Small biz owners want advisors they know

It’s not easy to become a small business owner’s advisor.

In fact, 73% of owners won’t work with you unless you’re recommended to them, finds Manulife Financial’s second annual Small Business Research Report.

When they are seeking advice for their businesses, 78% turn to a professional reference, 73% ask a personal contact and almost half (49%) turn to an industry association for a recommendation. And 67% of small biz owners and managers found their advisors through personal or professional references.

Read: How to ask for a referral

Owners and managers also rely heavily on their accountants when they need advice, with 21% of respondents turning to this group for help with employee benefits issues. So to gain access to owners, advisors need to nurture a close relationship with accountants, says the study.

Read: Building your professional referral sources

“Being a go-to contact for an accountant should include sharing expertise on HR strategies, workers’ compensation issues, disability management concerns and retirement savings trends,” the authors say.

Read the full report here.

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.