How to Choose the Right Financial Advisor for Your Business

Business woman working on laptop smiling.

Running a successful business takes time, investment, and a lot of courage. For business owners who don’t utilize professional financial planning from a trusted financial firm like Focus Financial, you may find yourself struggling each payday or tax period—often having to use money from a personal savings account to help cover employee compensation or other vital business expenses. 

Partnering with a financial planning firm helps ensure your finances are handled appropriately, so you can focus on your customers and daily operations. An advisor will work with you to understand your needs and challenges and develop a long-term growth plan for your company that ensures its success today, tomorrow, and after you retire.

In addition to protecting your business, its assets, and future investments, other important areas of speciality that a financial advisor can provide you with include:  

How to Choose the Best Financial Advisor

Sadly, not all business plan advisors offer the same level of quality, knowledge, and experience to help your company thrive. Therefore, it’s important to hire an advisor who understands your brand’s vision and long-term goals, and one who can help you turn financial challenges into new opportunities for success.

To help you in your search, here are three essential questions to ask yourself about your financial advisor:

(1) Are We Both On the Same Page?

When you talk about your business with an advisor, do you get a sense that he or she has a true understanding of your goals? How has your advisor demonstrated an ability to develop a financial plan that aligns with how you see your business running in the next 5-10 years? Are you satisfied with this vision? Or are you left with less confidence in the plan?

(2) Does My Advisor Understand My Industry?

Does your financial advisor offer general experience in all industriesor does he or she excel in one or two particular areas (i.e. medical, small business, industrial, etc.)? The decision of whether this is important will vary between business owners, but if you’re looking for an advisor who has helped other companies, like yours, navigate through the financial ups and downs of a competitive marketplace, you may see greater value in finding one that specializes in your industry.  

(3) Is My Financial Advisor Qualified?

When selecting a financial advisor, business owners should conduct research, read reviews, and check certifications to ensure their advisor is both credible and highly regarded as an expert in the field. “You should also remember that virtually anyone can fill an office with prestigious-looking credentials and call himself or herself a financial planner,” (AARP). What this means is you need to be diligent in your search and don’t be afraid to ask questions. Quality financial advisors will have a list of referrals on hand and will also have a strong reputation in the community, as well as their industry. 

Trust Focus Financial for Independent Business Financial Advice

No matter who you choose, your financial advisor has a vast responsibility to help increase your expertise and confidence regarding financial decisions that affect your company. 

At Focus Financial, we’re committed to helping you set your business on the long road to success—working to understand the unique challenges your organization faces and provide you with invaluable resources that everyone in your organization (include customers) can benefit from. 

As leading financial advisors, we’re available to help with all facets of your business planning. Whether you need assistance with 401Ks, taxes, budgeting, or successions planning, you can trust our team to guide you every step of the way. 

Ready to talk to one of our experts to see how we can help? Contact us today, or search our network to find an advisor near you!

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