When planning for retirement, one of the most common questions people ask is:“Should I use an estate planner or financial adviser for retirement?” Both professionals play an important role but in different ways.
Understanding what each one does (and how they can work together) can help you protect your wealth, make smarter financial decisions, and leave a lasting legacy for your family.
Let’s explore their differences, when to use each, and how the right combination can help you retire with clarity and confidence.
Why You Need Expert Help When Planning for Retirement
Retirement isn’t just about stopping work it’s about ensuring your money, assets, and loved ones are protected for the years ahead.While most Australians think about super and investments, estate planning is often overlooked until it’s too late.
That’s why it’s important to understand who does what, and when you should involve them.
What Does a Financial Adviser Do?
A financial adviser helps you manage and grow your wealth throughout your life especially leading up to and during retirement.
They can help you:
- Build and adjust your retirement plan
- Maximise your superannuation contributions
- Transition from work to an account-based pension
- Reduce tax on income and investments
- Ensure your money lasts through retirement
Think of your adviser as the architect of your retirement lifestyle they design a financial plan that supports how you want to live, travel, and spend your years after work.
When to See a Financial Adviser
You should consider speaking to one if you:
- Are within 10–15 years of retirement
- Have multiple super funds or investments
- Want to retire early or reduce working hours
- Need to calculate how much income your savings will generate
- Are unsure how to balance super, Age Pension, and tax
What Does an Estate Planner Do?
An estate planner focuses on what happens to your assets after you pass away and how to make the process as smooth as possible for your loved ones.
They help you:
- Create or update your Will
- Set up powers of attorney or guardianship documents
- Structure ownership of property, trusts, or companies
- Ensure your superannuation death benefit nominations are legally binding
- Minimise tax and disputes for beneficiaries
An estate planner’s role goes beyond just writing a Will they make sure your financial and legal affairs are structured correctly for long-term protection.
When to See an Estate Planner
You should meet with one if you:
- Own significant assets (property, business, investments)
- Want to protect your estate from disputes or tax issues
- Have children from previous relationships
- Need to ensure your super and insurance go to the right people
- Want to leave a lasting legacy for your family or charities
Should I Use an Estate Planner or Financial Adviser for Retirement?
The short answer is ideally both.Your financial adviser helps you manage wealth while you’re alive; your estate planner ensures it’s protected and transferred properly when you’re gone.Together, they create a complete strategy that covers your retirement, your future, and your family’s future.
Here’s how they work together:
| Focus Area | Financial Adviser | Estate Planner |
|---|---|---|
| Superannuation strategy | ✅ | ⚪ |
| Investment management | ✅ | ⚪ |
| Account-based pensions | ✅ | ⚪ |
| Tax optimisation | ✅ | ✅ |
| Wills and testamentary trusts | ⚪ | ✅ |
| Death benefit nominations | ✅ | ✅ |
| Power of attorney | ⚪ | ✅ |
| Legacy and inheritance planning | ⚪ | ✅ |
As you can see, they complement each other not compete.
When to Prioritise a Financial Adviser
If you’re still working or recently retired, your financial adviser should be your first stop.
They’ll help you:
- Grow and manage your wealth in retirement
- Understand your super and investment options
- Plan withdrawals and income streams
- Balance lifestyle goals with long-term financial security
This ensures your retirement years are comfortable and sustainable.
When to Prioritise an Estate Planner
Once you have your finances in order, it’s time to make sure your wealth is protected.
An estate planner ensures that:
- Your assets go to the right people
- You have legal protection if you lose capacity
- Your Will and nominations reflect your wishes
- Your family avoids legal or tax complications later
Estate planning isn’t just for the wealthy it’s for anyone who wants peace of mind knowing everything is taken care of.
Can I Use Both Together?
Absolutely and in fact, it’s the best approach.A financial adviser can help you grow your retirement wealth, while an estate planner makes sure it’s structured and protected.
For example:
- Your adviser ensures your super is invested well and supports your income.
- Your estate planner ensures your super death benefits are paid to the right people without tax complications.
By working together, they help you protect both your lifestyle and your legacy.
FAQs:
1. Do I really need both a financial adviser and an estate planner?
Yes, if you want a complete plan. A financial adviser helps you manage your wealth now; an estate planner helps protect it for the future.
2. Can a financial adviser help with my Will or estate planning?
They can guide you on financial aspects (like super nominations), but legal documents such as Wills and powers of attorney must be done through an estate planner or solicitor.
3. What’s the main difference between estate planning and financial planning?
Financial planning focuses on wealth creation and management. Estate planning focuses on how your assets are passed on when you die.
4. When should I start estate planning?
Ideally before retirement. The earlier you start, the easier it is to structure assets efficiently and avoid unnecessary tax or confusion later.
5. How do I choose the right professionals?
Look for licensed, experienced experts a financial adviser with an AFSL (Australian Financial Services Licence) and an estate planner with legal credentials in estate law.
How Superannuation Works When You Retire
When Is the Best Time to Retire?
So, should I use an estate planner or financial adviser for retirement?Yes both play crucial roles in shaping your financial security and peace of mind.A financial adviser helps you make the most of your money while you’re living.An estate planner ensures that money is protected and distributed properly when you’re gone.
Together, they form the foundation of a smart, holistic retirement strategy one that supports your lifestyle today and your legacy tomorrow.At Wealthlab, we help Australians prepare for every stage of retirement from super and income planning to estate coordination.
Book a free consultation today to make sure your retirement plan and legacy are both in good hands.
Learn More About Retirement & Superannuation
https://moneysmart.gov.au/financial-advice/working-with-a-financial-adviser?
https://static.moneysmart.gov.au/files/publications/financial-advice-and-you.pdf?