Dear Ms Wise, I’m in my 50s and hoping to retire in the next 10 years. So far, I’ve managed my own financial affairs but as I get closer to retirement I think I should be getting professional financial advice. I’ve had quotes that range from $4000 to over $5000, and with financial advisers so expensive, I’m not sure if I can afford it. I was wondering whether financial advice fees are tax-deductible? Pam

The wisdom: A recent tax determination from the ATO represents a change in this area and is an important win for Australians, says Phil Anderson, general manager of policy, advocacy and standards at the Financial Advice Association of Australia (FAAA).