A bad financial advisor will cost you a lot of money.
But a great financial advisor… well they will add a tremendous amount of value to your life.
How you may ask?
I work with 7 figure income business owners and here are 7 ways they say we add the most value.
I get it, a lot of financial advisors just sell you products, throw you into a portfolio and call it a day, etc.
But there are also a ton of great advisors that help you on everything that has to do with money.
This is what most people, specifically business owners, want. You just have to search them out.
Anyways… my business, AllStreet Wealth, specializes in helping business owners making over $1mil in personal income manage their business and personal finances.
Here are the 7 most impactful things we do (in our clients words):
So this is not tax planning, that will be number 2.
This is simply understanding what they will owe in:
Most business owners run the business and hold a ton of cash because they have no idea what needs to be paid in for quarterlies or what they will owe above that.
This makes it really hard to make decisions with the cash in your business. So we provide clarity on this.
This is exactly why we brought an enrolled agent (EA) onto the team.
Here’s what this would look like for a client of ours running 2 businesses.
Now after the awareness comes tax planning. Most of my clients coming in cite tax planning as the #1 thing they want help with.
They don’t have someone being proactive throughout the year nor someone thinking about long term tax planning. So we help do this for them.
When you are paying $500k-$3mil in taxes a year, tax planning makes a HUGE difference.
Last week, we met with a client of ours who is set to do over $4mil in profit this year and only had 3 other employees.
Total salaries are on track for about $400k.
This means his Qualified business income deduction (QBID) is nowhere close to being optimized.
We planned for a large bonus at year end that will net him over $150k in taxes saved thanks to QBID.
Other tax planning moves to consider:
Just to name a few.
Tax planning is crucial for all high income folks. You want to keep as much money as you can.
Most of the people we work with have no idea what they spend. And to be honest, they don’t really need to because they make so much money.
But good financial planning means we understand:
Without this, it is really hard to make decisions
So we turn on the budgeting feature in our financial planning software, and go through their data to understand their average monthly monthly spend.
This visibility is needed.
Most of my clients can do whatever they want really really.
They make great money, they have large surpluses, and many could sell and walk away today if they wanted to.
But most have no plan and no direction.
They throw some money here and there and they don’t know what their true goals are, what it takes to get there, the impact those decisions have, etc.
So we get them a financial plan that covers:
This gives them the direction and clarity they need.
This also helps them avoid their blindspots.
Money is emotional, there is no denying that.
And many of my clients have big decisions to make but no one to help them make them. Their family, friends, etc .are not in a situation like them. They feel lost in the decision making process.
Having someone who can help bring the info and also help them make a decision is crucial.
They often times were stuck in decision paralysis and now they aren’t.
When you have a family, run multiple businesses, etc. life is busy. This means you often forget or just do not do all the things you need to do.
We understand this and are there to help ensure everything that needs to get done, get’s done on a yearly basis.
We communicate with their:
To make sure everything gets done and gets done right.
Most come into working with us and feel like they have outgrown their CPA. And that they do not have trusted professionals in every other area.
We help them vet and build their team.
You want to hire the right people that you like but are also competent.
The goal is to build this team and have them alongside you for a long time. The first year is always the most work to get everyone up to speed.
At the end of the day, these are the 7 most valuable things we do for our clients (in their words).
If you are a business owner looking for this, feel free to head on over to to this link to apply to work with us.
We have 5 clients spots left this year .
Financial Advisor