Research reveals 'pressing need' for business advisory

New research has suggested that the time-poor nature of small business leaves them with a pressing need for business advisory services.

According to Findex chief of adviser services Michael Wilkins the Small Business Research Report, prepared by research house BStar for the SMSF Association, reaffirms the ‘trusted adviser’ approach necessary to effectively cater to clients.

“The key findings of the Small Business Report include small business owners being ‘time poor’, suggesting there is a pressing need for professional advisers to provide ‘specialised business advice services’ for both their business operations and personal finances, which are usually more intertwined [with] the smaller the business,” said Mr Wilkins.

Mr Wilkins added that the most concerning finding of the research was that four out of 10 business owners surveyed revealed that they did not know who to turn to for advice on improving their business.

“Interestingly, and alarmingly, this same sentiment flowed to the issue of who to turn to for professional advice on the subject of retirement planning,” he said.

Mr Wilkins pointed to the ‘family office’ model adopted by the Findex Group as a means of catering to those businesses unsure of where to seek advice.

“All Findex businesses are in the process of rolling out what we are calling a family office model, which replicates a service that has traditionally only been available to the very wealthy.

“Essentially this is a structure that provides a comprehensive suite of financial services from under the one roof — a one-stop shop if you like — with a trusted adviser as the key point of contact for relationship management,” Mr Wilkins concluded.

 

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