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Heard on the Street Blog

What Value Can A Financial Advisor Bring to Your Small Business

A small business owner, or someone who is self employed always has a million things on their mind. In the beginning you’re trying to figure out how to get your business started. Then it’s on to how do you get new clients, then keep those clients, all in order to be able to grow your business. 

Everyone (hopefully) specializes in what they do. It’s safe to assume you love what your business does and want to continue to focus on that. There’s not always time to think about other things. But some of those other things are very important too, and can actually help your business. 

A Financial Advisor can help you out with a lot of things that are complicated, confusing, and out of your comfort zone. No matter what stage of your business you’re in. It makes sense to surround yourself with professionals who are experts in what you’re not, so you can succeed. 

So let’s take a look at some of the ways a Financial Advisor can help you out. 

Insurance Planning 

I’m sure this article heard a sigh when you read the word insurance, but a good wealth management plan has to incorporate insurance. We could do all of the planning in the world, create a real work of art on a spreadsheet, and then something happens that causes you to not be able to work. Then you have to use all of your savings to keep yourself afloat until you can earn an income again. So the plan becomes completely irrelevant. 

About 45% of us will develop cancer at some point in life, that’s a scary statistic. With cancer comes additional costs, with medication and treatments, not to mention the stress that comes with it. You’re probably not going to be able to work as much or as hard as you did in the past. 

Insurance is definitely something people overlook, or try to risk going without it to save costs. Insurance is cheapest earlier on. Some insurance plans have things like Return of Premium, meaning if you don’t need the benefits you get your money back. A good Financial Advisor can teach you about the types of insurance you need to consider, make sure you have a plan that meets your exact needs, and is reviewed as your situation changes. Things like Critical Illness, Disability Insurance, Life Insurance, Business Overhead Expense, and Key Person Insurance should be considered. 

Cash Flow Management 

What do you do with the money you or your business is making? Is it being invested or is it just accumulating in a low interest savings/checking account because you don’t know what to do with it? 

Just like for an individual, money a business makes doesn’t have to stop making you money once you get paid. By investing your earned money strategically, you can continue to earn interest and money. This can help you afford expenses for your business, training or software, paying taxes or memberships, really anything you can think of. The only people I know that are excited come tax time are the people willing to do your taxes for you. By accumulating, saving, and earning interest, you can make those times when money is tight more manageable. 

Financial Planning

As a small business owner or self employed person, you don’t have to deal with the big company problems or structures, which is very appealing I know! But it also means you don’t have access to some of the perks. Perks like: benefits, basic insurance, and (in Canada) the possibility of a Group RRSP, meaning you are solely responsible for accumulating your retirement savings. 

That’s another overwhelming task that can get easily pushed aside, the ‘deal with it later’ mentality. With investing and saving for your retirement, the earlier you start and the longer you invest, the more benefit you actually see. A Financial Advisor can help get you started, keep you on track, remind you of the importance, and always have your financial future as a priority. Which lets you prioritize your business and how to make it succeed. 

Retaining Employees 

Job markets are very competitive. A lot of times it comes down to the specific work environment and perks of working for that employer that attracts and retains employees. Everyone needs to have a good financial plan, and that includes investments and insurance. Being able to recommend a Financial Advisor to take care of your employees is a big perk and is something that is completely out of employees minds, meaning they can focus more on their tasks. Money is one of the most common things that keep people awake at night and distract them. 

Taking care of your employees is not only good for them, but it’s good for you and your business. 

Legacy Planning 

What happens to your business when you retire, or if something bad were to happen? Do you have a successor, or a plan to sell your business? Are you aware of the potential tax consequences, difficulty with getting fair value, or complications that come along with passing on your business? 

A Financial Advisor can help make those decisions easier for you and your family. Obviously you want what is best for you and your family. But it’s always easy to push things off when they aren’t of immediate concern. As a Financial Advisor, my priorities are always protecting you and your families wealth. Even if it’s not always on your radar because you’re managing a business, it’ll be on mine. 


When you combine everything together, a Financial Advisor can save you a lot of time and effort. A Financial Advisor should be looked at as an Asset, not an Expense. Financial Advisors can bring a lot of value, not only on the business side but also on the personal side. 

Just like a mechanic, dentist or doctor, a Financial Advisor is a specialist. A good Advisor can focus on what they do best, so you can focus on what you do best. Successfully manage and run your business.


Whether your business is young, or you’ve been at it a number of years. A Financial Advisor should be part of your team. Do your research, look around, and find an Advisor you trust and can work well with. You owe it to yourself to have a complete team and it should help your business succeed.