You’ll need legal advice for everything from creating/updating your will to creating trusts and reviewing any business or investment contracts you enter into. Solicitors can also give you personal financial advice, but to do this they must have an AFS licence or work for someone who does.
Before you spend a cent of your newly found wealth, you need to understand how much tax you must pay. Otherwise, you could be caught out with half of the money you thought you had or – even worse – a huge tax bill that needs to be paid after the money is long gone.
Licenced Financial Adviser
Find an independent, licenced financial adviser (sometimes called a financial planner) to help you understand what your investment, superannuation and life insurance options are. To find out if a financial adviser you’re considering hiring is qualified and capable, you should:
• Ask about their qualifications – advisers should at the very least have a diploma in finance, economics, accounting or financial planning.
• Ask for a copy of their Financial Services Guide. This will have information about an adviser’s services, pricing, employer and links to product providers (such as big banks).
• Ask if the adviser is a linked with any professional bodies or industry associations -they usually have a code of conduct for their members.
• Steer clear of any adviser who only wants to sell you products or investments in one company.