What Value Can a Fee-Only Fiduciary Financial Advisor Bring to Your Business?

What Value Can a Fee-Only Fiduciary Financial Advisor Bring to Your Business?

17 Feb 2022

If your business is chugging along, you might be wondering what type of value a fee-only fiduciary financial advisor could possibly add to the enterprise as well as your personal financial picture.  Whether your business is excelling, stagnating, or losing customers, you will greatly benefit from the assistance provided by a fiduciary financial advisor that specializes in working with businesses

Here’s a quick look at the merits of leaning on a fee-only fiduciary financial advisor as a business owner and also in the context of personal finances. 

The Merits of a Fee-Only Fiduciary Financial Advisor

Fee-only fiduciary financial advisors have your business’s financial interest in mind.  This professional charges a flat fee rather than working on commission, meaning there is no potential for his or her subjective opinions and personal financial interest to influence guidance.  

The best Canton, OH financial advisors are fee-only fiduciaries, meaning they owe their clients a duty of care.  In plain terms, this means your advisor will provide unbiased advice and make financial decisions to advance your bottom line rather than that of their firm.


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This professional won’t upsell products and services in an attempt to make a commission.  True fiduciaries tether their interests to that of the client and his or her business.  Fiduciaries are constantly searching for ways to add value to your business and your personal finances.   

The overarching aim of service provided by this type of advisor is to maximize the net worth of your business as well as yourself.  You can ask questions and pose concerns to this professional without hesitation knowing he or she will provide transparent, insightful feedback and guidance that helps your business as well as yourself. 

Financial Planning Done Right

business people engaged in a meeting

The best financial advisors in Ohio commence service with in-depth financial planning.  This planning is applicable to your personal finances as well as your unique business.  The financial plan serves as a foundation and also as a catalyst to financial success across posterity.  

Your business’s unique financial plan and that developed for your personal finances must be carefully tailored to the specifics of your situation and current financial picture to reach target goals.  There is no one-size-fits-all financial plan for business owners.  After a professional review of your current financial position, as well as an analysis of your business’s balance sheet our team can help you to achieve reasonable financial goals with the right strategies.  Goal-based financial planning serves as the impetus your business needs to fulfill its true potential.

Cost Reduction and Consolidation

Financial advisors worth their keep are willing to break down the subtle nuances of individual businesses and provide advice accordingly.  In particular, these professionals excel at reducing costs both for you, the business owner, as well as your clients to heighten the client retention rate across posterity.  

As an example, a thorough review of your business’s finances and your personal financial picture might reveal opportunities to consolidate assets.  Your financial advisors will review all financial statements, the current financial plan (if one is in place), investments, and other securities, analyze them in-depth and provide suggestions for strategic consolidations and other alterations.

Make the Most of Your Capital

A business owner with capital on hand has a litany of opportunities to expand that dry powder, making it even more helpful to the business as well as his or her personal financial picture.  In short, it is a mistake to let a considerable amount of dry powder sit idle in a bank checking or savings account.  Rather, the better approach may be to put that money to work in the form of the addition of new equipment, inventory, personnel, scaling, or investments.   

A professional financial advisor can help you to develop a comprehensive investment strategy to mitigate the effects of inflation, potential hyperinflation, stagflation along with market troughs and you will rest easy knowing your money is working just as hard for you as you did to earn it.  Your investment advisor will steer you toward the right securities based on your risk tolerance, market factors, current events, and other potential economic stimuli.  

The Right Tax Mitigation Strategies for You and Your Business

The financial advisor guidance detailed above is provided with overarching tax mitigation strategies to ensure you can reinfuse proceeds back into your business or continue to expand your nest egg without paying a penny more than necessary in state or federal taxes.  

The right tax strategy has the potential to reduce your tax burden by 15% to 20% per year.  Such a tax reduction occurs through tax-loss harvesting, Roth conversions, charitable bunching, and additional strategies available through our full-cycle investing investment advisors.

Behavioral Coaching Makes a Meaningful Difference

Most entrepreneurs are laser-focused on their growing business to the point that they become understandably myopic.  There is no shame in receiving behavioral coaching from a financial advisor.  In fact, it is in your interest to do so.  

Recognize the fact that there is not enough time in the day to psychoanalyze yourself and modify your behavior in the context of business decisions.  Lean on a financial advisor for guidance and this professional’s experience will shine through in the form of behavioral coaching.  

Behavioral coaching helps business owners make better decisions both in the context of serving as the head of a business and also in the context of investing.  This guidance really will help you sidestep potential pitfalls, facilitating timely and prudent decisions that advance your business’s financial interest as well as your personal financial interest.

At McGervey Wealth Management, we get to know you and your business on a personal level. To learn more about our full-cycle portfolio management techniques and how they can benefit your business contact us today.

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More About the Author: E. Michael McGervey, CFP®, CRPC®

Mike is passionate and skilled at helping clients solve complex financial challenges. He’s known for his thoughtful communication, educational approach, and exceptional customized service. Mike has been a sought-after source for financial television, magazines, and newspapers looking for insightful analysis. His expertise has been featured by CNBC, FOX Business and...