Many leaders and business owners think that they can manage their business finances without the help of others. If a person has good years of experience in managing a business then he/she will be able to manage their finances because they have gained the exposure and are credible to understand the problems in their business. But for others, hiring a good financial advisor will be the best option to manage their investments and business finances effectively. If you do not have the right investment plan then it can cause you great loss. One of the leading financial advisors Ed Rempel, a financial blogger, and fee-for-service financial planner assisting Canadians with creating real, professional financial plans that earn results. Ed Rempel review is helping thousands of Canadians get their financial houses in order and keep them there.
Here are five things to consider before hiring a Financial Advisor:
Credentials:
“A good financial plan is a road map that shows us exactly how the choices we make today will affect our future,” said Alexa Von Tobel, Founder and former CEO of LearnVest, an American financial planning company. It sells personal finance software. She is also the Managing Partner of Inspired Capital, a venture capital firm which she founded in 2019.
Before you try to hire a financial advisor for your business, make sure to do complete research about the person, whether he has the right expertise in the sector or not. Also, to identify if your financial advisor is genuine or not, check if they are certified by the Financial Planning Standards Board. They should also be registered with the Securities and Exchange Board.
Fee Structure:
A good financial advisor will demand a decent fee for their work. If they don’t demand a fee then they will ask for commissions for providing you with effective financial planning for your business. The actual fee range for hiring a financial advisor falls between 500 dollars to 1000 dollars.
Experience:
Focus on hiring an experienced financial advisor who has good records with their past clients. An experienced financial advisor is well aware of every aspect of the market cycle and they know how to create effective financial planning for the business according to the market trends. A financial advisor with at least five years of experience can be your safest option and they can help the business in reducing the risk of financial losses and overflow of money.
Meeting:
It’s important to meet your financial advisor in person and try to discuss the problems you are facing in managing your business finances. Once you get comfortable in talking to them then try to hire them for your business. But to get good results for your business finance, you need to have a good relationship with your financial advisor. Try to connect with them on weekly basis to get a better idea about their work and to identify the issues your business is facing in the finance division.
Reference check:
Before hiring a financial advisor, make sure to check for their existing and old clients. Ask them about their experience in hiring the same advisor for their businesses. If you get positive signals they move further and hire the financial advisor.
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