Is it time to bring on a financial advisor? 13 factors to consider
To help you make this important decision, Fast Company Executive Board members share 13 key questions to think about before inviting a financial advisor into your inner circle.
1. DO YOU HAVE THE KNOWLEDGE AND BANDWIDTH TO MANAGE THE BUSINESS FINANCES?
A business leader must realize when they don't have the bandwidth to follow their financial investments and financial decisions on their own. Leaders hire us to follow the ramifications of various factors that are happening daily—and to watch out for their best interest—so they can spend their time doing whatever they need to do directly. – Richard McWhorter, SRM Private Wealth
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2. IS THERE ALIGNMENT IN VALUES AND APPROACH?
Select a financial advisor whose professional ethics, transparency, and approach align with the company's strategic goals and culture. Financial advisors have a profound influence on strategic decisions; therefore, leaders should thoroughly vet candidates, focusing on their demonstrated integrity, accountability, and proven history of discretion and sound judgment.- Britton Bloch, Navy Federal Credit Union
3. WHAT ARE THEIR DATA PROTECTION PROTOCOLS?
Ensure they have robust data protection protocols for your sensitive financial information. Ask about their cybersecurity measures, backup systems, and how they handle data breaches before sharing confidential business details. – Chongwei Chen, DataNumen Inc.
4. DO THEY HAVE A FIDUCIARY DUTY TO THEIR CLIENTS?
Trust and transparency are key. Business leaders should ensure the advisor has a fiduciary duty, meaning they are legally obligated to act in the client's best interest. This helps avoid conflicts of interest and ensures financial advice is aligned with long-term goals, not personal gain. – Maria Alonso, Fortune 206
5. IS THERE TRUST, TRANSPARENCY, AND A FOCUS ON LONG-TERM STRATEGY?
One key factor business leaders must consider is trust and alignment of values. A financial advisor should not only have expertise but also understand the company's goals and risk tolerance. Their advice must support long-term strategy, not just short-term gains, while maintaining transparency and integrity. – Stephen Nalley, Black Briar Advisors
6. ARE THEY ADEPT AT USING AND INTERPRETING NUMBERS, SPREADSHEETS, AND DATA?
Math is just another language, so make sure all members of your leadership team share the same objectives and understanding of the business. Numbers and spreadsheets by themselves are merely tools to organize data and help guide decisions, so choose a financial partner adept at using those tools to accelerate the growth of your business and not slow it down. – Tim Maleeny, Quad
7. DO THEY UNDERSTAND YOUR BUSINESS'S UNIQUE PATTERNS AND CHALLENGES?
Ensure they understand your business's unique cash flow patterns and challenges. Many advisors excel with traditional portfolios but lack experience with irregular revenue cycles. Ask them to walk through scenarios specific to your situation, such as seasonal revenue dips or growth capital needs. If they push generic solutions without understanding your operational realities, keep looking. – Joynicole Martinez, The Alchemist Agency
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8. CAN THEY SUCCESSFULLY INTEGRATE PERSONAL GOALS AND FAMILY DYNAMICS INTO WEALTH PLANNING?
Business leaders should choose a financial advisor who can align wealth planning with personal goals and family dynamics. The right advisor helps navigate emotional, financial, and governance complexities—especially during transitions like a sale or succession. – Mark Valentino, Citizens
9. WHAT ARE YOUR EXPECTATIONS?
One critical factor business leaders must consider when bringing on a financial advisor is being crystal clear in expressing the expectations you have for the role. Not only must they be aligned with your vision, but you must also be clear with them on what goals you are trying to achieve (improve margin, cut costs, improve ROI). Your advisor needs clarity on how you view success. – Rich DePencier, Brand Growth Accelerators
10. CAN THEY SUPPORT YOUR COMPANY'S LONG-TERM GOALS?
One important thing to consider is whether the advisor truly understands your business goals, not just your numbers. It's not just about managing money, but about finding someone who can offer guidance that fits your long-term vision. Trust and clear communication matter just as much as expertise. – Gianluca Ferruggia, DesignRush
11. DO THEY HAVE EXPERTISE IN THE AREAS THAT MATTER MOST TO YOUR BUSINESS?
When bringing in a financial advisor, make sure they have expertise in the areas most critical to your specific business, whether it's fundraising, FP&A, or debt management. It's hard to find someone who excels in all these areas. For startups, which are typically leaner teams, you also need someone who can dive into details and roll up their sleeves, not just stay high-level. – Alejandro Botto, Turing
12. HOW DO THEY DEFINE THEIR ROLE, GOAL, AND METHODS?
Listen to their language and how they express and define their role, their objectives, methods, and processes. Listen for what matters most to them. Do they see themselves as operating within a circle or as a separate point on the circumference of the circle? What does the content of what they speak about say about their focus of attention? What is their process-to-people ratio of focus? – Jay Steven Levin, WinThinking
13. DO THEY KNOW YOUR INDUSTRY AND BUSINESS MODEL?
Business leaders should consider the financial advisor's knowledge of the industry and business model to be of primary importance. The advisor must have not only strong financial capabilities but also knowledge of the sector and its potential unique challenges and opportunities. This will ensure they provide advice that's relevant and tailored to the business's growth trajectory. – Asad Khan, LambdaTest Inc.
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