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  • Writer's pictureWill Grant

Financial Advisors for Business Owners: What They Do and How They Help

Updated: Mar 22

What Your Business Financial Advisor Will Do and How They Can Help

If you’re searching online for financial advisors for business owners, then you probably have specific tax and investment management needs that are more complex than the average professional. It’s important that you work with the right wealth management team. In this post, I’ll cover what financial advisor for business owners do and how they help.

As a CERTIFIED FINANCIAL PLANNER™ and Certified Private Wealth Advisor®, Will helps clients create their ideal life through values-based financial planning. His process is designed to pursue each client’s objective, whether it’s preparing for retirement, ensuring smooth business succession, funding for education, implementing wealth transfer strategies, or navigating other impactful financial events.

Do You Need a Financial Advisor that Specializes in Working with Small Business Owners?

It’s important to work with an experienced and credentialed team that can help you get you from where you are now to where you want to go.

If you’re planning the sale of a business, you need someone who can handle the complexities of that transition and guide you through it. Or you might want to ensure that you’re not overexposed and unprepared for retirement.

An advisor who understands investment management and complex financial planning for business owners can help. They can help you evaluate your options, discuss pros and cons, and build a customized strategy based on your specific goals.

Fiduciary Financial Advisors for Business Owners

Try to Find a Financial Advisor that Provides Holistic Wealth Management for Business Owners

As a business owner, you’re busy running your business.

Maybe you have a family or other loved ones that you’re responsible for and life can hectic. If you’re like many of the busy business owners we work with, you’re looking for a team that can take care of every single aspect of wealth management for you. So you don’t have to worry about it.

Your time is valuable, and it’s critical that you’re able to focus on what matters most to you, rather than worrying about your portfolio or future retirement income streams.

There are advisory firms that are great at handling the basics.

However, as a business owner, your needs may be more complex. You may require more than the basics. And you would likely benefit from having seamless tax planning capabilities. In this post, I’ll go over the main aspects of wealth management for business owners.

At 360 Financial, we work with many business owners within our home state of Minnesota. We also work with business owners across the US. To learn more about our financial advisory services for business owners, please schedule a 15-min introduction call.

How Does a Business Financial Advisor Help?

Your personal and business finances may be connected when you’re a small business owner. Below, I’ll cover some of the areas where a good financial advisor for business owners will be invaluable.

How Does a Business Financial Advisor Help?

Comprehensive Financial Planning

An experienced advisor will provide business owners and their families with personalized plans based on their situation, goals, risk tolerance and unique challenges. You advisor should address all aspects of your financial life.

The should help you with the following key elements of wealth management:

  1. retirement planning

  2. investment management

  3. succession planning

  4. risk management

  5. tax optimization

  6. estate planning

  7. legacy planning

A comprehensive approach is instrumental to make smart, informed financial decisions.

Tax Planning and Strategies

Your financial advisor should support you as a business owners with tax planning by staying up-to-date with ever-changing tax laws. Whether you’re considering business entity structures, retirement plans, or succession planning, your advisor should offer valuable insights.

At 360 we have a partnership with a CPA firm which enables clients to access tax planning services alongside a tax advisor and wealth manager, streamlining your financial strategies. While you’re not at all required to work with our CPA firm, it can be helpful to have it all under one roof.

Your financial advisor should work together with your accounting firm to ensure you get the best possible tax planning strategy to minimize your taxes each year.

Tax Planning and Strategies

Insurance Planning

Your financial advisor should play a key role in helping you as a business owner assess risks within your financial life and discuss options to protect your business and family. Overall, your advisor should strive for well-rounded insurance coverage that is customized to your goals, provides risk management and provides financial security for those you care about.

Retirement Planning

At 360 Financial, we start by conducting a comprehensive analysis of your current financial savings and retirement goals to determine if we are on track. Then we can create a customized retirement strategy which uses the appropriate retirement plan based on your situation and employees.

We can assist with the initial retirement plan set-up, monitoring and maximizing your contributions to help build a work-optional lifestyle.

