Business owners need your help right nowArticle added by Paul Mallett on May 27, 2014
Paul M Mallett

Paul Mallett

Defiance, OH

Joined: September 27, 2012

Small business is the lifeblood of our economy. Small business owners are unsung American heroes that should be praised for having the courage and the creativity to do what government only wishes it could do: create real jobs, improve standard of living and drive real charitable support for the less fortunate.

But many small business owners are in need of comprehensive financial planning assistance. It has been estimated that less than half of small business owners currently use a financial advisor of any kind. Ironically, half of them also recognize they could actually use an advisor.

By the way, isn’t that what you do?

I know what you’re thinking. You’re worried. You don’t know enough. Business is complicated, right? Business owners are hard to pin down for an appointment. They ask too many questions. Their issues are numerous, and not what you are accustomed to dealing with. Besides, they would really rather do it themselves, right?

It’s true that business owners present a few unique challenges, but this can be a very lucrative and rewarding area of focus, and it doesn’t have to be a difficult as you may think. In particular, business owners nearing retirement represent a very attractive potential market for most agents and advisors.

Better yet, the odds are pretty good that no one else is focusing on this segment in your area.

In reality, most business owners are concerned with one or more of these six key challenges that you can probably help with right now:
  • Personal retirement income strategies
  • Personal estate planning
  • Retirement plans
  • Executive compensation
  • Key person
  • Business succession
If you’re still with me at this point, you’re probably thinking the first two aren’t too scary. You serve clients like that every day, right? But where do you go from there?

Relax. You don’t have to do it alone. Take a look at your current network of strategic partners, and make sure you have those areas covered that would be of importance to business owners. Obvious foundational elements are a good CPA, banker and attorney that share your vision and commitment to the needs of the business owner. A little time and a few real cases will guide you to any other potential experts you will need to enlist for your specific market.

In addition to selecting your team of experts, take concrete action to build on your own knowledge and skills as an agent or advisor. Align yourself with insurance companies and support organizations that will provide you with the products, training and case support you’ll need to effectively serve these high-value clients.

Don’t let fear hold you back. This is a market that is severely underserved and incredibly well-aligned to the products and tools you probably already have. You don’t have to know all the answers. Align yourself with the right people and you will soon establish yourself as the preferred financial planning resource for business owners in your market.
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