Why Many Entrepreneurs Are Missing Opportunities To Maximize Their WealthTuesday, 04 September 2018
One of the driving forces behind much of entrepreneurship is the possibility to become affluent. There are certainly other strong motivating factors such as the desire to be creative and being in control. Still, becoming wealthy is regularly near the top of the list. However, in study upon study of highly successful entrepreneurs, it is clear that a large percentage of them are not capitalizing on or even aware of the various wealth management solutions that can enable them to become seriously personally wealthier.
According to John Bowen, co-founder of BSW Inner Circle and author of Elite Wealth Planning: Lessons from the Super Rich, “From creatively structuring corporate ownership to the highly skilled application of cutting-edge financial strategies and products, many successful business owners are able to further mitigate various taxes as well as boost investment returns resulting in substantially greater personal wealth. Unfortunately, not that many – actually it’s very few – financial advisors, accountants, and attorneys even understand what is possible.”
For entrepreneurs, the key to maximizing personal wealth regularly requires working with highly proficient client-focused professionals. “Being able to deliver whatever wealth management solutions that are best for the client is actually the easy part of the work we do with successful business owners,” says Michael Gold, president and CEO of Gold Family Wealth, a leading wealth management boutique. “What’s actually more central for our clients’ success is our ability to precisely match up wealth management solutions including the most sophisticated strategies and products with our clients’ needs and wants all the while mitigating costs.”
Without question, the biggest factor in delivering stellar results to entrepreneurs is a concerted attention to the human element. According to Anthony Glomski, founder of the internationally recognized wealth management firm, AG Asset Advisory and author of Liquidity & You, “By focusing on what business owners want to accomplish, we’re able to – with great regularity – come up with innovative, extremely cost-effective ways to achieve their personal financial objectives. With every possible financial strategy and product at our disposal, it’s possible to help our clients get sensational outcomes, and it’s all because we spend enormous time and effort understanding them.”
“Overall, there are relatively few really talented, capable, and client-focused experts available to entrepreneurs today,” says Bowen. “Many professionals are simply limited in their knowledge and abilities.”
The biggest losers therefore are entrepreneurs looking to maximize their personal wealth. So for a great many entrepreneurs to become seriously wealthy, they need to make a very concerted effort to separate the wheat from the chaff and engage recognized top-of-the-line professionals, who are not only technically expert but are adept at developing in depth understandings of successful entrepreneurs.