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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.

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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.

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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

Dittach: Chrome extension keeps your Gmail files ultra organized

(PRODUCTIVITY) Reclaim your time with Dittach and quit digging through Gmail files for that needle in the haystack.

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dittach

So, have you ever been sent a picture of something in your Gmail and lost it for a few weeks? What about a copy of a form you need to sign? What about a document for your boss? If you’re sharing a lot of files in your Gmail, you may have a hard time keeping track of it all.

That’s where Dittach hopes to get back a bit of your time.

It’s a free Chrome extension that works with your Gmail to help organize those attachments in a way that’s a lot more efficient than the built-in filter – especially if you have thousands of emails in your Gmail.

The attachment adds a side bar to your inbox and displays thumbnails of the files you’ve received and sent, and that includes documents, audio, and video (most images of the sidebar sort by other, photos, docs, pdfs, movies, and music). There’s a date scroller to help you go through dates, and it even works with your search bar. And of course, you can then forward, download, print, or view the message that is attached.

Dittach captures the key elements of a good productivity app – it’s both incredibly intuitive to use, and it addresses a productivity need by creating time.

The applications of this software are vast if you use Gmail to manage your life, business, life + business, business + side gig + other gig + shopping addiction, or whatever permutation works for your life. If you have any privacy concerns: Dittach doesn’t make any changes to your account, emails, or attachments, and the extension can be removed anytime.

The biggest concern with Dittach actually comes from Google itself – it’s limited to how many attachments it can index every day, so older attachments may not appear initially during that first day – so if you have a lot of older stuff it may not capture them. The app is also in beta, so you may have some bugs with the experience, but it looks very promising. At the time of my review, the feature isn’t working due to a transition, but is expected to be back up soon.

Dittach ultimately is a great Gmail addition if you find yourself handling a great deal of attachments and need a way to quickly find them. Beyond business, I could see the applications of this for graduate students, working professionals, or even digitally connected families. There’s a lot of promise here, if you have the need – so if you use Chrome and Gmail – get Dittached from time wasting (when it’s available, of course).

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Tech News

FCC Chairman confirms fears, jokes about being a Verizon shill

(TECH NEWS) FCC Chairman Ajit Pai jokes about being a shill for Verizon, feeding into what many suspected when he was appointed.

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Leaked video shows FCC Chairman Ajit Pai joking about being a shill for Verizon, as we all suspected when he was nominated. Last week Pai was a speaker at the Federal Communications Bar Association, an event similar to the White House Correspondents Dinner.

Major telecom companies and the FCC gather at this annual event for dinner, mingling, and enduring awkward political policy jokes. At the event, Pai roasted himself about major headlines from the past year, like his decision to kill net neutrality against the wishes of the majority of the nation. Hilarious.

Pai also brought up the whole thing where he refused to cooperate with an investigation into the validity of comments filed in support of ending net neutrality.

Although cameras weren’t officially present at the event, someone surreptitiously filmed and sent the clip to Gizmodo. The kicker comes around twenty minutes into Pai’s speech when he jokes, “in collusion—I mean, in conclusion, sorry, my bad—many people are still shell-shocked that I’m up here tonight.”

He goes on, “they ask themselves, how on earth did this happen? Well, moments before tonight’s dinner, somebody leaked a fourteen-year-old video that helps answer that question, and in all candor, I can no longer hide from the truth.”

Pai then starts a video, which opens with 50 Cent’s “In Da Club” playing in the background. This is the only thing I’ll give him points for on this amateur drama class project.

The skit is set in 2003 at “Verizon’s DC Office”, when Pai was an attorney for the company. In the video, Kathy Grillo, current Verizon senior VP and deputy general counsel, tells Pai, “As you know, the FCC is captured by the industry, but we think it’s not captured enough, so we have a plan.”

“What plan?” Pai asks. Grillo tells him, “We want to brainwash and groom a Verizon puppet to install as FCC chairman. Think ‘Manchurian Candidate.’” To which Pai responds, “That sounds awesome!”

Gizmodo posted the video on Friday after the dinner, and the internet exploded with reactions to Pai’s gag. Reddit in particular went nuts, to the point that one thread in r/technology was locked—as in no one else can comment—for “too much violence.”

In a thread on the r/television subreddit, a moderator reminds users, “please refrain from encouraging or inciting violence or posting personal information […] don’t post anything inviting harassment, don’t harass, and don’t cheer on or upvote obvious vigilantism.”

While some of the threads were full of awful remarks, other posters commented in the spirit of reasonable conversation. The general sentiment of those engaged in non-harassing discussions is that Pai is a symptom, not the cause of FCC’s problems.

However, many argued that the video showed Pai’s willingness to bend (then joke about) FCC regulations indicates he’s not a puppet so much as a willing participant in corruption. Pai’s appointment to FCC Chairman was suspicious from the beginning considering his ties to Verizon.

Although Pai is obviously joking in the leaked video, the general public isn’t find it nearly as funny as those at the dinner.

Check out the clip for some cringe-worthy digs at net neutrality and have fun questioning the integrity of the FCC.

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Tech News

FCC Grinches plan to steal poor peoples’ Internet access

(TECH NEWS) Merry Christmas! The FCC is trying to take away poor people’s Internet access, pointing the finger one way to distract you from the other.

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ajit pai net neutrality

In case anybody with enough bandwidth to read this wasn’t sufficiently terrified by the FCC’s ongoing campaign to break the internet by dismantling net neutrality, the nation’s communication authority has kindly provided another reason for any digital-enabled American to expatriate and/or secede.

The FCC’s most recent reform proposal proposes to reform the absolute Hell out of Lifeline, the $2.25 billion program to provide low-income Americans with broadband Internet access. Also, phones. The Lifeline Program has been doing its job since 1985, when noted socialist firebrand Ronald Reagan instituted it to subsidize phone service in underprivileged communities. It was expanded to include broadband Internet access in 2016, and right now 12 million households benefit from Lifeline-subsidized phone and Internet access.

That’s apparently a problem.

The FCC’s stated concern is that the General Accounting Office recently found $1.2 million of the $2.25 billion Lifeline budget was being used fraudulently. Fraud is bad! But in case you don’t have your TI-85 handy, that’s less than a tenth of 1 percent. That is not very much fraud. Not enough to nix an entire program, at least.

The greater concern, as usual, appears to be about profit. Under the current Lifeline guidelines, many subsidized companies are small ISPs and resellers providing access to third-party networks. Often, these services are the only Internet access available in rural areas, tribal lands, and other underserved communities.

That doesn’t work for Commissioner Pai.

Earlier this year, Pai used “delegated authority,” the FCC’s version of executive orders, to bypass oversight and personally rescind subsidy access from 9 ISPs providing services to rural areas and tribal lands.

These reforms continue that trend. They ban subsidies for no-cost Internet service, which is the business model of 70% of current Lifeline subsidy recipients. It is notably not the business model of large ISPs that rhyme with Buhrizon. I’m sure that’s a coincidence.

They also impose an absolute budget cap, meaning that millions of poor households could lose their Internet access, and the increased opportunities for education and employment that come with it, if someone in a comfy office a thousand miles away effs up the accounting.

In short, it sucks.

The proposed reforms to the Lifeline Project are another example of the FCC, deliberately or through negligence, rigging the market in favor of major conglomerates at the expense of consumers, small businesses and the general public.

Lifeline isn’t perfect, but it’s doing its job. Whether the same can be said for Ajit Pai’s FCC is, at best, an open question.

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