401(k) Plans for Employees

Your financial advisor should guide you through the different types of retirement plans that are available to business owners and help you decide which is best. Navigating whether you should get a Solo 40(k), SEP IRA, SIMPLE IRA, Profit Sharing Plan, Cash Balance Plan, etc can get confusing. Your advisor should help you decide which will align best with your employees and financial goals. At 360 Financial, we assist our business owner clients through the whole process from set-up to monitoring. If the plan needs to be terminated in the future, we’re able to help with that as well.

Help with Succession Planning

For some business owners a succession plan is a once in a lifetime event that you want to make sure is done correctly. From maximizing the value of your business to facilitating a successful transition, you want to make sure there are no mistakes and everything is seamless.

At 360, we can help explore a range of options from Mergers and Acquisitions (M&A) strategies to Family Limited Partnerships (FLP) and Employee Stock Ownership Plans (ESOPs). Whether you’re considering a sale to an external buyer, passing the business to family members, or employees, we can provide a customized strategy based on your vision.

What Kinds of Business Owners We Help at 360 Financial

Local Brick-and-Mortar Small Business Owners

From sole proprietors to business owners with hundreds or thousands of employees, our team is experienced in a wide range of situations, dedicated to serving your business and family. Our partnership with CPA firm Rapacki + Co. allows us to offer you the option of working with a comprehensive team to help implement tax-efficient strategies through our LifeWealth Process.

Business Owners Planning for Retirement

As a business owners, you’ve worked hard and deserve to have a relaxing retirement. We help you get there by developing a customized LifeWealth Plan based on your financial goals, risk tolerance and vision.

Our financial plans for business owners approaching retirement involves review of their current financial landscape, optimizing retirement savings while working, developing a tax-efficient withdrawal strategy during retirement and assisting with succession planning. Our team of CFP professionals provide experienced knowledge that will access estate and tax considerations as well.

Independent Financial Advisory Firms Ready for Succession

At 360 Financial, we also specialize assisting financial advisors with books of business monetize their business and transition to retirement. It’s important to know that your clients are in good hands with a team of dedicated professionals held under the fiduciary standard with excellent client service for the coming decades.

Business Owners Planning for a Sale or Liquidation Event

If you’re preparing for the sale of a business, you’re probably spinning a lot of plates. And you might be worried about the tax consequences. Everyone has to pay tax. But you shouldn’t have to pay more than is required due to an error in tax planning.

Our team of Wealth Managers assist business owners to prepare for a sale or liquidation event for their business. We do this with a professional team of advisors ranging from tax, insurance and legal to help navigate the complexities of a transaction.

Benefits of Working with a Fee-Only Fiduciary Financial Advisor

There are several key benefits working with a fee-only fiduciary advisor such as our experienced, CFP professional team. First, there is trust that your advisor is held under the fiduciary standard which means to always act in client’s best interests. Not every advisor is held to that standard so it’s important to ask. We also provide our transparent fee structure during our first discussions which is a pillar to building trust with our clients.

This promotes clarity on the benefits we can provide your family through our LifeWealth process and investment committee.

Connect with a Financial Advisor Online or In Person

Connect with a Financial Advisor Online or In Person

If you need a wealth management team to help you achieve your big-picture goals, we recommend scheduling a call with a financial advisor at 360 Financial. 360 Financial is one of Minnesota’s best independent wealth management firms. We work with clients in Minnesota and across the US. If you’d like to work with a team that always puts your best interests first and is committed to helping you create a lasting legacy, please get in touch.

William Grant

About the Author

William Grant

Will Grant enjoys empowering people to make informed decisions and seeing the positive impact his guidance can have on their lives.

Prior to joining 360, he spent seven years serving hundreds of clients at a boutique RIA focused on healthcare executives with equity compensation and then at a large, independent RIA. He earned a Bachelor of Science degree in Finance from Miami University and holds his Series 7 and 63 licenses through LPL Financial and his 65 license through 360 Financial.

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Schedule a Call

At 360 Financial, our clients come first. You deserve personalized attention. You’ll be happier and more confident in your financial future when you have an advisor who always puts your needs and best interest first. Schedule a 15-minute introductory call with a 360 financial advisor to see how we can help with your retirement, succession, tax, and estate planning.

This information is not intended to be a substitute for specific individualized tax or legal advice. We suggest that you discuss your specific situation with a qualified tax or legal advisor. The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.


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