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Business Owners Demand More Holistic Advice

September 18, 2013

Financial advisors are getting more business from small and medium-size companies — and the needs of these mostly closely held enterprises go beyond employee-benefit plans to include a full range of wealth-management services, writes Business Examiner.

In the past five years, Cornerstone Financial Strategies in Tacoma, Wash., has seen business-entity clients grow from 0% to around 25% of its assets under management, according to the news site.

Companies are looking to advisors for holistic “integration of advice for legal, tax, benefits, financial planning, financial advising and wealth management,” Cornerstone’s co-managing partner Bill Pickles told Business Examiner. “We’ve been able to provide that for individual clients. It’s now being requested of us via our business clients,” he added.

Business owners are quicker to seek financial advice these days because the 2008 cave-in and the slow, unsteady climb out of that trough have given them a keener appreciation of the risks they face, Pickles said. In the face of volatile markets, a slow economic recovery, rising taxes and more expensive credit, business owners see planning as a way to bring a bit of order to chaos.

To help meet higher demand for business-owner-oriented financial planning, Pickles told Business Examiner, his five-advisor firm is planning to hire another advisor. And it’s always looking to forge ties with accountants, lawyers, insurance agents and other professionals who can help entrepreneur clients.

By Thomas Coyle
  • To read the Business Examiner article cited in this story, click here.