Strong and capable. Tested and honed by success in business, these are clients with understandably high expectations for financial guidance with a high level of expertise. It takes a thorough and expert understanding of such major events as the 2017 tax bill (technically called the Tax Cuts and Jobs Act (TCJA)) to negotiate the financial path of those in this category, who are greatly affected by changing laws with a strong focus on the business community.
If you’re a business owner, you’re in great company. Small businesses (which are defined as businesses with under 500 employees) account for 99.7 percent of all businesses in the country, numbering 28.8 million and employing 56.8 million people according to the U.S. Small Business Administration. Business owners are among the most hardworking people, and bring enormous heart and commitment to their task. Yet they face challenges like economic uncertainty, which is ranked as their top challenge. These industrious people rely heavily on proven experts to provide financial planning and advice.
Baby boomers with their own unique experiences and specific mentality. Forever young (and likely active), they do not “go gentle into that good night.” They are life-smart, with high expectations for spot-on financial advice. However, with the good news (an expected longer life following retirement than in past generations) they also face the increasing risk of outliving their savings. It takes a wisely-budgeted, solid financial plan and a savvy strategy to insure their security.
Family is everything. Clients need to know their financial advisor prioritizes that value, and the goal of a secure future, as a basis for counsel. However, their challenge extends beyond traditional bounds. They must seek ways to know that their children are prepared for this financial responsibility. The mission of a good financial advisor therefore is to serve as a “multigenerational” guide–helping the entire family, undoubtedly each in a different way.
Institutional clients face a particular challenge: they must deal with today’s complex financial challenges armed with the skills necessary to manage finances and yet be conscious of compliance. This is on top of negotiating the vast responsibilities necessary to run their institutions. In key areas like pensions and endowments, managing such factors as economic cycles and making wise and informed investments are vital to these institutions. This is the role of savvy financial planners.
