Francesco Coccimiglio Assesses an Investment Advisor’s Role in Your Financial Stability

Plenty of business owners make a huge blunder when starting out: they fail to build a relationship with a financial advisor. Often, this is due to either a belief they can do everything on their own, or their lack of understanding of the importance of an investment advisor. A study from the American College found that 60 percent of business owners, out of the ones who responded to their inquiries, had not met with a financial advisor.

Francesco Coccimiglio is a portfolio manager and investment advisor at Hampton Securities in Toronto and has more than 12 years of vital experience. Francesco explains why an independent advisor is crucial for ensuring the viability and long-term stability of a business.

Maximize Profits & Avoid Errors

An independent financial advisor can enhance your business’ profitability and performance by dedicating their efforts to the tasks that will create results. This will take a large weight of responsibility off of your shoulders. Think about it: a small business owner is required to complete numerous duties, whether that is the occasional shift as the virtual head of many departments, marketing, product development, IT support, packing, deliveries, customer care or property maintenance.

With so much already to oversee, Francesco Coccimiglio suggests that you not think twice about hiring a reputable financial advisor. Money mismanagement, cash flow issues, delayed or overpaid vendor accounts spoil the plans of many businesses, but an advisor’s discerning analysis can prevent you from having to worry about these issues.

A financial advisor offers benefits such as building accurate projections that help you structure your business for growth, offer insights into your likelihood of encountering risk, identifying areas that you can economize and find opportunities for you to take advantage of. Your business will only excel with a financial professional’s presence. Expert observations of an advisor are precious for your business, especially in the early stages, when many flounder due to a lack of financial foresight.

Cost Savings & Guidance

Controlling your business’ path is a simpler process with a financial advisor on board, as it ultimately saves you time and money. Performing functions that are outside of your scope of knowledge curtails your company’s potential. By employing a financial advisor, you receive adept assistance in handling your finances, leaving you to take care of other matters.

Considering how complicated certain aspects of financing are, having an independent advisor who is an expert in the field can ensure that you are in a position of power that will result in calculated decisions. For example: your financial advisor can utilize his or her skills to establish cash flow analysis for monitoring expenses. Francesco Coccimiglio explains that rather than gaining financial experience through costly lessons that damage your business, trust an advisor’s know-how to lead you forward as they have the expertise required.

Future Development & Stages of Growth

As an impartial party, a financial advisor is a suitable individual for helping you structure your business’ future goals. While you are undoubtedly emotional, fearful or delighted about the next phase and want to see results quickly, your financial advisor is the voice of reason. In order to expand, your business needs an objective, clear plan.

They can identify potential obstacles, assess the chances of attaining your goals on schedule, uncover a niche market within a crowded marketplace, weather market disruptions, and enable your business to financially support its brilliant ideas.

Short-sighted business owners disregard considering future alterations to the market, technology, and various other circumstances during the planning and projection stages of a business to focus on how they can maximize their profit. One major oversight made by many small business owners is failing to make provisions for how to transfer a business to someone else when they reach retirement. Having a trusted financial advisor to provide you advice on business succession planning ensures that there is a smooth transition and maximum value for your business.

Francesco Coccimiglio concludes that if you are a business owner, or looking to become one, the importance of having a professional financial advisor on hand cannot be overstated and is critical to your long-term success.

Hampton Securities Limited is a Member of the Canadian Investor Protection Fund and Investment Industry Regulatory Organization of Canada.

This information, including any opinion, is based on various sources believed to be reliable, but its accuracy cannot be guaranteed and is subject to change. Hampton Securities Limited, their affiliates, directors, officers and employees may buy, sell, or hold a position in securities of a company mentioned herein, its affiliates or subsidiaries, and may also perform financial advisory services, investment banking or other services for, or have lending or other credit relationships with the same. Hampton Securities Limited and its representatives will receive sales commissions and/or a spread between bid and ask prices if you purchase, sell or hold the securities referred to above.

Insurance services are available through Hampton Insurance Brokers Inc.

Clients are advised to seek advice regarding their particular circumstances from their personal tax and legal advisors.

Hampton Securities Limited is a wholly owned subsidiary of Hampton Financial Corporation, a publicly traded company under the symbol HFC on the TSX-V.

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