Small-business owner confidence down in 2012, advisors help them cope: Survey
Small-business owners are significantly more likely than Affluent investors as a whole to work with a financial advisor, according to ongoing Millionaire Corner research. They cite as the primary advantages of working with an advisor:
· Improves my knowledge of investing (87 percent)
· Provides me with a wider range of investment opportunities (76 percent)
· Improves my investment returns (62 percent)
· Gives me peace of mind (59 percent)
In the past year, small-business owners surveyed by Millionaire Corner in February said that their advisors have been of key assistance in ways that reinforce their attitudes in the benefits of working with a financial advisor.
Nearly three-fourths (71 percent) of respondents who own a business said that their advisor helped them in the reallocation of assets, while a majority (52 percent) said their advisor helped them to adjust their retirement plan.
Forty-two percent said that over the past 12 months their advisor introduced them to new investment options and educated them on market conditions and economic trends, while 36 percent said they learned from their financial advisor how to cope with changing tax laws.
Peace of mind has been a scarce commodity for small-business owners according to the annual Year-End Economic Report released last month by the National Small Business Association, which marked its 75th anniversary last year. A significant majority (86 percent) believe the U.S. economy will either be flat or recessionary, while . just over one-third (38 percent) of respondents anticipate their firms will grow in 2013, a three-year low.
The percentage of small-business owners who project decreases to their employment size in 2013 rose from 12 percent to 16 percent.
The primary challenge facing small-business owners, respondents said, was economic uncertainty, while reducing the national deficit is the issue they feel should be Congress’ top priority.
The 23 million small businesses in America account for 54 percent of all U.S. sales, according to the Small Business Association, while, small businesses provide 55 percent of all jobs and 66 percent of all net new jobs since the 1970s.”
Donald Liebenson writes news and features for Millionaire Corner. He has been published in the Chicago Tribune, The Chicago Sun-Times, The Los Angeles Times, Fiscal Times, Entertainment Weekly, Huffington Post, and other outlets. He has also served as a marketing writer for Chicago-based Questar Entertainment and distributor Baker & Taylor.
A graduate of the University of Southern California, he is married with a college-age son. He also writes extensively about entertainment.