Successful small businesses serve the needs of their customers. And owners of those businesses know they also need to take care of their own needs. For example, will I have enough money to retire one day? How will I pass the business on? To answer these questions, some owners turn to a financial advisor. Start by asking these four questions to help find an advisor that fits your needs.
The term “financial advisor” can be confused with other financial professionals like accountants, insurance agents, investment counselors and stock brokers, to name a few. While advisors may work closely with each of these other professionals, they tend to have a broader focus. Financial advisors typically look at your entire financial picture and develop a detailed plan to meet your financial goals.
When looking for a financial advisor, start by asking these questions:
There are several resources to locate a financial planner including the Financial Planning Association and the National Association of Personal Financial Planners. FINRA offers BrokerCheck, which lets you check whether there is any disciplinary action taken against the advisor. You might also ask for referrals from your small business contacts.
It’s important to consider several advisors before making your final choice. Meet with each to get a sense for whether they would be a good fit for you. And start by asking the above questions.