COVER STORY
There ’ s never been a better time to work with wealthy business owners .
BY JOHN J . BOWEN JR .
IT ’ S NO SECRET THAT SUCCESSFUL BUSINESS OWNERS ARE AN extremely attractive group of clients for advisors . After all , if your goal is to manage wealth , why not court the people who spend their lives generating it through the economic engine of entrepreneurship ?
And our latest study from CEG Insights suggests that now could be an ideal time to pursue this market : 20 % of the 2,049 entrepreneurs we analyzed , who held on average $ 15.6 million in assets , are poised to change their financial advisors within two years . That means new advisors could find a prime opportunity to cater to these entrepreneurs ’ dynamic needs and aspirations , opening avenues for profound influence and success .
My dedication to entrepreneurs stems from witnessing the downturn of my family ’ s foundry in a small upstate New York town , a critical local employer led by my father and uncle , which stumbled during my college years . This pivotal moment solidified my belief in the transformative power of financial advisors . Our family business could have overcome its challenges and flourished with the right advisor . Such partnerships can drastically alter the economic trajectory for entrepreneurs and their wider communities , making lasting impacts and fostering enduring success .
This article discusses what ’ s at stake for advisors who pursue affluent entrepreneurs and the key steps they can take to unlock the door to this historic opportunity . It also offers strategic insights so that you can align your interests and success with those of the entrepreneurs by meeting their needs .
IMAGERY VIA GETTY IMAGES MARCH 2024 | FINANCIAL ADVISOR MAGAZINE | 39