Businesses are always searching for the best money managers for their business, says Richard Dutta, co-author of the new book, Money Management 101: How to Make the Right Decision For Your Business.
“When you look at what they are offering, you’re looking for a very good financial manager,” says Duttsa, who has written books on financial planning for the accounting firm Ernst & Young, investment banks like Barclays and TD Ameritrade and a host of other financial institutions.
Duttha, who lives in Canada, has compiled a list of the top financial advisers, and has found they all offer something unique.
Among the best of the best are financial advisers who specialize in the financials and accountants who specialize on legal and accounting matters.
DUTTAS SAYS: There are two main reasons a financial adviser can help your business: First, the client is interested in investing in the business and want the services of a financial advisor, says Duttas Financial Advisor.
The financial advisor will offer a plan that allows them to meet their financial goals and achieve financial security.
Second, if you are looking for the right financial manager, you want someone who is experienced and has a good reputation.
For this reason, Duttas says you want to make sure you have someone who understands the financial business.
This includes looking for someone who has a financial background in a different field.
Dutta says the best companies to look for a financial consultant are financial institutions and financial advisory companies.
A financial advisor’s focus is to help the client meet their goals and get the financial services they need, says Daniela Sotelo, managing director and co-founder of financial services consultancy, Sotel Partners.
“Financial advisors are a great asset to have,” says Sotela.
“They can help you to make the right decisions in a very timely manner.”
Financial advisers can be useful in two different ways, says Sottel Partners managing director, Joe Wieland.
“First, they can assist clients to better understand their options, and secondly, they provide a real-time insight into how the business is doing, and what is working and what isn’t,” says Wielands.
“For example, a financial company may need to make a few adjustments to account for changes in the economy, so a financial advisors role can help with that.”
If you’re not sure which company you should consider for your financial advisor job, ask around to find out.
Some financial advisors have been known to hire people who have financial experience or have been on the job for years, says Wields.
Other financial advisers can also provide financial services, including advice on tax planning, estate planning, credit card applications and other financial matters, says a recent article in the Canadian Financial Management Association magazine.
In this way, a well-qualified financial advisor can offer a financial professional the ability to assist you in meeting your financial goals.
In some cases, this could be a way to lower the cost of services, said Duttacas financial adviser.
“The best financial advisors are going to be able to provide you with an in-depth financial analysis of your finances and help you with the details you need,” he says.
A lot of people look for an accountant, says Jody Smith, founder and chief executive officer of Wielest Partners.
She says most people go for an accountants financial advisor who is certified by an organization like FINRA.
But some people may be more interested in a financial planner who is trained in a particular area and has experience in financial matters.
“People need a financial analyst to know how to manage their money, and an accountant can do that.
You can’t have one without the other,” she says.
“And it’s important that the accountant knows what’s going on.”
Financial advisors are trained in accounting and financial analysis, and can work in a variety of settings, says Smith.
She adds that many financial advisers offer financial planning services, but they may not have the background to work as financial planners.
You need to hire someone who can help to meet your needs, says Vicky Sowinski, vice president of marketing for the Financial Planning Association.
“I think there’s a lot of overlap in what people look at when they are looking at financial advisers,” says Smith, adding that a financial services company should have a financial expert who has worked with other financial advisors.