Nearly 7 in 10 Canadian entrepreneurs (69 percent) value the guidance of an advisor. And 60 percent currently use a financial planner or wealth management advisor, according to new research.
BMO Wealth Institute, a unit of BMO Financial Group, discloses this finding in an October 2014 report, “Entrepreneurs: Definitely not your ordinary business owner.” Providing insights into wealth planning and financial decisions, the institute comprises professionals with expertise in wealth planning, including retirement, estate, tax and insurance.
“Professionals such as a wealth management advisors and business banking professionals can provide advice on a wide variety of financially related topics that can help the entrepreneur with both business issues and personal concerns,” the report states.
The research observes that most Canadian entrepreneurs are satisfied with advice provided by a wealth manager in these areas:
- a child’s education (79 percent of respondents)
- managing taxes (73 percent)
- investment management (71 percent); and
- financial planning (68 percent)
Nearly half of owners of small and mid-size businesses in Canada, as this chart shows, are between the ages of 50 and 64. And many of them are already thinking about turning over leadership of their companies to the next generation: Millennials born 1980 and 2000.
Business owners over age 50 also tend to experience stress. More than half (53 percent) of the entrepreneurs surveyed feel that running their business is stressful. This compares to 45 percent and 37 percent, respectively, of SBM owners ages 60 and older and younger than 50.