Joseph Geis, Program Manager for Wealth Management
You’ve built your business into a profitable operation. You provide for your family, take care of your employees, and have a clear vision for future growth. But what are you doing to manage your personal finances so they align with your long-term plans? Ask yourself these 11 questions to determine whether a structured wealth management plan could work for you.
Business owners often struggle with the competing priorities of their work and personal lives, quickly realizing the day-to-day operations of the company consume most of their attention. A wealth manager can help you build a financial plan to bridge that gap by exploring your unique financial needs with questions like these:
>What three words or concepts define your vision for tomorrow?
>What are the three things you’re doing to stay true to your unique value proposition?
>List three ways you manage your personal and business finances?
>Name three ways your family is impacted by your business decisions?
>Do you have an exit plan for retirement? Who can run the business as passionately and efficiently as you?
>Did you pay too much in taxes last year?
>Do you have a plan to protect your assets from the transfer tax system?
>When is the last time you drew a salary for yourself?
>What would happen if you suddenly couldn’t work? How would that impact your household income?
>Describe three things you do to relieve the stress of running your business?
>What keeps you up at night?
3 Characteristics of an Effective Wealth Manager
- Consultative. Exhibits a strong desire to understand your unique circumstances and strives to know your business and to work in tandem to find solutions that align with your strategy.
- Innovative. Ditches the one-size-fits-all mentality, and works without presuppositions as to the financial products or services that are appropriate for you.
- Resourceful. Has a team of professionals ready to offer a robust suite of financial planning products and services.