Connect with us

Tech News

4 reasons your company, no matter how small, should hire a financial advisor

(FINANCE NEWS) Small business owners and self-employed professionals alike all too rarely take advantage of a resource tailor-made to avoid both Chapter 11 and being conquered by Persia: expert financial advisor help.

Published

on

financial advisor

Rollin’ in it

Money! That’s what I want.

Ever since Croesus of Lydia went wading in the Pactolus, we humans have been rolling with the root of all evil. And ever since he lost it all, got his country stomped out and died a cautionary tale, we’ve worried ourselves sick over same. Entrepreneurs and business owners above all live with the possibility of a single financial misstep ending their careers with a whimper.

bar

Why you need a financial advisor

Ain’t necessarily so. Small business owners and self-employed professionals alike all too rarely take advantage of a resource tailor-made to avoid both Chapter 11 and being conquered by Persia: expert financial help. A financial advisor may sound like a luxury for the super-rich, but in practice, having a team member tasked to manage the money and make it work is smart for the wealthy, but indispensable for the up-and-coming.

Here follow four ways a dedicated financial advisor can enhance the prospects of startups, small business owners, and even self-employed professionals like your humble narrator.

One

They know what they’re doing (and you may not).
Let’s be real: entrepreneurship takes ego. Nobody hats up and starts a business unless they believe they’re smarter, tougher, and more capable than their cube-comfortable peers. We know what we’re doing. We don’t like to admit there are things we can’t handle. But the plain fact is, when small businesses fail, and 4 out of 5 do, it’s usually about money management, or more accurately lack of same.

I guarantee that 4 out of 5 thought they knew what they were doing too, up to the exact moment they found out they didn’t. It’s not about lack of experience, either: per the Corporation For Enterprise Development 37 percent of experienced business owners fall short of expenses. Hiring a financial advisor means an extra expert eye on the thorniest, most treacherous aspect of small business ownership.

Two

They’ll plug you in.
Networking is everything. Everybody knows that. Running a business always comes down to how well you work with your fellow h. sapiens. But even if you’ve got your people skills on lock, how do you get past your threshold? You can be as pleasant and personable as the day is long, but unless you’re God – you’re not God; you’re probably aware of that, but I did mention entrepreneurs and ego – you don’t actually know everybody.

Financial advisors do. Like other consultants, financial advisors invariably have a phonebook’s worth of leads and contacts in their area of expertise. Want to expand the scope of your business? Knowing what everybody is doing at all times is literally a financial advisor’s job. They have an in with everybody. They have to. That knowledge alone is worth the money.

Three

They cross-pollinate.
“Cross-pollinate” is the term used by Barry Glassman of Forbes in his superb article on the value of advice to small business owners. The huge list of contacts maintained by financial advisors doesn’t just mean new business opportunities. It means new ideas from the whole scope of your industry, a chance at ground-floor involvement with… pretty much everything worth your time.

Four

You succeed, they succeed.
There are several compensation models for financial advisors in the United States, but they all have one thing in common: they get paid better when you get paid better. For fee-only advisors, that rule is absolute: they are compensated solely by the client, usually as a percentage of assets under management, and have a fiduciary duty to act only in the client’s best interest.

Fee-only is comparatively new: financial advisors have traditionally been compensated with commission on the sale of financial instruments. But commission-based advisors aren’t Snidely Whiplash twirling his mustache either. For one thing, they’re by definition cheaper: no fee, just commission on what you personally choose to buy. The lower price makes the commission model well suited to accounts that require comparatively little oversight, either because they’re not particularly active or because you have the financial expertise to handle most management tasks yourself (but refer to entry 1!). Dubious doings aren’t unknown, particularly the dread “churn“, but no more so than in other financial professions.

As with money itself, the question of advice comes down to poor old Croesus of Lydia. Remember him? King of Turkey, literally invented money, and he ended up set on fire and only extinguished because he screamed something interesting. Know how he got there?

