Compare These Top Vendors for Financial Advisors
Bank of America Merrill Lynch Offers Industry-Leading Retirement & Benefit Plan Solutions. Find Out How Our Vast Resources, Personalized Advice & Thought Leadership Can Help Your Employees Achieve Financial Wellness Today.
Directory of business acquisition financial advisors. Domestic and foreign-based mergers and acquisitions advisory services.
www.business.com/general/merger-and-acquisition-financial-advisors/Providers of eldercare accounting services.
www.business.com/finance/eldercare-accountants/Industry advisers and consultants to the consumer finance industry.
www.business.com/finance/consumer-finance-consultants/Source: /guides/401-k-plans-key-terms-33062/
Learning about 401(k) plans key terms is a good place to start if you're considering starting up a retirement fund for your employees. From automatic enrollment to matching, after-tax and pre-tax contributions, 401(k) plans have several terms you may want to know before beginning one of these programs. Read More »
Source: /guides/401-k-plans-industry-overview-21253/
The 401k plan grew from a little known tax code loophole--which is where the 401k name came from--to the most common way workers invest for their retirement. This industry possesses trillions of dollars in allocated 401k retirement plan contributions. Read More »
Choosing a Financial Planner
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.
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.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.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.Tax planning
Financial planners can help you identify additional tax deductions and can alert you to specific reporting requirements for your business.Commercial real estate
When you're contemplating buying or selling commercial real estate, get advice from your financial planner.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.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.- 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.
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Tips & Advice for Financial Advisors
You are in business to make money. The reasons you wish to make money may differ from person to person and business to business, but the end result is the same. Profitability is the essence of the bottom line. There are more ways to make money for your business, however, than simply manufacturing and selling your product. Investments are a great way to enhance the earning capacity of your overall business plan.
Even if your business is a charity that gives all profits away to worthy causes, if you have the opportunity to increase the amounts you can donate, you will be even more successful in your laudable efforts. If you're in business to make a profit for yourself and your employees, the same mentality applies. Using financial advisors to increase the overall earnings of your company through long and short term investments with a balanced portfolio of high and low risk funds can greatly improve your overall profitability.
Financial advisors can also help you earn money to fund a retirement or pension plan for your employees. Offering these benefits can help maintain overall employee loyalty in an age where a spotted resume isn't the problem it used to be. Training new staff costs money, so it is in the best interest of overall success to maintain a low rate of turnover.
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Related Solutions & Vendors
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