Wealth Management for Business Owners

Align your clients’ personal goals with the needs of their businesses. Gain insight into the unique challenges entrepreneurs face, and understand the balancing act of personal and professional priorities.

Who can benefit

Business owners in your book
Prospects with start-ups or established businesses
Referrals from clients
Connections from circles of influence (accountants, lawyers, etc.)

Communicate your value

Consider timing: At start-up – or any review for clients with mature businesses
Assist your clients in preparing an effective action plan that includes:
- Knowing where their business and personal lifecycles intersect – Helping them articulate both sets of goals
- Understanding challenges of funding retirement from business sale – Finding a buyer; business valuation; a potentially large illiquid asset
- Aligning business income-generating ability with family needs/priorities (e.g., retirement)

Get in the know

The majority of business owners manage their business and personal wealth relationships at different institutions – A consolidation opportunity to increase wallet share
Over 50% of business owners who manage both business and personal wealth at the same firm were introduced to their Advisor through their business banker; establish a relationship with commercial account managers, so referrals flow both ways

Support Materials

Client Letter Templates

Essential Reading

More Practice Management Resources

Practice Management

November 2020

Next level client education: a winning strategy

Innovating to attract clients, Scott Bonertz and Thomas Diederichs, portfolio managers, Raymond James, developed a unique academic approach. These partners share their successful strategy – and explain how education and financial planning can be a winning combination for Advisors.

Practice Management

November 2020

The estate wedge: a new way to build value

Advisors looking to expand their business and bring meaningful, value-add solutions to their clients should look to the “estate wedge” strategy, according to Richard Poulin, Director, Intermediary Distribution, Niagara, who outlines how to make this a reality by building awareness and taking a targeted approach to client segmentation.

Practice Management

October 2020

Missed opportunities in buying and selling a book

As the industry adjusts to the new normal, many Advisors are wondering if the time is right to exit or snap up a new book of business. Seasoned IA-turned-consultant, Jerry Butler, Founder and President of Queenston Consulting, provides an overview of the succession planning environment, and offers tips on how both sides can make the best deal possible.

Practice Management

October 2020

Tap into RI growth with a professional designation

As responsible investing (RI) quickly becomes best practice for the investment industry at large, James Leung, Portfolio Manager, CIBC Wood Gundy, shares his insights on the many benefits of attaining a certified designation in the space – including differentiating your practice and attracting new business.

Practice Management

September 2020

Embracing a virtual COI strategy

When it comes to building referral networks, a digital-friendly approach is now table stakes for Advisors seeking to grow their business. For a deeper look, Ben Jones, host of BMO’s Better Conversations, Better Outcomes podcast, offers timely advice and actionable tips to bring your Centres of Influence (COI) strategy to life.

Practice Management

August 2020

Lessons from the pandemic: professionalizing virtual client meetings

As the world slowly begins to re-open again, the financial services industry can’t afford to assume a return to business as usual. Sanjay Singla, Vice President, Intermediary Distribution, Central Ontario, BMO Global Asset Management, believes virtual face-time with clients will now be a permanent part of the Advisor offering going forward, and shares his insightful tips on how to differentiate yourself with a polished and professional online approach.