financial advisor

Financial Advisors: What Value Can They Bring to Your Business?

Many business owners avoid hiring a financial advisor thinking it will add unnecessary costs, but they are wrong. Business owners often need a financial advisor to get expert advice. An objective and experienced advisor is your essential partner that can help you create comprehensive and practical financial plans that address the present and the future and then assist in their implementation.

They can also help you to avoid costly mistakes and maximize your business returns. Working with a professional business advisor can save you time and money and give you the freedom and confidence to focus on other aspects of your business.  

What Does a Financial Advisor Do?

A financial advisor is usually seen as someone who provides financial advice or guidance for clients around money matters, personal finances, and investments.  They can help people manage their money and reach their financial goals by providing their clients with strategies and ways to create more wealth by offering such services as investment management, financial planning, or wealth management to high net worth individuals.

In a corporate setting, financial advisors can assist companies in realising their objectives and goals. In this capacity, the financial advisor supports a company in a variety of roles. Such roles include working as trusted business advisors, helping identify issues and possible control weaknesses, providing advice on specific issues, and general advice.  

Business Financial Advisors

A business financial advisor can help you make the most of your initial capital investment into your business. For example, they can help you assess your business model’s viability, identify blind spots, and outline effective strategies and realistic timelines for your path to profitability.

Financial advisors also prepare businesses for future developments and different stages of business growth. They can look at the situation from a third-party perspective and tell you realistically whether you can achieve your business goals on schedule.

They can also help you to succeed in a crowded marketplace by discovering untapped niches and future developments. Financial advisors can help you to face challenges and suggest opportunities for business growth that you may not be aware of.

Financial Consultant Vs. Financial Advisor: What Is the Difference?

The terms financial advisor and financial consultants are often used interchangeably. But in fact, advising and consulting are separate types of outsourced financial services.

You can hire a consultant to address a specific problem at a particular time. They will review the situation and identify underlying problems after assessing all relevant factors. Then they will provide advice to address the issues and assist in making a decision that can help to improve the situation.

In this capacity, the Financial Advisor provides general management support and may be called upon to advise the company on an ongoing basis in various areas, from accounting and controls to marketing and sales to procurement, HR, etc.

Where the advisor feels that the problem requires a specialist in a particular discipline, they may suggest that a company hire a consultant to solve those specific issues.

What Are Types of Financial Advisors?

Different types of financial advisors offer a diverse range of services. All of them are uniquely qualified to help you reach different financial goals and manage your money differently.

  • Investment advisors provide investment advice to their clients. You can also hire them to manage your assets directly.
  • A financial coach (also known as a financial counsellor) will act similarly to a financial consultant, but they are mostly considered beginner-friendly financial advisors. They motivate clients towards their goals and help them to build their wealth.
  • Financial planners can help you reach specific goals in their studied areas of expertise. They are best suited for long-term projects.
  • Business financial advisors provide business owners with information and ideas about how they can run their businesses more effectively. Business advisors help businesses to grow and succeed through careful planning and strategy and provide guidance for significant business decisions.

Who Should Hire a Business Financial Advisor?

A business financial advisor can be useful for any business owner. Everyone needs the best advice when making decisions about their finances. Hiring a business financial advisor can be especially helpful for small business owners who are young and lack experience.

You should also consult a professional when considering some significant changes, such as acquiring a new business or passing ownership to someone else in your company.

How to Find the Right Business Financial Advisor

You should not hire the first advisor you come across. This decision is vital for your business, so you should research to find a service specializing in business finances.

An important aspect to consider is the relationship. You should find someone you are comfortable with to discuss your finances openly. Other aspects to consider are:

  • Expertise in a specific industry;
  • Cost of services;
  • Convenient location;
  • Specific product offering.

Every business is unique and has different priorities, so make sure your advisor can help where you need it. It’s important to find an advisor who is a good fit for you. Then you will have peace of mind knowing you are working with someone who has your best interest at heart.

Do you need financial advising?

We are ready to help! Reach out to our team for free initial consultation.

Why Outsource Financial Advisory Services to Beaufort Associates

Beaufort Associates has many years of experience and specializes in providing management consulting and business advisory services for different businesses in Dubai and the GCC region.

We are dedicated to providing our clients with the most reliable services to help them achieve their goals and take their business to the next level. When working with business owners, we use a comprehensive approach and look at their entire financial picture.

When you’re looking for advice or guidance, no matter what size your business is, we have a team of professionals ready to work with you to realize your business’s full potential. You can count on our financial advisors to help you to make the right decisions at the right time.

We take the time to get to know your business and understand your limitations and aspirations. As a result, we can provide you with bespoke options when looking for accounting services, assisting with creating a business plan, VAT registration, or financial outsourcing options.

Our experienced financial advisors have extensive knowledge about business regulations pertaining to investment and finance. They can provide you with premium advisory services on all kinds of financial and corporate matters. Contact us today for a no-obligation meeting. Let’s talk!

The information provided herein is for the general information of the user and is provided in good faith. We make no representation or provide warranty of any kind, express or implied, regarding the adequacy, suitability, validity, or completeness of the information. Our advice in regard to UAE corporate tax and value added tax is based on our understanding of the relevant laws and the regulations issued. We cannot be held responsible for new regulations and/or interpretation of existing regulations by the FTA that is not consistent with our advice. Under no circumstance shall we have any liability to any user of this information or to third parties for any loss or damage of any kind incurred as a result of the use or reliance of this information.