Do I Need a Financial Advisor? Try a Business Loan Marketplace Instead

November 12, 2020

A business needs many components to thrive: HR, marketing, sales and funds management. However, few things keep a CEO up at night as much as financial worries about raising new funds.
To raise funds and access the right capital resources, many businesses have traditionally hired an independent financial advisor to map out their investment and finance strategies. But is hiring a financial advisor a good investment?
These professionals have the experience and expertise to design strategies that will help you access new funds to grow your business. However, hiring a financial advisor can be expensive.

Furthermore, they can put their interest above yours; many fail to give your business the personal touch and attention it needs. The good news is that today, thanks to new technology, there are other solutions you can explore aside from hiring a financial advisor.

Grow your business

FinFirst is a business product marketplace that can help you access the funds you need to grow your business with quick, transparent and convenient applications. Using our mobile super app, you may discover that you might not need a financial advisor.
Let’s review who financial advisors are and how new fintech platforms like FinFirst can help your in-house financial team make better decisions.
FinFirst is an online bank product marketplace that offers a super app matching you to business loans from the region’s top banks. Now you can easily apply for business loans to expand your operations within less than 10 minutes.

How can a financial advisor help my business?

Financial advisors can help you create a plan to source for funds, use the funds, and manage the funds to achieve business objectives at the corporate level. They also help you find low-cost finance sources and evaluate your potential investments to decide if they are profitable.

Why do businesses hire financial advisors?

These days, it makes less and less sense to pay for a financial advisor when there is new technology that can easily connect you with the world’s financial system. Moreover, for smaller businesses there are plenty of resources on the internet to help educate you with important financial decisions. However, you may not always feel comfortable making those decisions without professional consultation. Below are some reasons why businesses may need to hire a financial advisor:

  1.  You don’t have the financial knowledge to evaluate investment opportunities: If many financial terms sound strange to you, then it may be worthwhile to hire a financial advisor.
  2.  You don’t understand the financial market and the finance opportunities available to you: If you have no clue what you need to get a loan or how to decide which loan option is better in the long term, then professional advice can be helpful.
  3. You don’t have the time to research various funding sources: You and/or your financial team doesn’t have the time to research the various funding sources available to you.
  4. You are in difficult situations with your company’s finance: Your debt is growing, your cash flow is down, and your investments are not generating the expected return.

Pros of Hiring a Financial Advisor

What are the benefits of working with a financial advisor?
First, financial advisors have the experience and expertise to help your business. Having worked with many companies, they have a good grasp of what you need and when.
Secondly, financial advisors can help you take the emotion out of business decisions. Financial advisors can be empathetic to your business without allowing emotion to cloud their judgments. Thirdly, a financial advisor can help you focus on the long-term rather than the instant gratification of the short term.

Cons of Hiring a Financial Advisor

First, financial advisors can put their needs above yours. This is especially true for financial advisors who earn on the products they recommend to you. They can recommend inferior products for their gain.
Second, financial advisors may not have enough empathy for your business. Because they work with many companies every day, they might not be willing (or able) to give you a personal touch. Also, the cost of hiring a financial advisor can be exorbitant (whether they work on fees-based or commissions-based contracts).

FinFirst Business Loan Marketplace

Should you hire a financial advisor? In some cases, yes. However, if you are looking to quickly and conveniently raise funds for your business, then you don’t need one.
With FinFirst, you can easily get access to the funds your business needs even if you are not an accredited financial advisor. The FinFirst loan marketplace connects you with the best loan offers for your business in Kuwait.
Visit FinFirst now to get the funds you need to achieve your business goals.


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