Didn’t listen to the right advice.

No reason to fail

Expertise matters. Specialty matters. Having enough hours in the day to get the work done most definitely matters. Every one of those things gets better with the service of a reliable advisor. That’s how you conquer the world.

#FinancialAdvisor

Matt Salter is a writer and former fundraising and communications officer for nonprofit organizations, including Volunteers of America and PICO National Network. He’s excited to put his knowledge of fundraising, marketing, and all things digital to work for your reading enjoyment. When not writing about himself in the third person, Matt enjoys horror movies and tabletop gaming, and can usually be found somewhere in the DFW Metroplex with WiFi and a good all-day breakfast.

Tech News

Experts warn of actual AI risks – we’re about to live in a sci fi movie

(TECH NEWS) A new report on AI indicates that the sci fi dystopias we’ve been dreaming up are actually possible. Within a few short years. Welp.

Published

on

AI robots

Long before artificial intelligence (AI) was even a real thing, science fiction novels and films have warned us about the potentially catastrophic dangers of giving machines too much power.

Now that AI actually exists, and in fact, is fairly widespread, it may be time to consider some of the potential drawbacks and dangers of the technology, before we find ourselves in a nightmarish dystopia the likes of which we’ve only begun to imagine.

Experts from the industry as well as academia have done exactly that, in a recently released 100-page report, “The Malicious Use of Artificial Intelligence: Forecasting, Prevention, Mitigation.”

The report was written by 26 experts over the course of a two-day workshop held in the UK last month. The authors broke down the potential negative uses of artificial intelligence into three categories – physical, digital, or political.

In the digital category are listed all of the ways that hackers and other criminals can use these advancements to hack, phish, and steal information more quickly and easily. AI can be used to create fake emails and websites for stealing information, or to scan software for potential vulnerabilities much more quickly and efficiently than a human can. AI systems can even be developed specifically to fool other AI systems.

Physical uses included AI-enhanced weapons to automate military and/or terrorist attacks. Commercial drones can be fitted with artificial intelligence programs, and automated vehicles can be hacked for use as weapons. The report also warns of remote attacks, since AI weapons can be controlled from afar, and, most alarmingly, “robot swarms” – which are, horrifyingly, exactly what they sound like.

Read also: Is artificial intelligence going too far, moving too quickly?

Lastly, the report warned that artificial intelligence could be used by governments and other special interest entities to influence politics and generate propaganda.

AI systems are getting creepily good at generating faked images and videos – a skill that would make it all too easy to create propaganda from scratch. Furthermore, AI can be used to find the most important and vulnerable targets for such propaganda – a potential practice the report calls “personalized persuasion.” The technology can also be used to squash dissenting opinions by scanning the internet and removing them.

The overall message of the report is that developments in this technology are “dual use” — meaning that AI can be created that is either helpful to humans, or harmful, depending on the intentions of the people programming it.

That means that for every positive advancement in AI, there could be a villain developing a malicious use of the technology. Experts are already working on solutions, but they won’t know exactly what problems they’ll have to combat until those problems appear.

The report concludes that all of these evil-minded uses for these technologies could easily be achieved within the next five years. Buckle up.

Continue Reading

Tech News

Daily Coding Problem keeps you sharp for coding interviews

(CAREER) Coding interviews can be pretty intimidating, no matter your skill level, so stay sharp with daily practice leading up to your big day.

Published

on

voice and SEO

Whether you’re in the market for a new coding job or just want to stay sharp in the one you have, it’s always important to do a skills check-up on the proficiencies you need for your job. Enter Daily Coding Problem, a mailing list service that sends you one coding problem per day (hence the name) to keep your analytical skills in top form.

One of the founders of the service, Lawrence Wu, stated that the email list service started “as a simple mailing list between me and my friends while we were prepping for coding interviews [because] just doing a couple problems every day was the best way to practice.”

