Helping business owners analyze and replace underperforming investments in a retirement program may result in investment fees or product commissions and lay the groundwork to take over the plan's investment strategy or overall administration and recordkeeping;
Most business owners are narrowly focused on managing the day-to-day issues inherent to their business and will be more open to ideas, products and services that help them address those items quickly and effectively;
When discussing long-term issues with a small business owner, it is important to focus on the benefits of planning rather than the products themselves;
Building relationships with the attorneys and accountants who handle the professional and personal affairs of business owners can lead to a pipeline of affluent referrals.
Hannah Shaw Grove, a leading authority on private wealth, can be reached at www.hannahgrove.com. Russ Alan Prince is the president of Prince & Associates Inc., the foremost financial resource for affluent families and their advisors.