Posted on: June 1st, 2017
As a successful business owner, you almost certainly get help with your finances. But are you getting the right help—the quality of advice that will allow you to achieve your biggest, most important goals in life?
The answer, very likely, is “no.”
Here’s why—and what you can do about it, starting right now.
Nearly 85 percent of successful entrepreneurs with at least $1 million in financial assets work with financial advisors to help them manage that wealth.
That’s absolutely the right move. Think about it: You want to spend your time, expertise and energy where you generate your wealth—your business—and not trying to become an ace investor and wealth manager. Relying on talented financial professions just makes good financial sense.
But there is a big problem.
Most successful business owners are NOTgetting the highest quality advice that they need to maximize their ability to attain the level of serious wealth they seek.
Nearly four out of five successful business owners have hired less-than-capable advisors. At the same time, almost three quarters of these entrepreneurs are legitimately concerned about advisors taking advantage of them.
The fact is, the vast majority of financial advisors (and other professionals like accountants, attorneys and bankers) currently serving top business owners like you simply aren’t familiar with—and don’t offer—many of the advanced, top-tier wealth management solutions that you need to achieve tremendous personal financial success.
IMPORTANT: That doesn’t mean these advisors aren’t good at their jobs. But it does mean they may not be ideal for you. Your continued success and the goals you are striving for may mean you have outgrown your current financial advisors, and they just can’t bring value to your financial situation anymore.
There are three common reasons why so many advisors serving business owners lack the ability to help their clients build serious wealth.
Many accomplished business owners tell us that they recognize they have outgrown their current financial advisors. But they don’t really know where to go to find guidance that is ideally suited to them—and they don’t have the time or energy to go on the hunt.
The good news: Finding the right help doesn’t have to be an endeavor.
Start by knowing the traps to avoid. One of the biggest obstacles you face is working with either of two types of advisors you want to avoid at all costs: Pretenders and Predators.
Nearly three-quarters of you are concerned about being taken advantage of by the professionals you work with (see Exhibit 2).
So how do you avoid Pretenders and Predators—and find the type of financial guidance that will truly position you to excel?
Ultimately, you should probably be seeking an elite wealth manager. These professionals are fundamentally different from the investment advisors and financial advisors that business owners typically work with.
The biggest difference: Elite wealth managers take a truly holistic financial approach to helping their business owner clients. This requires a comprehensive client evaluation process that puts you at the center—surrounded by the seven key characteristics that make up who you are and what you value.
Elite wealth managers offer investment management, of course. But they also go far beyond it by providing sophisticated planning capabilities in areas such as:
Elite wealth managers also provide Super Rich Solutions, which meet three criteria:
IMPORTANT: Super Rich Solutions are not necessarily restricted to the wealthiest among us. They are applicable for a wide range of individuals, families and business owners, usually once they achieve around $1 million or more in personal financial assets. But, as noted above, relatively few financial professionals truly understand these solutions or can effectively implement them.
It’s time to ask yourself a key question: Are you getting the type of help you need—and deserve—from your current advisor or advisors?
If you’re like many business owners, your answers to these questions may very well reveal a need to seek out a second opinion about your financial situation—and how well it’s being addressed currently. A comprehensive review of where you are today, where you want to be and the gaps between may indicate that it’s time to find the expertise that will truly add value to your life—and the lives of those you care about most.
This report was prepared by, and is reprinted with permission from, VFO Inner Circle. AES Nation, LLC is the creator and publisher of VFO Inner Circle reports.
Disclosure: The opinions expressed in this commentary are those of the author and may not necessarily reflect those held by Kestra IS or Kestra AS. The material is for informational purposes only. It represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. It is not guaranteed by Kestra IS or Kestra AS for accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security. Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Advisory Services, LLC (Kestra AS), an affiliate of Kestra IS.
Fusion Wealth Management is not affiliated with Kestra IS or Kestra AS. https://www.kestrafinancial.com/disclosures
VFO Inner Circle Special Report
By Russ Alan Prince and John J. Bowen Jr.
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