Property, tax and death questions Aussie millionaire maker wants you to ask: 'Hold you back'

Ben Nash has broken down the key questions you need to ask those handling your finances. (Getty/Supplied)

There are some people you’re going to need to help you on your money journey, while there are others you might want. Enlisting the support of the right people can help you exceed the results you thought possible.

On the flip side, missing key people or surrounding yourself with the wrong people will slow down progress and hold you back. Knowing what to expect, who to use, and how and where to find them can be challenging, particularly if you haven’t done this before.

Understand the key people you should consider including in your money dream team and what to look for in these people so you get the best results.

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Mortgage broker

A good mortgage broker can help you understand your borrowing power way before you buy a property, so you can position yourself to execute on a property purchase you really want in the timeframe you choose.

Questions to ask your potential mortgage broker:

• Which lenders are and which aren’t on your lending ‘panel’?

• How many clients do you look after at any given time?

• What does your support team look like?

• Once I have a mortgage in place with you, how will you help me make sure it stays competitively priced into the future?

Property lawyer or conveyancer

The difference between these two professionals can seem confusing, but basically it comes down to their formal qualifications.

If you do opt for a lawyer, one thing to look out for is a jack-of-all-trades lawyer is unlikely to have deep property experience because they’re spreading their work across a number of different areas.

Questions to ask your property legal person:

• Are you a conveyancer or a lawyer? What are your qualifications?

• How much experience do you have? How long have you been working with property, and how many property transactions have you been involved in?

• Do you work in other areas or only property law?

• What can I expect in terms of communication through the property-buying process?

Property buyer’s agent

Because a buyer’s agent is finding property for you, they’ll save you a heap of time.

But your buyer’s agent will also have a strong understanding of the property market you’re buying in, simply because of the sheer volume of properties they look at.

Questions to ask your potential property buyer’s agent:

• How do you charge, and how do you get paid? Do you receive any referral fees or commissions?

• What is your property philosophy and what sorts of properties do you think make a good investment?

• Which areas or suburbs do you buy in, and which do you avoid?

• Approximately how many properties have you bought for clients in the past year?

Estate agent giving house keys to woman and sign agreement in office (Witthaya Prasongsin via Getty Images)

Estate planning lawyer

An estate planning lawyer is someone who helps you set up a will, power of attorney and guardianship, basically the three documents you need to form an estate plan.

Questions to ask your estate planner:

• What areas of law do you work in and specialise in?

• How do you charge and what would the typical fees be for completing key estate planning documents?

• How do you build education into your estate planning process?

Tax accountant

To get the most out of a relationship with an accountant, you need to come into it with an understanding of tax deductions, what you can claim and what you can’t.

You should also be aware of the strategies you can use to save tax and consider how these might fit with your other money goals.

Questions to ask your potential accountant:

• Do you work on a fixed fee or an hourly rate, and how much will you charge?

• How will you help me build my knowledge about how I can save tax not only this year, but in the years ahead?

• What sort of clients do you work with and what areas do you specialise in?

• How much time can I expect to spend with you going through the tax return process?

• What support do you have around you to ensure I receive a quality level of service?

Financial adviser

One of the most important things to look for when choosing a financial adviser is their philosophy around investing and money – the approach they take around share investing (active vs passive), property investing, and their overall approach to building your wealth and investments.

Also look at their fee model. There are two broad approaches here: fixed fee for service, and asset- or commission-based fee structures.

Questions to ask your potential financial adviser:

• What is your experience working with people like me?

• What sorts of results should I expect from your advice, and where will I see the value?

• How do you charge fees?

• How much of your advice involves me making decisions vs you telling me what will be best?

• How do you balance lifestyle and financial goals in your planning and advice?

• Where does education fit into your advice process?

• What do you do in the initial planning stages to ensure my plan turns into results?

• What do you do through your ongoing service to ensure I’m getting the results I’ve planned for?

The reality is that you only have so many hours in the day and so much knowledge you can apply to your money. But your dream team is an amplifier that will deliver leveraged results.

When choosing your dream team members, use these questions as a guide to ensure you only bring in quality professionals and, as you move forward, monitor their work to ensure they continue to deliver for you.

Ben Nash is a finance expert commentator, podcaster, financial adviser and founder of Pivot Wealth.

This is an edited extract from Ben’s new book, Virgin Millionaire; the step-by-step guide to your first million and beyond (Wiley, $34.95). The book is out now on Amazon | Audiobook and all leading retailers.

If you want to chat about getting some help with your money, you can book a call with Pivot Wealth here.

Disclaimer: The information contained in this article is general in nature and does not take into account your personal objectives, financial situation or needs. Therefore, you should consider whether the information is appropriate to your circumstances before acting on it, and where appropriate, seek professional advice from a finance professional.