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Broadly, financial advisors help with cash, risk and investment management, as well as tax, retirement and estate planning.
For your business, that might include reviewing employee benefits, analyzing business agreements, reducing business taxes and making sure you have adequate property or liability insurance coverage.
For yourself and your family, a financial advisor can help you save and invest to achieve financial goals - like college for the kids, a bigger house and the retirement cottage on the beach. Advisors also work to slice estate taxes.
They can point your business in the right direction to help meet personal goals. Maybe you want to keep the business in the family, for example, or use the business to create a retirement income. An astute advisor can even recommend ideas to make your business more profitable.
"We find ways to save income taxes, make sure they [business owners] aren't spending money on products and services they don't need, and review everything periodically to make sure their plan keeps current with their changing needs," says Holly Brown, a certified financial planner with Lincoln Financial Advisors of Dallas.
And after the plan is complete, Kemprecos says a good advisor will encourage small-business owners to stay the course by making timely phone calls, dropping by and doing the paperwork to keep it going smoothly.
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