wealth management | BEST PRACTICES
Wealth Management for Business Owners
davidSTELLA
David Stella is a Wealth Advisor for the Central Florida region of Wells Fargo Private Bank. Contact him at david.
stella@wellsfargo.com.
Your Next Essential Business Plan
Every successful business owner understands the value of planning. In fact, creating a well-crafted business plan is one of the first challenges most new entrepreneurs face.
Planning to Retire? Wealth management professionals look at
these issues and recommend viable solutions to help manage, protect and distribute your assets. For example, some entrepreneurs may not integrate their retirement with their other investment planning. They may invest using their company’s 401(k) plan and also invest excess personal income separately. This can result in possible inefficiencies or risk because of duplication and overlap in their equity portfolios. Many entrepreneurs, on the other hand, may set
up 401(k) plans for themselves and their employees, then let them ride, ignoring the plans for years. In the meantime, the retirement strategies may become outdated. An investment management professional can help to develop an appropriate investment strategy, mitigate risk through unified asset allocation and diversification, and rebalance the portfolios on a regular basis. Stock options may comprise a substantial
Yet many business owners become so embroiled in the day-to-day running of their companies that they fall short in crafting another, equally essential plan - a wealth management strategy that integrates personal and business planning. While you continue to grow your company and
build your personal worth, the financial issues and challenges you face become increasingly complex. That’s why it’s important to work with a team of specialists that can help you put all the pieces together to establish a plan that meets your specific needs.
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portion of your income, and careful management of these options is vital. Having an integrated plan may help you balance your investments and navigate complex regulatory and tax issues that may arise when exercising these options.
Succession Planning It’s also essential to review and update your
financial plans with a business succession planning professional each year. For example, small business owners may have outdated succession plans in place. A buy/sell agreement may have been established years ago, funded with life insurance that would allow the
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