Four Reasons to Choose a Specialized Financial Advisor for Entrepreneurs

Entrepreneur startup statistics rank Washington D.C. as the top U.S. city for business start-ups, with 71.1% of its population comprised of young professionals ages 25-34. D.C. is trailed by North Dakota, Colorado, and Nebraska.

Small businesses run by entrepreneurs are the pillar of today’s economy. It’s reported that firms with two founders are more likely to succeed, like Brown | Miller. Whatever industry or niche you serve, a financial advisor can ask the right questions.

Our role is to help make your business more efficient and profitable through planning and risk management. Explore Brown | Miller’s 3D holistic approach.

As an entrepreneur, you likely wear various hats, from the heads of different departments to direct customer service. Business finances are complicated, and you don’t want to miss out on opportunities because you’re spread thin.

Invest in a financial advisor for business owners who wants to do the heavy-lifting for you. A specialized advisor can ensure you’re not over-concentrating net worth on a single asset—a common mistake for those who lack time to manage personal finances separate from the business.

While over 80% of entrepreneurs fund their own business, and 69% of entrepreneurs in America start their business at home, staying on the right track with simplified support can boost longevity.

Here are four advantages for business owners to work with a financial advisor.

1. A financial advisor’s expertise keeps you on track.

Entrepreneurs are considered pioneers, blazing the trail to innovation and financial freedom through creativity, boldness, and resilience. A well-practiced entrepreneur knows to hire minds specializing in the areas they excel.  

Some business owners neglect financial planning because it’s not the most exciting topic. After all, time, focus, and energy are needed to develop and pursue new growth opportunities for the company, right? However, neglecting a financial plan can lead to avoidable financial stress and jeopardize success. 

A financial advisor in Washington D.C. can be a strategic use of your time and energy. We can chart a course to economic well-being tailored to your business and personal goals, from money-saving advice and financial planning to investment management and tax strategies.

There is a crucial difference between a financial planner and a financial advisor who has experience working with entrepreneurs. Many business owners find financial planners too narrowly focused on meeting numeric targets. Instead, an advisor can consider the whole financial picture to help you anticipate and adapt as circumstances change and opportunities arise.

A specialized advisor can help achieve financial goals for entrepreneurs, such as:

  • Create a financial roadmap
  • Controlling financial risk 
  • Leveraging financial opportunities 
  • Adapting to the requirements of a growing business
  • Planning for succession of business ownership 


2. A Financial advisor can save you time.

An experienced firm understands your unique financial goals and obstacles by adding efficiency to your operation. On your own, you may struggle to find a solution that we have already encountered and resolved with other clients. 

Working with an experienced financial advisory team allows you to focus on what’s most important: building your company. A dedicated firm should combine the power of compounding capital with a well-designed goals-based plan to help you live your best life.

In addition to financial planning, tax strategy, and risk management, your advisor can help you build and manage your investment portfolio. Investing wisely isn’t easy. You need years of financial knowledge, research processes, access to information, the ability to screen investments for risk, tax efficiency, and liquidity needs. 


3. A financial advisor can guide businesses through different stages of growth.

Expansion is essential to success. A financial advisor in D.C. can help you plan for upcoming growth stages and maintain a healthy financial status while adding people, services, technology, or locations to your business. 

When thinking about your business future, it’s easy to be affected by excitement or anxiety. An advisor can provide you with a clear perspective required to navigate critical financial decisions. 

As a business grows, the daily dynamics change, and new challenges arise. Maturation usually accompanies added expenses, so having an expert by your side helps to ensure that your company remains competitive and profitable.


4. A financial advisor offers the personal attention entrepreneurs need and deserve.

Your personal finances are closely tied to your business. Due to the consuming nature of running one or more companies, it is common for entrepreneurs to solely focus on their business finances and neglect their personal finances. 

Our financial advisors will help you coordinate personal and business finances.

A knowledgeable advisor can ensure that your personal and business finances are coordinated for cash flow, investment, and tax purposes. They can assist by organizing with other professionals: accountants, business or estate attorneys, or insurance brokers to ensure proper communication.

A common reason business owners avoid hiring a financial advisor is to reduce costs. Unfortunately, this is a false idea. They can save you time/money and help avoid risks and capitalize on opportunities that can change the course of your business. Rather than worrying about financial details, you can run your company with a sense of freedom.

A financial firm can offer specific advice that entrepreneurs need on a range of topics, including:

  • Tax-efficient real estate, business, and retirement planning 
  • Cash management and financial risk mitigation
  • Personal financial responsibilities (homeownership, children’s education, etc.) 
  • Financial opportunities created by a business 
  • Balancing financial security and growth 
  • Investment portfolio management 
  • Information on financial products and services 


A Financial Advisor Can Help Your Business Maintain Financial Health 

Would you embark on a journey to a foreign country without a plan? Most people wouldn’t jump into potential costly and uncomfortable conditions without at least reading a guidebook or speaking with experienced travelers. Still, many start an enterprise without specialized support, impacting financial well-being. Why risk it?

Money is the lifeblood of any business, and its pulse is crucial to sustainability and growth. Your job is to focus on the big picture first, but sometimes that leaves essential functions unattended. A specialized financial advisor helps maximize your business success by guiding you through key steps to maintain financial health at every stage.

Experienced entrepreneurs are 125% more likely to be successful. Since most of those starting up do not have experience under their belt, acquire financial advice from a CERTIFIED FINANCIAL PLANNER™ that does and who will remain dedicated to your best interests, long-term.

Don’t manage your business by chance. Pursue a fee-only financial planner in the D.C. area today.

Contact Brown | Miller to schedule a no-obligation consultation. We look forward to getting to know you and exploring your entrepreneurial needs.


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Author: Christopher W. Brown, CFP®, CIMA®

Christopher W. Brown is the Founder and Managing Principal at Brown | Miller Wealth Management.