Do You Need a Financial Advisor for Your Small Business?
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Do You Need a Financial Advisor for Your Small Business?

Planning for the future is something everyone in the work force should consider. According to the U.S. Small Business Administration, “Many observers report that Americans do not save enough and that retirement savings are especially inadequate […] Over 9 million self-employed individuals are without retirement plan coverage.” This is a major problem that not only impacts how financially comfortable you are during your golden years but will also have a long-lasting effects on the economy. The good news is there are ways for you to avoid that problem.

As a business owner, you may take pride in handling all aspects of your business. You feel like no one knows or can take care of your business like you can. While most are successfully able to juggle their books and daily operations, taking on every facet of the company can leave business owners open to some major financial issues. Your focus may be grounded on the nowHow is business doing right now, what bills will be able to be paid right now, etc. While dealing with those important issues, the growth and long-term plan for your business usually take the back seat. This is where having a financial advisor can help.

For any business to thrive, it’s important to have a financial plan set in place. A financial advisor can develop a plan that will help you manage funds and expenditures efficiently. They can help you build and manage your assets, create a course of actions for your transition to new management once you’re ready for retirement, and educate you about the rewards and risks of your investments.

When looking for a financial advisor, be sure to look for someone with experience and credentials. There are advisors available that specialize in small business, and having someone with expertise in your industry is invaluable. You should also make sure that they are a fiduciary. The advisor you choose should make decision with your best interest in mind. Having an advisor who is held the to fiduciary standard means they must avoid conflicts of interest, be fully transparent, and ensure that the investments made are suitable for you and your business.

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