Why Nonprofits Need to Work With a Financial Advisor
By Measured Wealth Private Client Group
Whether it’s to help others in the community or to support a cause they’re passionate about, nonprofit organizations work hard to do good. But what happens when the day-to-day work of running a nonprofit starts to feel like too much? That’s where a financial advisor can help.
Here are three reasons why nonprofits should work with a financial advisor.
Assist With Investments
Most financial advisors will help with investment decisions and strategies, including how to grow the wealth of your nonprofit organization. This may include researching assets received as donations as well as opportunities to invest in stocks, bonds, and other securities that could benefit your nonprofit.
Financial advisors can help nonprofit organizations with a variety of investment-related tasks, such as helping to identify and assess potential investment opportunities, provide guidance on how to allocate assets, and monitor investments over time. They can also advise on how to manage risk and compliance issues associated with investments.
Many financial advisors also have experience working with nonprofits, so they can provide valuable information on how to best manage your organization’s finances including budgeting, cash flow management, and investment strategies. Working with a financial advisor allows nonprofit organizations to align their investments with their goals and objectives. Ultimately, the goal is to help you grow your nonprofit’s assets so it can continue to do good work in the community.
Keep You Up to Date
One of the key roles of a financial advisor is to keep their clients up to date with any changes in financial guidance that may affect them. This is especially important for nonprofit organizations, which are subject to a variety of regulations and requirements.
A good financial advisor will stay abreast of any changes in the law that may impact their nonprofit clients and provide timely guidance on how to comply with any new rules. They will be familiar with nonprofits’ unique accounting and financial reporting requirements and can help ensure your organization meets all its obligations. They can also help you navigate the sometimes complex world of grants and fundraising.
If you are running a nonprofit organization, it’s key to have a trusted financial advisor who can guide you in keeping your organization financially healthy and compliant with all applicable regulations.
Help With Yearly Audits
An experienced financial advisor can provide valuable assistance during a yearly audit. They will ensure necessary paperwork is in order, provide accurate records, and offer insights and recommendations on improving your financial picture.
Working with an advisor is a simple, three-step process:
- Schedule a consultation: During this meeting, you’ll discuss your goals for the audit and what you hope to achieve from it. The advisor will provide a list of documents and information you will need to gather to complete the audit.
- In-depth audit: Next, the advisor will conduct an in-depth review of your documents. They will look for any red flags or areas of concern and develop an action plan for anything that needs to be addressed. Once the review is complete, the advisor will provide a report detailing their findings.
- Review & implementation: After receiving the report, you’ll have the opportunity to review it with your advisor and your board of directors. Together, you can determine whether or not any changes need to be made to improve your organization’s compliance with the law.
Financial advisors can also offer advice on debt management or investing strategies. Overall, working with a financial advisor during an audit can help to make the process smoother and more successful.
Grow and Plan for the Future of Your Organization
Your nonprofit has a lot to offer society. A financial advisor can help develop a plan for the future while offering invaluable advice when it comes to making tough decisions about your organization—all so your nonprofit can reach its goals while keeping your donors happy.
If you’re a nonprofit looking for guidance to grow and prosper your organization, we’d love to chat with you about how we can help. To get started, call our office at 603-431-1444 or visit our Measured Wealth Private Client Group website and set up a complimentary consultation.
About Measured Wealth Private Client Group
Measured Wealth Private Client Group, LLC was founded on the core values of our country, hard work, integrity, and uncompromising quality. Independence is our backbone. We diligently work for each client, assisting them in reaching their financial goals.
For 20 years we have inspired our clients to make informed decisions through education, communication, and service which exceeds their expectations. We serve a select client base, and for the benefit of our existing clients, we have a mutual selection process of accepting new clients every year.
We invite you to explore Measured Wealth Private Client Group, LLC and “Experience the Difference.”