Advising start-up businesses might not seem to be top of many advisers' to-do lists as many aspiring entrepreneurs are low on cash and may feel they are unable to pay advisory fees. However, they are a group deserving of a closer look.
Speaking to Addidi's Anna Sofat this month, she reasons that while many entrepreneurs don't have money in the beginning, it is a relationship that can become remunerative over time.
She also says that advisers have much to offer entrepreneurs in terms of helping them to build robust business models. For instance, ensuring enough money is being kept within the business versus drawn down as a wage or making sure the appropriate insurances are in place.
In a recent round table event Retirement Planner held on the subject, it became clear that the self-employed do not realise the benefits consulting a financial adviser can have.
One member of the round table panel spoke in detail of the role advisers can play in terms of mentoring entrepreneurs and helping them to build their businesses.
It would seem that both groups of people stand to benefit from each other and more needs to be done to foster closer links.
First mentioned in Cridland Report
Second acquisition of 2019
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.
Four key areas to focus on
And 94% for critical illness