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Wealth Management For Small Business Owners

Wealth Management For Small Business Owners

November 01, 2022

The Importance of a Financial Quarterback for Small Business Owners

Running your own business and being your own boss can bring a sense of freedom and fulfillment. However, it also comes with significant time commitments and challenges, particularly when it comes to strategic business and personal financial planning. As a small business owner, you may find yourself working with multiple professional advisors, such as mortgage bankers, insurance brokers, accountants, employee benefits specialists, and legal professionals. While each advisor may provide valuable guidance in their respective areas, without oversight from a single point of contact, decisions are often made on an ad-hoc basis, which can increase the risk of conflicting advice and strategies.

The Role of a Financial Advisor as a “Financial Quarterback”

Working with a financial advisor who specializes in serving as a “financial quarterback” for business owners can be immensely beneficial. As your single point of contact, this advisor acts as the coordinator of all the advice you receive from different professionals, ensuring alignment and integration of strategies. By taking on this role, they save you valuable time and provide a holistic view of your finances.

The Value of a Holistic Approach

Taking a holistic approach to financial planning is crucial for small business owners. It allows you to anticipate the right opportunities, identify conflicting strategies, and develop sophisticated risk management solutions across various aspects of your financial life. A financial quarterback can assist you in areas such as retirement planning, investment management, tax optimization, insurance coverage, estate planning, and business growth and succession planning.

Benefits of Working with a Financial Quarterback

  1. Time Savings: By acting as a central point of contact, a financial quarterback streamlines the advice-gathering process, saving you time and effort. Instead of reaching out to multiple advisors individually, you can rely on your financial quarterback to coordinate and synthesize the information.

  2. Expertise and Experience: A financial quarterback who specializes in serving small business owners brings a wealth of knowledge and experience to the table. They understand the unique challenges and opportunities that entrepreneurs face and can provide tailored advice to suit your specific needs.

  3. Alignment and Integration: One of the key advantages of working with a financial quarterback is the ability to ensure that all advice and strategies from different professionals align with your overall financial goals. This eliminates the risk of conflicting recommendations and allows for a cohesive and integrated approach.

  4. Holistic View of Finances: As a small business owner, your personal and business finances are closely intertwined. A financial quarterback takes into account both aspects, providing you with a comprehensive understanding of your financial situation and helping you make informed decisions.

  5. Risk Management Solutions: From protecting your business and personal assets to planning for retirement and managing investment risks, a financial quarterback can help you develop sophisticated risk management solutions. They can identify potential gaps or overlaps in your strategies and recommend appropriate adjustments.


About the Author:

Damon Paull is a Marine Corps veteran who has traveled to over 20 countries. As a financial advisor in Houston, Texas, he is passionate about helping business owners and individuals pursue their financial goals. You can connect with Damon and his team at: 703.362.5747 or DPaull@totuswm.com.