Now more than ever, business owners need to have a 360-degree perspective on their business and personal financial needs. It requires an integrated planning approach that is beyond the capacity of the business owner or any single advisor. More importantly, it involves a collaboration of advisors from several different disciplines with the leadership to forge a coordinated plan.

Generally, a financial advisor experienced with working with business owners is best suited to act as a point person or the quarterback of an assembled team of advisors. They are best positioned to coordinate and facilitate the interaction of key players, such as the accountant, attorney, risk management specialist, and business banker.

Whoever is pegged as the team leader is charged with ensuring all components of your financial strategy are developed in coordination with your plan and implemented according to your objectives.

The Independent Financial Advisor

You need objective advice from an authentic financial advisor. Your financial advisor should be free of conflict - in other words, they should work for you rather than a brokerage firm or corporate entity. Advisors with a demonstrative background in working with business owners could be a plus. Still, at the very least, they should have extensive experience working with small business owners.

A good financial advisor is also a "life coach," helping you navigate all aspects of your financial life and put all the pieces of your financial puzzle together. They have access to the expertise and resources to help you manage your finances holistically, taking into account your needs and objectives in the areas of taxes, insurance, debt management, estate planning, and lifestyle planning.

The Accountant

Solid tax advice is precious for business owners, so nothing less than a fully certified tax professional experienced in working with business enterprises will do for you. The best source for finding a tax professional to meet your needs is referrals from your colleagues or other advisors.

The Attorney

Attorneys specializing in business, preferably medical practices, are the only choice. Attorneys who work in a larger law firm will have access to all other forms of legal advice, including estate planning.

The Risk Management Specialist

You have outgrown your property and casualty agent. You need someone who specializes in all manners of risk, beyond malpractice, that relate to practitioners. These are professionals who may one day save you an enormous amount of money, so choose wisely.

The Business Banker

Most business owners will have an ongoing need for banking services, both for personal and business borrowing needs. Having an established relationship with a business banker who fully understands your business and personal financial situation will ensure you have access to capital when you need it.

This is by no means an all-inclusive advisory team. You will also need a life and disability insurance advisor (preferably an independent broker) and a banker for financing and cash management services. But all advisors become part of the team, quarterbacked by the lead advisor, with you sitting as Chairman of the Team.