Running your own business is more than just a job. It’s a way of life. From the initial concept, through those faltering early days and (hopefully) on to success and growth, a business becomes a 24/7 commitment. But this all-encompassing nature of business means that many successful entrepreneurs neglect to make arrangements to protect their assets and plan for the future. Which is where a financial advisor comes into play.
Here are 5 reasons to consider hiring a financial advisor:
1. Protecting Your Future.
It’s all too easy for a business owner to be so consumed by everyday practicalities that they fail to consider the wider implications of their business’, and their own, future. A good financial advisor will be able to see across every aspect of your finances, and navigate all the relevant issues giving you a stable and secure financial future.
2. Leveraging Financial Concessions And Strategies.
Too many business owners will only reinvest in their own business. It’s understandable of course, but it does make sense to spread investments. Helping you take advantage of various tax breaks, and using a variety of investment strategies to mitigate risk, is all part of the service provided by a quality financial advisor.
3. Managing Your Assets.
If you’ve built up assets and investments outside of your business they need to be working for you, providing a long term return that exceeds inflation. But unless you understand the domestic and overseas markets thoroughly you can easily make some unwise choices. A competent financial advisor won’t just hop on the latest investment fad, but will look at the mid to long term to secure your future.
4. Building Your Pension.
Most business owners see their company as their pension, with the eventual plan of selling the business off and reaping the benefits of years of hard work. However, it makes sense to also invest in a pension, especially with the generous tax breaks available. Your financial advisor will make you aware of all your options and help you start making contributions as early as possible.
5. Making Plans For The Unexpected.
If you can be sure about one thing in life it’s that nothing is certain. A severe illness or even early death are not mythical problems that affect other people. Therefore proper plans need to be in place to manage these potentially devastating problems. Your financial advisor will see that you have adequate protection in the form of insurances, and also develop a proper Inheritance Tax plan and safeguards to ensure that not only are your family protected but also the fruits of your labour.
The importance of a financial advisor for both you and your business cannot be overstated. With their help you can rest easy that your future is in safe hands.
HW Fisher has a team of experienced financial advisors who are on hand to help you with your financial future. Contact them today to discuss your options.