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In today's complex business landscape, small business owners face critical decisions about growth, risk management, and succession planning - often with limited guidance. Where do they turn for trustworthy advice? And how does the quality of that guidance shape their confidence in securing both their business and personal financial futures?
This research examines the relationship between strategic advisors* and business owner’s confidence across four critical areas:
- Decision-making processes and financial professional engagement
- Business protection and risk management strategies
- Succession and retirement planning readiness
- Talent acquisition and retention approaches
Equitable collaborated with SCORE, a nonprofit organization that provides free mentoring and educational resources to small business owners and entrepreneurs, to conduct this independent study which surveyed 728 small business owners to uncover how industry leaders form strategic advisor relationships with accountants, lawyers, insurance agents, financial professionals, bankers and mentors to influence small business owner choices, planning, and timing.
Since 1964, SCORE has helped more than 17 million entrepreneurs start, grow or successfully exit a business. SCORE's 10,000 volunteers provide free, expert mentoring, resources and education in all 50 U.S. states and territories.
*Strategic Advisor is a term used here exclusively to define the relationship of experienced professionals from diverse industries with relevant experience spanning, but not limited to, accountants, real estate brokers, legal as well as estate planning attorneys and financial professionals.
Read the full Equitable and SCORE Intelligence Report
This independent research demonstrates quantifiable differences between small business owners who engage with financial professionals and those who do not in terms of confidence, and operational planning. Owners who value advice, generally, approach economic uncertainty as an opportunity rather than a setback. They appear to be more growth-oriented, more prepared for retirement, and better able to attract, onboard, and retain talent. They also report broader professional networks, stronger growth strategies, and higher confidence in their plans for retirement. The relationship with a financial professional is often a clear catalyst for sustained success.
A few of the key takeaways for Financial Professionals to consider based on the results of this compelling report.
1. Lean into the Strategic Advisor Advantage
Business owners place a high value on strategic professionals – especially financial professionals. In fact, most small business owners highly value external advice, even above family and friends. Business owners who engage with financial professionals demonstrate significantly higher confidence in retirement planning and are more likely to have comprehensive protection strategies in place with better preparedness for unexpected events.
This study reveals that 83% of small business owners surveys consider it important to work with a financial professional for business guidance and decisions.
Generational differences in trusted sources for business guidance
2. Emphasize Retirement Planning
Business owners feel uncertain about how their business contributes to the timing and funding of their retirement. When the business is THE plan, many business owners have no backup for retirement, or an interruption caused by injury or illness.
Millennials are more receptive to advice, while Boomers, though hesitant, face the most immediate planning needs and stand to gain significant advantages from professional guidance.
Regardless of age, business owners who work with financial professionals are more confident in retirement planning and more likely to see uncertainty as opportunity. Those who engage with a financial professional are more confident about their future and expect to retire earlier (age 63 vs. 70). Nearly half (47%) of owners who see financial professionals as very important also believe “because of my business I can retire earlier than I planned”. In comparison, only 15% of those who do not value financial professionals feel they can retire early.
63% of Business Owners are looking for good retirement planning advice.
Nearly 2/3 find it difficult to completely “retire”, even though nearly 50% started the business to fund their retirement.
1/3 do not have a financial plan in place if the owner becomes sick or injured and can no longer run the business.
Banking on the business: Owners lack solid plans for retirement and the unexpected
3. Strategies for attracting and retaining top talent
When it comes to hiring and retaining an effective and engaged workforce, business owners are keenly interested. But their concern over their ability to attract and keep talent varies by preparation – namely seeking the advice of experts.
Less than half of business owners offer retirement benefits or benefits other than medical/healthcare insurance. When looking at owner age, Millennial and Gen X owners are more likely than Boomers to offer employees health and retirement benefits, especially once they know what’s possible via guidance from their financial professional.
Financial professionals can leverage their role and experience to help owners structure incentives other than salary. Business owners who value financial professionals were twice as likely to offer other employee benefits such as dental, vision, group life, STD/LTD, or supplemental health benefits (such as hospital indemnity, critical illness, accident insurance) -- and in turn, improve their ability to attract, onboard, and retain top talent.
4. Educate Owners about Benefits Affordability
Most owners surveyed offer paid time off and flexible schedules. When asked why they don’t offer other specific employee benefits, owners report their belief that the business is too small or the benefit is too expensive.
As their financial professional, you can help to ensure business owners do not fall behind in the changing talent market. Financial professionals can also help overcome the perception that small businesses can’t afford a comprehensive compensation package that extends beyond the basics and includes voluntary employee benefits and workplace retirement plans. These options are available and affordable, unlocking workforce advantages.
Business owners working with financial professionals are 2x as likely to offer comprehensive employee benefits* and 2x as likely to provide retirement benefits to their team of employees.
Likely to offer comprehensive health benefits*
Likely to provide retirement benefits
*Dental, vision, group life, STD/LTD54%
Business owners are looking for insightful guidance.
Cultivate your network and client approach
Small business owners place significant value on experienced professionals, particularly financial professionals. Millennial owners, more than Gen X or Boomers, are inclined to seek guidance from strategic professionals. Each stage of the business can benefit from comprehensive planning. However, Boomers face an essential need to balance the value of their business, the progress of their succession plan, and their retirement timeline, and working with a financial professional can prove invaluable in achieving these goals.
Given the interconnected nature of business decisions, it's crucial to consider building a reliable referral network, including accountants and lawyers, to enhance the support you offer small business owners through your practice. This study reveals two distinct mindsets: those who actively seek advice and those who rely on their own experience.
Discover compelling insights about how business owners are thinking and preparing for areas such as succession planning, navigating market uncertainties, growth strategies, and aligning cross-generational values and goals.
“Advisor” is used to generally describe insurance/annuity, investment sales, and advisory professionals who may be licensed as insurance agents, registered with broker-dealers, and registered as investment advisory representatives of registered investment advisors, respectively..
Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (NY, NY), and Equitable Financial Life Insurance Company of America, an AZ stock company with an administrative office in Charlotte, NC, and Equitable Distributors, LLC.
This informational and educational content does not offer or constitute financial, insurance, investment, legal, tax, accounting, mortgage finance or general lending advice. Your unique needs, goals and circumstances require and deserve the individualized attention of your own financial, legal, tax and other professionals. Equitable Financial Life Insurance Company and its affiliates do not provide tax, legal, mortgage financing, or lending advice or services.
©2025 Equitable Holdings, Inc. All rights reserved.
GE- 8448691.1 (09/2025) (Exp. 10/2029)
