Although most financial planners cater to individuals, some focus their efforts on helping business owners with decisions about employee benefit plans, insurance, taxes and more. When hiring a financial planner, consider the following:
- Experience.
- Compensation.
- Certification.
Action Steps
The best contacts and resources to help you get it done
Get financial planning help with insurance
HMO, PPO, POS — with the myriad options available, it's tough to zero in on the best health insurance plan for your business. Some financial planners are licensed to sell insurance and may work on commission; others are paid by you and can help you choose the best plans for your business.I recommend: ING offers a slate of financial planning services for businesses, including the selection of employee benefits.
Sift through retirement plan options
Whether you want to create a retirement plan for yourself as a sole proprietor, or you want a plan that will cover you and your employees, a financial planner can help.I recommend: Financial advisors at Merrill Lynch and Schwab offer a number of options geared specifically to small business owners and their employees. If you prefer an independent planner, search for one in your area at LPL.com, which has more than 6,500 advisors in more than 4,000 branches nationwide.
Investment plans for you and your business
Ideally, as a business owner, you'll have profits to invest. For unbiased advice, you may wish to use a "fee-only" financial planner who isn't licensed to sell investment products.I recommend: Major investment firms, such as Fidelity, have advisors who can help you find the best ways to invest your company's cash. Find financial planners who aren't licensed to sell investment products at the PaladinRegistry.com.
Tax planning
Financial planners can help you identify additional tax deductions and can alert you to specific reporting requirements for your business.I recommend: WiseAdvisor.com offers several matching services to help you find a financial planner who deals with business finances and taxes.
Commercial real estate
When you're contemplating buying or selling commercial real estate, get advice from your financial planner.I recommend: Prudential Financial offers a number of services geared to business owners, including relocation services, commercial mortgages and commercial real estate. Search for a Prudential financial planner near you on the firm's Web site.
Check credentials
Anyone can call himself or herself a financial planner. Ensure that your financial planner has the proper education, experience and commitment to ethics by choosing a Certified Financial Planner, a Personal Financial Specialist or a Chartered Financial Consultant.I recommend: Download a checklist from the National Association of Personal Financial Advisors to help you evaluate financial planners and their credentials.
Consider compensation
Planners may receive a fee, commissions based on selling investments or insurance, or a combination of the two. Fee-only planners may charge a percentage of the assets under management, an hourly fee or a flat fee. Many believe that fee-only advisors provide the most unbiased advice since their income isn't derived from selling financial products.I recommend: Search for fee-only planners at NAPFA.org.
Tips & Tactics
Helpful advice for making the most of this Guide
- Keep in mind that many planners have minimum income and asset requirements for clients.
- Get referrals from friends and business associates.
- Be sure to meet with planner for a free consultation. You want to make sure you're comfortable with your advisor and he understands your company's needs.
the Financial Advisors page at Business.com
Business On Main: Online Community
Free Online Tools & Resources To Help Start Or Grow Your Business!
www.BusinessOnMain.com
Free Online Tools & Resources To Help Start Or Grow Your Business!
www.BusinessOnMain.com
401k Plans Designed for Small Businesses and Individuals
Low-cost, on-demand and easy-setup plans from ShareBuilder 401k. Plans for one or more priced from $15 per month. Learn more.
www.sharebuilder401k.com
Low-cost, on-demand and easy-setup plans from ShareBuilder 401k. Plans for one or more priced from $15 per month. Learn more.
www.sharebuilder401k.com
Check Your Company's Fiscal Fitness
The Z-Score measures the financial health of a company and forecasts the probability of a company entering bankruptcy within a two-year period.
Z-Score Analysis
www.gerke.com/gerke2009/zscore.php
The Z-Score measures the financial health of a company and forecasts the probability of a company entering bankruptcy within a two-year period.
Z-Score Analysis
www.gerke.com/gerke2009/zscore.php
Financial Planner Business Valuation Resources
Find Financial Planner Business Valuation. Search listings and reviews of retailers, specialists and services in your local area now.
JustClickLocal.com
Find Financial Planner Business Valuation. Search listings and reviews of retailers, specialists and services in your local area now.
JustClickLocal.com
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