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7 Tips on Choosing a Financial Advisor for Your Business

Published May 31st, 2022 by Cornerstone Capital Advisors

Having a financial advisor for your business can help you set goals and improve the performance of your company. However, despite the many benefits of financial advisors, only 17 percent of business owners use a financial advisor. If you want to set goals for your business and improve your finances, you should find a reliable and professional financial advisor to help.

Do you want to learn more about how to choose a financial advisor? Keep reading these seven tips to get the best financial advisor for your business! 

1. Check Their Credentials

There are many options for advisors when you are hiring a financial advisor for your company. However, one of the most important things you need to do before hiring a financial advisor is checking their background and credentials. 

A financial advisor is not necessarily licensed. This means you may be getting advice from someone who is not qualified to give it. However, there are credentials that many advisors have that make them qualified to help you in any situation. 

For example, you may be able to find a Certified Financial Planner, also known as a CFP. This is an advisor that can help with general financial planning, not just corporate. 

You can also find a Chartered Financial Analyst, also known as a CFA. They help with investment management and are a more niche category of advisors.

Regardless of the training your financial advisor has received, you want to make sure they have plenty of financial advising experience. Often, they will display their work history, education, licenses, and any other background information on their website. Otherwise, you can ask them for more information during your interview. 

2. Make Sure They Are Compatible With Your Business

Next, you want to make sure your potential financial advisor is compatible with the goals of your business. Because financial advisors can specialize in so many different ways, you want to make sure they offer the services you need for your business. 

Whether you need help with budgeting, investing, tax planning, or even paying off your outstanding debts, you can find a financial advisor to help!

By making sure your financial advisor understands your business and can help you as you are setting financial goals, you will be able to get much more accomplished!

3. Check Online References and Reviews

Next, it is vital to check online references and reviews! Many financial planners will have client references on their website to showcase the work they have done, but you can also find reviews on Google. 

It is important to check these online reviews to make sure the financial advisor treats their customers well and is worth the money it costs to hire them. 

It can also help you to ask friends and family members for reviews. If you know someone who owns a business who has had success working with a financial planner, see if they can recommend someone to help you with your financial advisor services.  

4. Start Comparing Advising Fees

While this isn't necessarily the most important tip, finding a financial advisor that fits within your budget is very important! One of the most important steps to improving finances is to live within your means. This is equally important when running a business!

Often, financial advisors will have free quotes on their websites or will offer a free consultation. By comparing advisor fees, you can find a company that fits within your budget and that offers the services you need. 

5. Find Someone Who Keeps You On Track

When you hire a financial advisor, it is vital that you find someone who keeps you on track! Having a financial advisor can greatly benefit your company, but you want to make sure that they are actively trying to improve your business. 

If you have an advisor that agrees with every single one of your decisions and doesn't offer any constructive feedback, it is likely that you are not getting your money's worth. 

By finding someone who helps keep you on track to achieving your financial goals you can be sure your company is in the best hands possible. 

6. Interview Multiple Advisors

Even if you find a great financial advisor the first time you look, it is best that you do not hire them immediately. 

Instead, you should consider shopping around! Interview multiple financial advisors so you can find someone that works best with you. It's important that you find someone who can support your company and someone that you get along with! Interviewing multiple advisors can give you a better feel of what you are looking for. 

Make sure you consider your options before you hire any advisor for your business.

7. Research the Types of Financial Advisors

Finally, it is important to research the different types of financial advisors! You can find certified financial planners, investment advisors, wealth advisors, and even robo-advisors. 

By researching each of these types of financial advisors, you can find someone who closely matches the services you need! 

Find a Reliable Financial Advisor Today!

Having a financial advisor can greatly improve the way you do business. However, hiring a financial advisor is not a decision you want to make lightly. You want to find someone that is experienced, offers the services you need, and is able to keep your business on track.

If you are looking for professional financial advisors, Cornerstone Capital Advisors can help! We specialize in corporate finance advisory work and can help you meet your business goals. Contact our team today to learn more about the services we offer or to schedule a consultation!


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