Eight in 10 Small Business Owners Say Financial Professionals Drive Smarter Decisions

Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today released a new study, “The Advantage of Advice: How Small Business Owners Navigate Growth, Retirement and Workplace Strategies.”

In partnership with the SCORE Association, the largest small business mentoring and education organization in the United States, this independent study surveyed more than 700 small business owners. It explored how trusted advisory relationships — particularly with financial professionals — influence decision-making, shape planning strategies and contribute to long-term business success.

“Running a successful small business is challenging, and our research shows that owners feel more confident when they have an experienced financial professional by their side,” said Jim Mellin, Head of Advice and Wealth Management for Equitable Advisors. “Those who value advice are more resilient, grow their business faster, retire earlier and build stronger teams compared to small business owners without that support. The advisor relationship is not just helpful — it’s often the catalyst for sustained success.”

Small businesses are the backbone of the American economy, representing 99.9% of all U.S. businesses and employing nearly half of the private-sector workforce — approximately 59 million people.ⁱ In today’s constantly shifting business environment, small business owners face complex decisions on how to grow their business, manage risk, attract and retain talent, and secure their financial future.

As financial professionals look to better engage and develop tailored strategies to support their small business clients, Equitable’s independent study with SCORE uncovered the following key insights:

• The financial professional advantage: The study revealed that 83% of small business owners consider it important to work with a financial professional for business guidance and decision-making. In fact, most highly value external advice — even above input from family and friends. They turn to financial professionals, accountants, business mentors, bankers, lawyers and insurance agents for essential outside expertise and guidance. This underscores the interconnected nature of professional support, where trust in one strategic advisorⁱⁱ often leads to valuing a broader network.
• Strategic advice powers growth early, unlocking more value later: Notably, the study uncovered that millennial small business owners are twice as likely to seek financial professionals compared to their Gen X and baby boomer counterparts. Further, small businesses in the early growth phase — operating between two and five years — are 50% more likely to engage strategic advisors than businesses operating for more than 20 years. Yet, well-established business owners can still benefit from working with a financial professional, especially as they align personal retirement goals with business transition plans.
• From uncertainty to early retirement: The study found that six in 10 small business owners find it difficult to fully retire, even though nearly half started their business to eventually fund their retirement. As a result, 63% are looking for retirement planning advice. Notably, those who work with a financial professional expect to retire seven years earlier — at age 63 versus 70 — compared to those without professional guidance, underscoring how expert advice can increase confidence and accelerate their retirement timeline.
• Empowering business owners to thrive amid change: In today’s unpredictable environment, 58% of small business owners say they’re either sticking with their current growth plans or waiting before making changes. However, those accelerating their growth or expansion strategies place significantly greater value on working with financial professionals. Notably, the study found that these owners view disruption as a catalyst for opportunity. Specifically, small business owners who work with a financial professional indicated they are three times more likely to hire new workers and five times more likely to fast-track employee retention strategies compared to those without one.
• Rethinking benefits, small businesses can compete: Many small business owners often hesitate to offer comprehensive employee benefits, believing their business is too small or the costs are too high. This misperception can limit their ability to retain and attract top talent. However, the study revealed that small business owners who work with a financial professional are twice as likely to offer comprehensive benefits — including retirement plans and supplemental health options like hospital indemnity, critical illness and accident insurance — helping them to better compete against larger employers in today’s competitive job market.

“Behind every successful small business is a network of trusted support. This study with Equitable confirms what we see every day at SCORE: financial professionals and mentors help business owners make smarter decisions, manage risk and build lasting success,” said Ed Coleman, Regional Vice President at SCORE. “Entrepreneurs often feel the weight of every decision — but they don’t have to carry it alone. Whether just starting out, growing a business or planning for retirement, access to the right guidance can make the difference between surviving and thriving.”

About the study:

In partnership with Equitable, “The Advantage of Advice: How Small Business Owners Navigate Growth, Retirement and Workplace Strategies” report presents findings from a blind study conducted by the SCORE Association. Fielded from June 2025 to July 2025, this independent study surveyed a total of 728 business owners or key decision-makers, drawing from SCORE’s client base and supplemented by a small business owner survey panel to ensure a sufficiently representative sample across key demographics.

About Equitable:

Equitable, a principal franchise of Equitable Holdings, Inc. (NYSE: EQH), has been one of America’s leading financial services providers since 1859. With the mission to help clients secure their financial well-being, Equitable provides advice, protection and retirement strategies to individuals, families and small businesses. Equitable has more than 8,000 employees and Equitable Advisors financial professionals and serves 4 million clients across the country. Please visit equitable.com for more information.

About SCORE:

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. The organization is funded in part through a Cooperative Agreement with the U.S. Small Business Administration. To learn more about SCORE, request a mentor or volunteer to be one, visit SCORE.org.

Equitable is the brand name of the retirement and protection subsidiaries of Equitable Holdings, Inc., including Equitable Financial Life Insurance Company (Equitable Financial) (NY, NY); Equitable Financial Life Insurance Company of America (Equitable America), an AZ stock company with an administrative office located in Charlotte, NC; and Equitable Distributors, LLC. Equitable Advisors is the brand name of Equitable Advisors, LLC (member FINRA, SIPC) (Equitable Financial Advisors in MI & TN). GE- 8508053.1. (10/25) (Exp.10/29)

ⁱ U.S. Small Business Administration, Office of Advocacy, July 2024. “Frequently Asked Questions About Small Businesses.”

ⁱⁱ 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251021416797/en/