Wealth Management for Business Owners
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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
- Tax Planning for the Family Business
- Tax Planning for the Family Farm
- Understanding Personal Holding Companies
- Transferring Your Business to the Next Generation
- Shareholders' Agreement — An Important Business Succession Planning Tool
- IPPs Features & Benefits Summary
- IPPs for Small Business Succession Planning
- "Are Your Business and Personal Finances on Solid Ground?"
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