Do I need a financial advisor in business?
‘Do I need a financial advisor in business?’ It is a question I’ve heard many times – we all have an accountant, or should have! But Do I NEED a financial advisor?
In the video clip below Tanya speaks to Barry Gordon from Matrix Wealth Planning Ltd about many elements of financial planning in business. Inevitably it also includes a lot about your personal wealth too.
The specifics – what do we talk about?
We start by talking about ‘protection’ – It is a subject close to my heart and that is because I looked into it myself when a good friend of mine at work, who I’d known since I was a child (one of the benefits of family businesses), was diagnosed with terminal cancer at 48 years old. So for that reason alone, do I need a financial advisor in business? It’s a yes from me.
This is because I had a moment of realisation that we weren’t immortal after all (who knew)! I had two young children and I ran my own business. I had some basic life insurance to cover the mortgage, but one of those policies was reducing in line with the mortgage. However, I had no cover if I was ill and therefore off work for a period of time. I knew I needed to act but I didn’t want to use one of the random cold-callers I get at work selling me a ‘Keyman’ policy. I knew Barry through kids football and knew what he did for a living so organised to have a chat.
What else do we talk about?
We then go on to talk about pensions, investments (including buy to lets) and tax (inheritance too) and then the killer question of ‘do I need a financial advisor in business? Barry actually goes on to say that most people would benefit from a financial advisor.
Unfortunately many people perceive that the don’t have enough ‘wealth’ to need a wealth manager. However the reason for this is just perception. That and a fancy job title! Many of these professionals call themselves different things which makes it harder to know where to start. As long as they are qualified to give advise then, whether they are called a Wealth Planner, and Financial Advisor a Financial Planner or some other fancy modern name they use it doesn’t actually matter.
We are in a society where we are always bombarded with people who look like they are doing better than we are. That leads us to feeling like we aren’t successful enough for x, y and z.
That mindset is what holds people back from reaching their full potential, whether that is financial potential or applying for a promotion or other areas of our lives. Lets not get started on the fact that those fancy cars could be not owned by them at all and those fancy holidays are all on credit cards.
Do I need a financial advisor in business? – I can do it myself
Some of Barry’s clients actually do enjoy a bit of stocks and shares themselves, what they do is have the majority of their funds being look after by him. Then then have a separate ‘play’ pot where they get the enjoyment of looking for the best trades and trying to make their ‘fortune’. But the great thing about it is, their retirement fund isn’t at risk.
The benefit of having someone external looking at your finances is that it means regular reviews and accountability. Sometimes you get a nudge in the right direction at just the right time. A chartered financial planner planner is definitely going to know more about tax than you do and sometimes having a fresh pair of eyes look over things can make or save you serious amounts of money very quickly.
Financial planning video chat with Barry Gordon APFS of Matrix Wealth Planning Ltd.
Find someone you trust
Barry said ‘financial advisors are ‘more better’ qualified now…now I could obviously tease him about the lack of English skill involved in the sentence, but what we were talking about was the lack of trust that many people have and what they perceive the industry to be like.
So what he was going to say is that they are ‘more’ regulated than ever before. Also ‘better’ qualified as there are qualifications you have to have to be able to advise people at all. And on top of that many financial advisors, like him, do many hours of further study and more exams to become ‘Chartered’.
Obviously it comes as no surprise that I trust Barry with my finances as I did marry him. But I went through the same trust building phases as anyone else does, as he was my financial advisor prior to being my husband.
I work with like-minded people to ensure I can help my clients in the best way and that is why I asked Barry to come on here to talk about an area I am also very passionate about. His advice was to find someone you trust, personal recommendations are a great way to find a financial advisor.
Where can I find someone I trust?
He works with people who have been referred through family members, friends, neighbours, work colleagues and business contacts and various other lines. So that is a good place to start when looking for someone to have a look at your finances. Also a chat is free so perhaps even talk to a few advisors and see who you gel with.
You are really looking to build a relationship with them, as that is really when the trust builds up, over time. That you will get the most from your relationship. You can, perhaps shorten the time it takes for the trust to build by using someone that a friend or family member already trusts. It starts to feel less of a pressure and stress because you know someone you trust is looking after your money as if it was there own.
As Barry said there is nothing better than knowing that whilst you go about your day job, your money is working behind the scenes, towards your retirement or to give you another income.
We will be getting to chat with experts on various topics that I feel are important to the ambitious business owners out there.
Business advice videos topics will include
Accountant’s guide to getting it right from the outset
SEO & Keyword research – Getting to google page 1
Websites – Getting your web presence right to grow your business
E-Commerce – Get selling online
Branding & getting your name out there (and keeping it there)
Social media for business
The importance of mental health in the workplace
Phone systems and how you portray yourself in business
HR – Growing your business with employees
Outsourcing – How to free up your time to grow your business
Barry is happy to help any of you with your questions about ‘Do I need a financial advisor in business?’ so please feel free to contact him directly for a chat about your specific circumstances. He covers all areas of wealth management, not just limited to what we talked about today. He also won’t mind me telling you that he likes it when his inner geek gets to come out with the more complex cases and questions.
If you want to talk about your general business needs then, by all means, contact me for a chat.