Working with trusted professionals can help small and midsize businesses reach their goals. That may include leaning into the insights of a financial professional.
Small and midsize businesses are constantly looking for an edge: how to retain valuable talent and key employees, and how to grow while keeping costs down.
One competitive advantage? Assembling a solid team that supports you—as an owner or decision maker—with the tools and solutions you need. That might include outsourcing critical business functions or finding a tax advisor to help guide you. And it also may include identifying a financial professional.
Here’s how finding that person—a trusted financial professional—can add value to your business.
A financial professional can help you personalize your business needs.
There are more than 33 million small and midsize businesses in the United States, of all different sizes and offering all sorts of services and products.
What that means, of course, is that your business needs are unique to you, and may not be met the same way as another business. And too often the day-to-day overtakes bigger-picture business goals.
“Putting together an effective financial strategy is complicated,” says Nate Schelhaas, senior vice president of Benefits and Protection at Principal®. “Our research tells us that nearly one-third of owners aren’t sure where to start when it comes to the financial health of their business.”
That’s where a financial professional can be a fit for your business. They can help by personalizing options such as key employee benefit packages and retirement strategies. A financial professional can also help navigate multiple short- and long-term financial goals, which in turn can help you map out a holistic financial picture.
Question for your financial professional: Consider discussing their career and various credentials, including appropriate insurance licenses and securities registrations as well as any professional designations.
Financial professionals can help with both one-time and ongoing needs.
Financial professionals are also there to offer timely consultations—whether you need to add a benefit, for example—and long-term insights that help inform strategic decisions. If you have other professionals you rely on such as an attorney or CPA he or she may also be able to collaborate and discuss how to best fill needs you have in your business.
Question for your financial professional: Different financial products can meet evolving needs over time. Ask your financial professional about the range available to you and your business as it changes.
Financial professionals offer products and services for a variety of fees.
When you’re considering working with a financial professional, it’s worth digging into the fees. Compensation structure—either fees (annually, hourly, flat), commission-based, or a combination of the two or other expenses structures—often varies based on what you need and when you need it.
Question for your financial professional: Ask for a list of their fees, and what you get for associated costs. Financial professionals may also offer client tools and resources such as a website or an app.
Financial professionals adapt their services to the size of the business need.
It’s a myth that financial professionals only work with large businesses. In fact, they can fill critical needs such as support in developing strategies for financials, recruitment, and retention for smaller companies.
Question for your financial professional: Ask about their process. Some financial professionals may be able to review your financial picture and offer a comprehensive strategy that enables you to choose which parts to implement. That strategy may be short- or long-term, and the collaboration may look different based on your goals.
Financial professionals can offer key insights for new and existing employees.
Some financial professionals help explain retirement and benefits packages to new and existing employees. They may be able to provide either educational materials or in-person sessions and collaborate with you on a strategy so your employees get the most out of their benefits.
Question for your financial professional: Discuss retirement and benefits package design options that plug into what you know about your workforce—for example, they’ve expressed interest in financial wellness, prefer auto-enroll features in retirement savings, and more.
What’s next?
Let us connect you with a financial professional in your area.
