The old adage – never mind all the Wall Street broker’s yachts, where are all their clients’ yachts? – speaks volumes on the perils of asking professionals to help manage your money. Financial advice is usually a grudge purchase - you wouldn't pay for it if there was an easier way of managing your money. But you can be smart about who you hire and when. Warren Buffett’s $62bn fortune would be a mere $5bn if he’d been paying industry standard fees all the way up.
How does a sensible entrepreneur choose the right financial adviser?
Entrepreneurs face similar issues, regardless of their line of business. How best to optimise a business for tax; how to incentivise and reward employees most efficiently; how to raise finance against cashflows; how to manage property assets; – and many more. These questions are generally best answered by an accountant or, if you’re careful, by an independent financial adviser (IFA).