the recent Senate inquiries) are as relevant to the discussion as the ultimate tax rate and price of your services.

In a financial planning context, there are similar issues being grappled with.  There is a need to focus on getting a true understanding of your goals, dreams and aspirations and then to build solutions which take into account each clients preferences.

On a personal level, whilst I love my job and I love developing solutions and strategies that work for my clients, I wanted to achieve the exact same thing myself.  That is I want to spend more time with my family and friends enjoying the different things life has to offer.

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