In the age of the internet, more knowledge than we ever could have imagined is at our fingertips.
The intelligence and algorithms of search engines like Google (and let’s face it, nearly all of us use Google exclusively) can give you definitions of words via a description. Try it sometime – put in a phrase or a simple question, and no doubt Google will find the answer for you somewhere.
With all this knowledge, it’s tempting to want to do things ourselves. There’s plenty of information out there on topics such as law, mortgages, finances and accounting, but there are several reasons why seeking professional advice is the best idea in these situations.
1. Information can change quickly
Some things change each day, some things less often. However, at some point everything will change and it’s important to know that the information you’re getting is the most current and relevant information available.
For example, when dealing with laws, acts of parliament can be amended, with some acts having several amendments and finding a complete and current version can be a seemingly impossible task. In addition, decisions made in state Supreme Courts and the High Court can alter the law dramatically and you may find yourself searching through information that is no longer current.
However, a professional adviser’s job is to keep up to date with current industry trends, and their advice will usually be based on the most current information.
2. Complex information can be hard to interpret correctly
Not being able to interpret complex taxation laws or investment plans doesn’t mean you’re not smart. They’re usually not written for the average person to understand.
Try delving into some building approvals legislation and see if you come up for air ever again, let alone get your construction project started.
What is smart – and also cheaper, quicker and more reliable – is seeking out a professional who can interpret this information, eliminate the irrelevant parts and give you tailored, professional advice.
3. A professional adviser knows a broad range of options that can be explored
Carrying on from the previous point is the fact that a professional adviser is able to use their wealth of knowledge and experience to explore options that may not be readily available or even traditional.
Sure, most people know what negative gearing is, but what are the other tax breaks that come from owning an investment property? What you spend on advice you may end up saving many times over because a professional accountant managed to make several deductions for you.
Of course, there are many, many reasons to seek professional advice – these are just our top three. What are your reasons, and why?
Jim Vrondas is the non-executive director of adviicemrkt, a completely independent online marketplace for verified, reviewed and trusted advice givers in the fields of accounting, financial planning, legal, mortgage lending and real estate.