1 in 4 Small, Midsize Business Owners Met With Financial Advisers Last Year

About one-quarter of small and midsize business owners surveyed by Nationwide Mutual Insurance Co. reported meeting with a financial adviser in the past year in response to current economic conditions, revealing what Nationwide authors called an “opportunity to expand and strengthen client relationships.”

The authors of the Nationwide report analyzing survey results wrote that advisers could benefit from meeting business owners “where they are” and that advisers could gain an advantage by demonstrating their awareness of entrepreneurs’ business and personal concerns.

On behalf of Nationwide, Edelman Data & Intelligence conducted an online survey from November 10 through December 1, 2025, among 400 small business owners and 402 midsize business owners. A large portion of owners of small businesses—defined as having fewer than 50 employees and less than $10 million in annual revenue—reported being concerned about inflation (55%), economic downturn (41%) and interest rates (39%). The pessimistic economic concerns were echoed by owners of midsize businesses—defined as having between 51 and 500 employees and between $10 million and $500 million in annual revenue—with 56% citing inflation, 45% citing economic downturn and 46% citing interest rates.

Given these economic concerns, roughly 14% of small and midsize business owners sacrificed their own retirement plan contributions to help their companies. Among surveyed small business owners, 15% had decreased their retirement savings in the past year and 14% had tapped into their personal retirement funds to support their business in the past year, compared with 13% of midsize owners reporting both decreasing retirement savings and tapping into personal retirement funds.

About the same percentage of respondents—15% of small business owners and 13% of midsize business owners—said they had postponed or canceled their own retirement in the past year. On the employee side, 26% of midsize business owners reported that their employees had postponed retirement and 18% reported an increase in retirements, far exceeding small business owners, among whom 10% reported postponed retirements and 6% saw an increase in retirements.

Only 21% of small business owners and 28% of midsize business owners said they had met with a financial professional in the past year, while 25% of respondents agreed that meeting with a financial adviser would bring “peace of mind.”

Small business owners were most interested in discussing inflation with an adviser, selected by 39% of respondents, while 32% were interested in discussing a personal retirement plan, 21% were interested in retirement offerings for employees, and 20% wanted advice on succession planning. Among midsize business owners, the largest group (45%) wanted to discuss financial risk management strategies, while 32% cited personal retirement planning, 32% cited retirement planning for employees, and 29% cited succession planning.

“You don’t need to be an expert in every facet of planning, but as an advocate and ‘risk management quarterback,’ you can help your clients uncover their top priorities and connect them with the right solutions,” wrote Juan José Pérez, president of Nationwide Financial’s Corporate Solutions organization, in a blog post published by Nationwide. “That may include building a mutual referral network of specialists—like 401(k) providers or employee benefits providers—to create partnerships that benefit both your clients and your practice.”