Wealth Management: Financial Planning to Benefit Your Business & Employees

Wealth Management: Financial Planning to Benefit Your Business & Employees

Wipfli Hewins Investment Advisors
8665 Hudson Boulevard North, Suite 200 | St. Paul, MN 55042
(651) 636-6468
wipflihewins.com

Business owners often have well-defined goals and big dreams for their businesses, but are inundated with an endless list of tasks — and limited time to accomplish them.  Lack of time often causes owners to fall prey to two outcomes:
 
They fail to create a defined plan for their own financial future. Sometimes, they don’t take action at all and miss out on business opportunities they wouldn’t dream of passing up.
 
Often, they focus so intently on their business that they overlook one of the most valuable employee benefits — a retirement plan.
 
Allowing these tasks to fall to the bottom of your to-do list can hold you and your business back from future growth and success.
 
Here are five ways you can overcome these challenges:
 
Pay yourself and establish goals outside of the business. Similar to the multi-year plan you build for your business, identify your personal goals and develop a plan for achieving them.
 
Diversify your assets and develop a risk management plan. Beyond your monetary investments, establishing protection for your family is also essential. Life insurance and buy-sell agreements can safeguard your survivors in the event of your death.
 
Initiate the succession and estate planning process. Getting the most out of your business investment later on can help guide your personal wealth management decisions after you’ve left the helm.
 
Additionally, consider meeting with a qualified attorney and estate-planning specialist to ensure that your goals and wishes are accounted for, including plans for any business or real estate assets.
 
Implement a retirement plan for your employees. Once you’ve established a plan for your personal finances, help plan for the financial future of your employees. Research service providers to compare plan costs and features, such as administrative support and investment options.
 
Choose a financial advisor. Be sure to ask yourself the following questions: Is he or she an expert in wealth management, as it relates to business owners? Do they have a fiduciary responsibility to put their clients first, with no compensatory conflicts of interest?  The Financial Planning Association (FPA)’s website is a great resource to reference.
 
With some luck and a lot of hard work, you can overcome challenges within your business and take steps toward future growth. But don’t forget to get on track — and stay on track — toward achieving your personal financial goals.