The Top 10 Financial Advisors in Richmond for Small Businesses

Jun 15, 2020 | Richmond Small Business Community, Small Business Marketing

Let’s set the scene: You’re here. You’re a small business owner. Maybe you’ve struggled through Virginia’s COVID-19 stay-at-home order. Maybe you’re reading this in the future when COVID-19 is a chapter in a history book. (Are flying cars a thing, yet?)

But, with the rocky start to 2020, you may be wondering how a financial advisor can help you.

Glad you asked!

We understand how stressful it is to operate your own small business, even in the best economies. That’s why we have compiled an easy-to-follow guide with the top 10 financial advisors in the Richmond area for the aspiring or longtime business owner.

Finances Are Important to Businesses

As we all know, finances can play a major role in the future of a business. You may be wondering:

How will my business finances be properly managed? 

Do I even have time to manage them? 

Well, keep reading to find out how the financial advisors in the Richmond area can help keep your money in order and how this strengthens your business.

What is a Financial Advisor?

Financial advisors. It’s a household term and we hear it often. But let’s break it down.  A financial advisor:

  • Manages your finances
  • Advises you on investments
  • Helps you prepare for changes
  • Maximizes on profits and investments

When it comes to small businesses, financial advisors are there to save owners time to focus on the day-to-day operations of their own business.

Why have something extra to worry about when sales growth, branding, client acquisition, lead generation, cash flow, business reinvention, SEO presence, social media marketing, and even employee retention are daily dealings for the biz owner?

Meanwhile, these financial advisors are in the corners of the offices, working tirelessly to make sure your finances are as secure as a child in the backseat of a minivan headed to their sibling’s soccer practice.

The Benefits of a Financial Advisor

Before we go in-depth about the necessity of business financial advisors, let’s talk about the main benefits:

  • Their financial expertise
  • Their money-saving mindset
  • Their focus on achieving long-term business goals

Whether your business experiences changes in business structure, retirement plans, expansion or you decide to turn the direction of your business towards basket-weaving, advisors can help you financially plan for those changes.

Local advisors can save you money by evaluating any unnecessary costs that may be sucking profit from your business and, instead, putting it toward your future business goals.

Even if you’re a veteran business owner, here are the top reasons you should consider investing into those who invest for you.

Financial advisors:

  • Help you form a financial plan to accomplish your specific goals
  • Help you plan for foreseeable changes
  • Suggest how you invest your money
  • Create budgets to help you save money
  • Advise you on trimming unnecessary expenditures
  • Allow you more time to focus on personal finances

The Most Common Types of Financial Advisors in Virginia

Depending on where you are with your business and what your future goals are, can help you decide on the type of advisor to hire.

To make it easy on you (because, again, you are a small business owner which is already a lot of hard work), we have provided a simplified list of the types of financial advisors and their qualifications.

Certified Public Accountants 

  • Required to take an exam
  • Complete a number of work experience hours
  • Maintain their certification
  • Primarily help with tax management
  • Equally as valuable when it comes to investments and other money management

Certified Financial Planner

  • Knows the specifics of personal finance
  • Has been certified through rigorous testing
  • Has completed ongoing education
  • Highly educated in financial planning, taxes, insurance, estate planning, ethics and retirement

Enrolled Agents 

  • Authorized by the U.S. Department of the Treasury
  • Represent taxpayers for audits, collections and appeals
  • Legally allowed to prepare and submit tax returns for others
  • Specialize in tax resolutions

Personalized Financial Specialist

  • A certification for CPAs
  • Focus on financial planning
  • Specializes in tax management

Registered Investment Advisor

  • Also known as investment advisors
  • Provide information and guidance for security investments only
  • Not recommended for general advising


  • Works for a brokerage company
  • Well-versed in a variety of investments
  • Works on commission

Estate Planner 

  • Prepares financial and estate plans
  • Advises families on how to handle assets

How Do I Know Which Type of Financial Advisor to Pick?

This can be a difficult question. The best way to answer that is to start with what goals you want to accomplish as a business owner.

This may include beginning a business, making enough profit to top your competitors, generating enough revenue to expand, saving enough to start your basket-weaving business or preparing an account to comfortably retire.

Whatever it is, once you identify these goals, deciding on which financial advisor to pursue will become easier.

As a rule of thumb, it is advisable for small business starters to enlist the services of a CFP. Unlike stockbrokers or other commission-based advisors, CFPs are dedicated to your finances (not worried about theirs) and are best for investments.

For those just starting out, CFPs can help with drafting a general financial plan from the get-go.

If you want a one-stop shop for financial advisors, a handyman of sorts if you will, a PFS is a good option. They can do it all. Tax advice, investments, management and master planning, a PFS can help give your business the financial direction it may need.

Our Top 10 Financial Advisors in Richmond, VA

Now that you know the top reasons on why a financial advisor can help your small business, it’s time for us to dive into Virginia’s guide on local financial advisors.

Again, because we know how demanding it can be as a small business owner, we want to make it easier on you. Below we have made a list for your convenience on the top financial advisors in the Richmond area.

  1. Golden Merrill, AAMS®, CRPC®
  2. Allen Financial
  3. Fuller Wealth Advisors
  4. Kanawha Capital Management
  5. McKay Wealth Management Group
  6. Virginia Estate and Retirement Planning Advisors, INC.
  7. Anchor Financial Group
  8. Highstone Group Comprehensive Financial Services
  9. Ray Olson Family Financial Planning
  10. Mainsail Wealth Advisors, LLC.

We hope this has been helpful for you.

At the end of the day, a financial advisor can help ease the process for small business owners. They give you financial literacy and allow you the time to focus on the actual operations and management of your company.

More time to focus on the inner functions of the company can open a number of marketing opportunities for you.

This may even give you the chance to focus on your company’s branding or maybe even a website redesign! Regardless of what it is, we are here to help.

Looking to up your marketing game?

Get in touch with us today for a free consultation!

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