Supporting Small Business Owners
An important sector of clients for financial professionals to keep in mind is small business owners. Small business owners are our neighbors, friends and family members—when their businesses thrive it positively impacts the entire community. Small businesses employ nearly half of the U.S. population and are the backbone of our economy. Yet state shutdowns and restrictions due to the pandemic have created significant new challenges, forcing many to have to lay off employees or shut their doors indefinitely.
There are multiple ways financial professionals can support small business owners and help them emerge from this difficult time with new strength. Counseling small business owner clients on employee benefits, retirement plans, life insurance solutions and other important financial considerations allows owners to be productive while maintaining focus on their employees and customers.
I recommended ensuring small business owners understand the importance of these financial solutions and strategies that might not have been top of mind but were brought to the forefront during the pandemic.
As I discuss with my team regularly, it is our obligation to help Americans navigate difficult times and secure a prosperous financial future. By using this moment of optimism to help our clients shift their mindset from “survive” to “thrive,” we can help them plan holistically as we counsel them on preparing for retirement, investing for the long-term and incorporating financial strategies to protect their small businesses.
Helping clients secure a prosperous future, retire with dignity and protect their assets and businesses are the keys to making economic recovery a reality, and to moving forward together with renewed confidence.
Nick Lane is president of Equitable, leading the company’s retirement, wealth management and protection solution businesses and a member of the Equitable Holdings Management Committee.