We at Stage 2 Planning are constantly looking at our process of working with you, our valued Clients. Over the past year we've seen a need to have a follow up for our Objective Review process. The need that we see is offering a complete wealth management process for our Client owners of private businesses.
We believe there is an opportunity for us to help our Clients by operating as true wealth managers. By definition, a wealth manager is someone who works in a multi-disciplinary manner to help Clients achieve outcomes in a variety of areas with one common thread: helping the private business owner create and harvest value from the business and from life.
The first step we've developed in this process is the ability to provide ongoing wealth management services with all strategic information stored in one area. We have licensed a web based platform to help with this. Please give us a call for more information on this new service.
With this in mind we've come up with ten areas that I think are part of the wealth management process for a private business owner. When you look at this list you will see there is plenty of room for you to work on a consultative and comprehensive manner in achieving your goals.
Our list for what a private business wealth manager needs to work with is:
- Financial Planning (both personal and business)
- Value Creation in the business
- Financing and capital structure
- Harvesting financial value from the business
- Asset protection
- Risk management
- Tax planning
- Exit planning
- Investment management
- Wealth transfer planning
All of these areas are what we call Stage 2 and 3 activities. They all are strategic in nature and before they can be used with our business owners, the owner must have capacity to deal with these issues. This means the business must be tactically excellent before moving to most if not all of the items on the list. As we know, tactical excellence exists in Stage 1. If we're to help our Clients with true wealth management, the first step is to make sure the Client has navigated through the Stage 1 process.
The critical goal of Stage 1 companies is to make the owner operationally irrelevant in the company by putting systems in place. I don't believe this goal lies within the realm of the wealth manager for a private business owner, but I do believe the wealth manager must be aware of the need and to have strategies available to help the owner in this quest.
With warm regards,
Stage 2 Planning Partners
Josh Patrick © 2007
Securities and Investment Advisory Services offered through NFP Securities, Inc., A Broker/Dealer, Member NASD/SIPC and a Federally Registered Investment Advisor.
Stage 2 Planning Partners is an affiliate of National Financial Partners Corp., The parent company of NFP Securities, Inc. Representatives listed on this website are currently registered to conduct securities business in the following states: AZ, CO, CT, FL, IL, IN, MA, MT, NC, NH, NY, PA, RI, VA, VT, WA
NFP Securities is not affiliated with Harris- Murray
