Small Business Owners & Private Wealth Management

As a small business owner, you might think that private wealth management is off the table for you. But one of your main goals having a business is to accumulate wealth and even small changes now can make a huge difference later in your career (and into retirement).

Whether you’re a young tech entrepreneur or a seasoned CEO, there are advantages to working with a private wealth manager. Here are three.

They Keep You On Track

You can take a goals-based approach yourself, but you are much more likely to see it through if you have someone keeping you on track. In addition to following through, it can be difficult to know what constitutes the right goals in the first place. You can try and figure it out on your own, but then you’re not working on your business. And remember, if you even get a small thing wrong on your investments, it can have large impact years later due to the nature of compounding.

Small Business Means Smaller Circles

If you’re a larger firm, you can get an advertising agency for your marketing, a consultancy for your operations, and one of the big-four for your accounting. The list of possible specializations goes on. But when you’re small, it’s not that easy.
With a good wealth manager, you can tap into a variety of services that you might otherwise find too cumbersome or expensive to retain independently. These include things like tax and estate planning, retirement income planning, and preparations for selling your business one day (e.g. business evaluations & finding a qualified buyer).

Private Equity for the Little Guy

Have you ever wondered how rich the first people who invested in Facebook must be today? Before a company “goes public” (i.e. on the stock market), they usually exist in private markets. And private markets can be difficult to tap unless you know people. While working with a private wealth manager doesn’t mean you’ll be in early for the next Facebook, it does give you access to some private markets such as real estate, infrastructure, agriculture and timber. Furthermore, if you gain a large enough share in a private investment, you might have the opportunity to increase asset value through control. For example, at the board level. This is in contrast to a public market investment, which is almost always passive.

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