Success in business comes from hard work, determination and effective execution. To derive the most value from their success, however, entrepreneurs need financial strategies rooted in unbiased advice. Unfortunately, conflicts of interest inherent in traditional wealth-management models can distort even the best-laid plans, undermining efforts to achieve personal and business goals in the process.

Unconflicted financial advice — where advisors prioritize their clients' interests over those of their employers — leads to effective decision-making and consistent follow-through. This is especially important for business owners who need to react swiftly to market changes. Understanding how to secure impartial guidance is crucial for sustaining growth and achieving long-term financial stability.

Related: The Truth About Your Financial Advisor

A meeting I had about 20 years ago crystallized my view of these matters. I was sitting with a famous technology entrepreneur shortly after my then-employer, a big investment bank, had helped him launch an eye-popping IPO. My goal was to review his family finances and secure him as a wealth-management client — a high-stakes endeavor given his prominence and the potential for a lucrative multi-generational relationship between my firm and his family.

The meeting was going well from my perspective when the entrepreneur turned to me and asked, "Why should I pay retail pricing when the money I bring to the table makes me an institutional-level client?" Before I could get my head around that one, he........

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