Do you really have a good financial advisor? Or, do you just think that you have a good financial advisor? There is a huge difference between a financial advisor that is just doing his job and the best financial advisor in the country.
Even if you think that you have a good advisor, there are still somethings that you need to look for, in order to make sure that this is really the case. There are too many people that are getting taken for a ride by their financial advisors. With this information, you will know for sure that your business is in good financial hands.
Does he keep you updated about your financial status?
Does your financial advisor keep you updated about your financial status? Sending you all the books and statements at the end of the month. Or, is he trying to hire the statements from you?
If you have a good advisor, you will get your statements on a regular basis. And, you will not need to worry about any irregularities that you can’t figure out. Everything will be clear and explained. If not, and if the advisor is giving the one excuse after the other, then you need to know that there is something seriously wrong.
Is he experienced enough for your type of business?
Some financial advisors aren’t just experienced enough for your type of business. And, the results are that he is going to make serious mistakes. Mistakes that are going to cause you money.
It might be a great idea to hire an advisor that has more experience. Even, if this means that you need to pay more for his service. The chance of making mistakes with the financial statements is so much less if he is experienced with your type of business.
When should you be worried about, you’re your financial advisor?
With so many problems that businesses have with their financial advisors; it is important to know when you should start to worry about your financial advisor. When there are signs that something might not be right with your business’s books and statements.
The first warning sign that there might be something wrong, is when your business is suddenly starting to lose money. Even, if you are selling lots of products in-store and you are making a profit each month. You should also be careful when he is full of excuses when you want to see the books and when you are making an appointment with him. You don’t want to lose money, just because you are friends, and you don’t want to hurt his feelings.
What to look for when hiring the best financial advisor?
When you are hiring a financial advisor, you need to look at experience, qualifications, and his record. If he has a criminal record or a case against him, this is already the first sign that something is wrong with him. The other thing that you need to make sure about, is the fee that he is asking. Too cheap, and he also might not be who he said to be. So, you should make sure that you are comparing fees with other advisors.
Do you really have a good financial advisor? A question that you need to ask yourself. There are too many people that are getting scammed by their financial advisors. And, it is important to make sure that you are going to get reassurance that your advisor is one of the best ones in the country. One that really has your business’s best interest at heart. This will ensure that your business's financial status will always be in good hands.
For more information about our acclaimed Financial Advisor services, contact the team at Impact Accounting today.
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