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Wealth Management for Business Owners

The wealth management needs of business owners are often a lot more complex than those of individuals. That’s why we’ve teamed up with Avantax Planning PartnersSM to offer a financial planning solution that helps you navigate the unique financial challenges of today’s entrepreneurs.

What is wealth management and why does it matter to business owners?

For many business owners, most assets are attached to your company which can complicate matters when it comes time to exit your business and enjoy retirement. Wealth management services go beyond simple investment advice to create a comprehensive plan for all your financial needs including accumulating assets, identifying tax-saving strategies and working with CPAs, estate planners and others to cover all the bases when it comes to financial planning.

How is comprehensive wealth management for business owners different from standard wealth management?

Standard wealth management is designed for the individual with typical assets. It won’t begin to cover a business owner’s needs. Comprehensive wealth management is valuable because it makes sure your personal and business financial strategies align, while taking all assets into account. 

For business owners, comprehensive wealth management considers:

  • Financial planning for you and your business. 
  • Your investments. 
  • Charitable giving. 
  • Personal and business tax liability. 
  • Your retirement, estate and succession planning.
  • Your liquid assets and the liquidity of your assets.

Business owners have to plan for their company and beyond their company. If you retire, how will you maintain your income? How will you get health insurance? What burdens or assets are you leaving for your family? Comprehensive wealth management takes all of this into consideration.

Wealth management with taxes and investments in mind

Investments and taxes are key chapters in your wealth management story. Unlike many individuals, businesses can’t opt to ignore their taxes until year-end. Wealth management specific to business owners supports tax planning as a continuous process.

What’s more, you and your business each have specific tax regulations to follow. The two need to work together for the best liability outcome. That means wealth management with the following in mind:

  • Tax-deductible business expenses 
  • Your business structure and activities 
  • How taxes could affect budgeting and forecasting 
  • Potential penalties

For investments, wealth management can help you build a diversified portfolio, rather than investing all excess cash into your business. That way, not all your investments are subject to the same risks, and you have a leg to stand on if you exit the company.

Today, your business is your greatest investment, but that may not always be the case. You need an investment plan that takes your business into account, while also planning for a potential future without it.

How SME CPAs and Avantax Planning PartnersSM help with this process

Not only should your wealth management be tailored to business owners, it should be handled by professionals who know your business. At SME CPAs, our team has experience specific to your industry, from restaurants to nonprofits. We know the rules you have to follow, and we understand the structure of your business.

Our wealth management for business owners includes:

  • Budgeting and forecasting with your company in mind
  • Personal and business financial strategies
  • Tax planning and liability minimization 
  • Charitable gift planning 
  • Audits of internal controls

As a bonus to our own services, we work with Avantax Planning PartnersSM to offer our clients an unmatched source of institutional knowledge and services.

Avantax has been offering tax-smart wealth management strategies to clients, including small business owners, for over 30 years and their holistic approach to both pre and after-tax solutions means that together we can help maximize assets and plan for a better financial future.

Avantax Planning PartnersSM offers

  • Investment strategies that aren’t tied to your business
  • Guidance for converting assets to income
  • Insurance that safeguards you and your business
  • Employee retirement plans that also help you invest in your own retirement
  • Business valuation and succession planning to transition your business
  • Strategies for transferring wealth to heirs efficiently

How our partnership benefits you

Your SME CPA and your Avantax financial planning consultant will work hand-in-hand to create one comprehensive plan to encompass all your financial needs so you can focus on your business with the confidence of knowing you have strategies in place to meet your unique financial objectives both now and in retirement.

Ready to get started with a complimentary consultation between your SME and an Avantax? Contact your local SME CPA today and start planning for tomorrow.

Investment advisory services are offered through Avantax Planning PartnersSM. Commission-based securities products are offered through Avantax Investment ServicesSM, Member FINRA, SIPC. Insurance services offered through licensed agents of Avantax Planning Partners. 3200 Olympus Blvd., Suite 100, Dallas, TX 75019. The Avantax entities are independent of and unrelated to SME CPAsAlthough Avantax does not provide or supervise tax or accounting services, our Financial Professionals may offer these services through their independent outside business. Not all Financial Professionals are licensed to offer all products or services. Financial planning and investment advisory services require separate licenses. 

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Have a question or want to discuss your specific need? Contact Us or submit your inquiry using the form below.