Your business is your life’s work. Your personal wealth should reflect it.

Business owners often have most of their wealth tied up in the business. A financial plan can help diversify personal assets, build liquidity, manage debt, protect the family and reduce reliance on a future sale.

Before a sale, founders should consider tax, CGT concessions, deal structure, earn-outs, asset protection, superannuation contributions, estate planning and post-sale investment strategy. Early planning can materially improve after-tax outcomes.

Insurance, buy-sell agreements, shareholder agreements, succession planning and estate planning are critical. The aim is to protect both the business and the owner’s family if illness, death or incapacity occurs.

This depends on business growth needs, tax, cash flow, debt, personal goals and risk. A good strategy considers both the business balance sheet and the family balance sheet.

A financial adviser helps you make informed decisions about your money, including superannuation, investments, insurance, retirement planning, cash flow, tax-aware structuring, estate planning considerations and long-term wealth strategy.

In Australia, personal financial advice must be provided by an authorised adviser who is listed on the Financial Advisers Register. Advisers also need to meet conduct and disclosure obligations, including acting in the client’s best interests when providing personal advice.

You should consider financial advice when your financial decisions become complex, high-value or long term. Common triggers include buying a home, starting a family, receiving an inheritance, changing jobs, receiving equity or bonuses, preparing for retirement, selling a business, managing tax, or deciding how to invest surplus income.

Good advice is not just about investments. It is about creating a clear plan, understanding trade-offs and making sure decisions across tax, super, insurance, debt and estate planning work together.

Look for an adviser who is properly licensed, transparent on fees, experienced with clients like you, and able to explain advice clearly. ASIC’s MoneySmart recommends checking an adviser’s qualifications, experience, fees, services and whether they have any links to product providers.

A good adviser should take time to understand your goals, explain alternatives, disclose costs and risks, and give you space to make informed decisions.

A strong advice process usually includes discovery, goal setting, strategy development, written recommendations, implementation and ongoing review.

For personal advice in Australia, clients may receive a Statement of Advice explaining the advice, the basis for the recommendations, relevant costs, benefits, risks and any conflicts or remuneration. ASIC guidance emphasises that advice should be clear, concise and effective.

The cost depends on complexity. A simple advice engagement may be relatively contained, while comprehensive advice covering superannuation, investments, insurance, retirement modelling, tax structures and estate planning coordination may cost more.

Best practice is for fees to be clear upfront, agreed in writing and linked to the scope of advice. Clients should understand whether fees are fixed, hourly, ongoing, asset-based or a combination.