7 Things You Should Never Hear From Your Financial Advisor

High net worth individuals and business owners know a lot about investments, making money, and growing their finances. But I’ll guarantee you something. I’ll guarantee you that no matter how much you know before you set foot in an advisor’s office, you will probably encounter unfamiliar financial jargon and advice. Things will be said that you have no way of validating or judging. If that happens to you and the advisor can’t or won’t clarify, strongly consider finding another advisor. Business owners and high net worth individuals should run from coaches or advisors who use wording or techniques similar to what I’ve listed here. “I […] