The day will come when hiring a financial advisor will be a necessity. In fact, financial planning for a business will differ slightly compared to personal finances. The reality is, choosing a financial planner and advisor that helps your business thrive and grow becomes increasingly important for all business owners. Ultimately, the decisions that a financial advisor makes will either help your business grow or not grow — as well as how fast that growth occurs. Here are some clear mistakes you’ll absolutely want to avoid when choosing a financial advisor for your Annapolis, MD small business.
Never Asking How Your Financial Advisor Will Be Paid
Working with fee-only financial advisors tends to be the optimal route to take for a lot of small business owners. In fact, if you end up working with an advisor who gets paid via a commission scale, it can be a serious red flag. The reality is, most fee-only financial advisors will usually charge you on an hourly or annual basis — which makes accounting for this expense significantly easier. Ultimately, it’s all about the relationship between you and your financial advisor that can really strengthen your business and ensure it grows at an excellent rate.
Only Focusing On Past Performance
A financial advisor is more than just a money manager. In fact, a good financial advisor can typically be a great help in terms of holistic planning and guidance for your business’ success and maximizing your business’ growth. The reality is, financial advisors who solely focus on investment performance or the performance of your business’ growth will usually miss the much bigger picture. Ultimately, taking a more holistic approach is always a great trait in any financial advisor — particularly a business financial advisor.
At the end of the day, it can be difficult to find a financial advisor for your business. In fact, all small business owners will typically require a financial advisor at some point. The reality is, having a trusted financial advisor is an excellent way to have your business excel and really thrive.
Trust the Professionals at the Harding Group
Unlike other accounting firms, The Harding Group, located in Annapolis, MD, will never charge you for consultations and strive for open communication with our clients.
Are you interested in business advising, tax preparation, bookkeeping and accounting, payroll services, training + support for QuickBooks, or retirement planning? We have the necessary expertise and years of proven results to help.
We gladly serve clients in Annapolis, Anne Arundel County, Baltimore, Severna Park, and Columbia. If you are ready to take the stress out of tax time, contact us online or give us a call at (410) 573-9991 for a free consultation. Follow us on Facebook, Twitter, YouTube, and LinkedIn for more tax tips.