A recent poll found that business owners lack confidence in their investing finesse.
Small business owners feel less knowledgeable about investing topics across the board, according to a recent poll by Nationwide Financial. Matthew Greenwald & Assoc. conducted the survey of 500 Americans who earned at least $150,000 annually for the 2002 Nationwide Financial Survey of High-Income Professionals.
"Small-business owners reported tax advice as a top service they need from a financial advisor, second only to income management in retirement. Financial advisors should recognize these qualities in their business-owner clients (and prospects) and do more to provide service that will help meet this increasingly critical need," said Mathew Greenwald, president of the eponymous firm.
Business owners are also more likely to change advisors, the study revealed. While 70% of business owners have changed their source of advice, only 47% of other professionals have done so.
While accountants naturally provide much tax planning advice for 67% of all professionals, 66% of business owners turn to accountants for financial planning advice as well.