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IronMike94

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21/06/25

11:29

Post #: 79515536
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Originally posted by Wombat: ↑

Hi, I am now in my later years of life and have simplified my financial affairs a couple of years ago. The only outstanding thing left is to close off my Family Trust.
I have been advised by my accountant that my Family Trust has served its purpose and no longer serves a benefit. Closing my Trust involves selling down some shares that were purchased many years ago, this will trigger a Capital Gain to pay on the sale of shares.
The Capital Gain has been calculated by my accountant, however he is not in a position to advise on the best strategy to minimise the tax component that would be payable. They advise that this advice must be conducted by a Financial Advisor.
I am reasonably up to date with the options available to me, and the no brainer is to make a contribution to superannuation to minimise the CG payable.
My Superannuation Fund has confirmed with me that my account can receive the amount that would be payable on the closure of the Trust as a tax-deductible contribution.
I have had an initial consultation with a new Financial Advisor as my old Financial Advisor firm has now closed. At this meeting I informed them that I did not wish to undertake a full appraisal with subsequent advise on the whole of my financial affairs as this had been completed just a couple of years ago.
My wish was to purely to confirm that transferring the final balance of the Trust following the sale of the shares into superannuation and to provide me with some detail to support this intended action.
In return they have advised that through regulation of the financial industry they are required to look at the big picture of my financials, and provide advice with this in mind, and not just advice on the strategy of where to place the balance of monies on closure of the Family Trust. They advise that their cost for providing such advice is $4400.
I find this a bit daunting as my request for service was for minimal advice to confirm my thoughts which they don't wish to carry out unless they conduct the full assessment of my financial affairs.

My question is, does regulation require a full assessment of ones finances prior to providing advice on a relatively simple matter.

Thanks in advance for any return advice on this matter.

Regards Wombat

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IMO it would be cheaper to approach a new accountant and get their opinion of you're only after tax advise and NOT financial advice on income requirements and investment options.

To get a clearer picture, have you done the following:

• income and expense modelling to see how much income you will require to sustain your current lifestyle?
• were you advised to perhaps spread sales of your shares over several income years to minimise tax?
• have you looked into using unused prior year concessional super contributions?
• apart from tax minimisation have you thought about nominating a power of attorney, drafting a will etc?
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