Understanding the Different
Types of Financial Advisors

No matter how long you’ve been running your Amazon FBA, eCommerce or Online Business, you often run into situations where you could use a Finance Advisor.

Maybe you want to align your actions with your long-term business goals. Maybe you need help creating a plan to pay off debt. Or maybe you’re just tired of wondering whether your books are truly balanced every month and ready to bring in an expert.

With all the different titles that “accountants” use these days, it’s hard to know where to turn!! Not to worry. We’ve listed the most common Financial Advisor types, along with details on how they can help an Amazon FBA, eCommerce, or Online Business like yours.

One important thing to realize is the financial industry is just like medicine or law, there are many different specializations so it’s vital to pick someone who is right for your company’s niche and needs.

CPA Tax Pro

The main thing you need a tax specialist for is…you guessed it…taxes!

But, it’s more than just preparing them in an error-free way. Having a Certified Public Accountant aka CPA is the best way to ensure that you take full advantage of your available deductions.  A CPA Tax Pro can even advise you on expenses and investments that lower your tax liability. Outside of tax season, an accountant or bookkeeper can help you keep your business’ finances shipshape.

A Tax Pro is definitely a necessary advisor for any Amazon FBA, eCommerce or Online Business owner.  Along with making sure you keep up with the ever-changing tax code, a CPA Tax Pro can make sure that you’re maximizing your business’ profitability.  In the market for a Tax Pro? Check out our sister company, DigiTax Pro.  

Financial Planner

A Financial Planner is an expert on the big-picture strategy for your money. They take a close look at your income, your big expenses, and your daily spending habits. They help tailor those things to build the long-term financial future you want. People often hire a Financial Planner for specific major goals, such as paying off debt, funding a child’s college education, or saving for retirement.

As an Amazon FBA, eCommerce or Online Business owner, you can definitely benefit from working with a Financial Planner. Once you know what it will take to achieve your financial goals, you can create your annual and monthly business strategy around those steps.

Investment Advisor

Better known as “stockbrokers,” investment advisors help you choose what to invest in, how much to invest, and when to sell off your investments. Some investment advisors charge by the hour, but it’s also common for them to charge a percentage of your stock portfolio’s value.

Debt Counselor

Also known as credit counselors, these Finance Advisors help you put together a realistic plan to pay off the debt you owe. This isn’t for run-of-the-mill debt that is a normal part of starting and running a business. Instead, it’s for debt that has gotten out of control, or for bills that you’re unusually behind in paying, to the point where you’re likely to incur a penalty. Along with helping you figure out how to pay off the debt you owe, debt counselors can also help with debt consolidation, loan refinancing, and negotiating with creditors to reduce interest rates and other financial side effects of debt.

Business or Finance Coach

Like a Financial Planner, a Business or Finance Coach has the job of helping you plan out the steps to achieve big-picture financial goals. But while a Financial Planner focuses exclusively on the money you spend and save, a Coach extends their focus into how your life as a whole affects your finances.

Coaches can guide you in thinking about how you can work smarter, develop good habits with spending, and explore how your internal beliefs and attitudes affect the way you deal with money. They might not have as much detailed insight about exclusive financial matters such as investment opportunities or what kind of retirement account to set up, but they’re great for a holistic tune-up of your approach to managing money.

For an Amazon FBA, eCommerce or Online Business owner, a Business or Finance Coach is the equivalent of a Personal Trainer, Nutritionist, or Wellness Coach for an athlete. If you really want your business to thrive, it’s worth working with a Business or Finance Coach and putting in the time, effort and sacrifice they recommend.

Virtual CFO

As fancy as this title might sound, a Virtual CFO is simply a financial expert who serves as your business’ financial mentor, advisor, and strategist. This person is generally a CPA who offers digital consulting services and helps you make a plan for your money, follow that plan, grow your business, and avoid common pitfalls along the way. They can answer any questions you have about your accounting system, keep you on track with some of the more head-scratching elements of keeping your books, and help you develop a plan for future profit.

You may think your Amazon FBA, eCommerce, or Online Business is too small for a CFO. In fact, it already has one: you! By bringing in an expert, you can be confident that the daily actions you take in your business are helping you create the kind of success you are aiming for.

Certified Profit First Professional

If you haven’t yet learned about Profit First, allow us the pleasure of introducing you! Profit First is a method of cash management that advocates (you guessed it) prioritizing profitability to help your Amazon FBA, eCommerce, Online Business thrive. It’s designed to make sure that passionate entrepreneurs like you experience the rewards your hard work deserves.

Certified Profit First Professionals can walk through your financial goals for both your business and personal life, along with setting up a plan to reach those goals.  They are equipped to expertly guide business owners on how to boost their bottom line so they can confidently pocket their profits. Your Amazon FBA, eCommerce, or Online Business needs these individuals to help you think outside the box about saving money and making your financial goals a reality.

The Bottom Line

Your business’ overall health is directly tied to how you deal with money. By joining forces with the right type of Financial Advisor or Advisors, those who specialize in the type of growth you’re seeking, you can set your Amazon FBA, eCommerce, or Online Business up for sustainable success.

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