Now the service offers this help for others who are practicing for interviews or for individuals needing to just stay fresh in what they do. The problems are written by individuals who are not just experts, but also who aced their interviews with giants like Amazon, Google, and Microsoft.

So how much would a service like this cost you? Free, but with further tiers of features for additional money. Like with all tech startups, the first level offers the basic features such as a single problem every day with some tricks and hints, as well as a public blog with additional support for interviewees. However, if you want the actual answer to the problem, and not just the announcement that you incorrectly answered it, you’ll need to pony up $15 per month.

The $15 level also comes with some neat features such as mock interview opportunities, no ads, and a 30 day money back guarantee. For those who may be on the job market longer, or who just want the practice for their current job, the $250 level offers unlimited mock interviews, as well as personal guidance by the founders of the company themselves.

Daily Coding Problem enters a field with some big players with a firm grasp on the market. Other services, like InterviewCake, LeetCode, and InterviewBit, offer similar opportunities to practice mock interview questions. InterviewCake offers the ability to sort questions by the company who typically asks them for that individual with their sights targeted on a specific company. InterviewBit offers referrals and mentorship opportunities, while LeetCode allows users to submit their own questions to the question pool.

If you’ve really got your eye on the prize of receiving that coveted job opportunity, Daily Coding Problem is a great way to add another tool in your tool box to ace that interview.

Continue Reading

Tech News

Quickly delete years of your stupid Facebook updates

(SOCIAL MEDIA) Digital clutter sucks. Save time and energy with this new Chrome extension for Facebook.

Published

on

facebook desktop

When searching for a job, or just trying to keep your business from crashing, it’s always a good idea to scan your social media presence to make sure you’re not setting yourself up for failure with offensive or immature posts.

In fact, you should regularly check your digital life even if you’re not on the job hunt. You never know when friends, family, or others are going to rabbit hole into reading everything you’ve ever posted.

Facebook is an especially dangerous place for this since the social media giant has been around for over fourteen years. Many accounts are old enough to be in middle school now.

If you’ve ever taken a deep dive into your own account, you may have found some unsavory posts you couldn’t delete quickly enough.

We all have at least one cringe-worthy post or picture buried in years of digital clutter. Maybe you were smart from the get-go and used privacy settings. Or maybe you periodically delete posts when Memories resurfaces that drunk college photo you swore wasn’t on the internet anymore.

But digging through years of posts is time consuming, and for those of us with accounts older than a decade, nearly impossible.

Fortunately, a Chrome extension can take care of this monotonous task for you. Social Book Post Manager helps clean up your Facebook by bulk deleting posts at your discretion.

Instead of individually removing posts and getting sucked into the ensuing nostalgia, this extension deletes posts in batches with the click of a button.

Select a specific time range or search criteria and the tool pulls up all relevant posts. From here, you decide what to delete or make private.

Let’s say you want to destroy all evidence of your political beliefs as a youngster. Simply put in the relevant keyword, like a candidate or party’s name, and the tool pulls up all posts matching that criteria. You can pick and choose, or select all for a total purge.

You can also salt the earth and delete everything pre-whatever date you choose. I could tell Social Book to remove everything before 2014 and effectively remove any proof that I attended college.

Keep in mind, this tool only deletes posts and photos from Facebook itself. If you have any savvy enemies who saved screenshots or you cross-posted, you’re out of luck.

The extension is free to use, and new updates support unliking posts and hiding timeline items. Go to town pretending you got hired on by the Ministry of Truth to delete objectionable history for the greater good of your social media presence.

PS: If you feel like going full scorched Earth, delete everything from your Facebook past and then switch to this browser to make it harder for Facebook to track you while you’re on the web.

Continue Reading
Advertisement

Our Great Partners

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Emerging Stories

Get The American Genius
neatly in your inbox

Subscribe to get business and tech updates, breaking stories, and more!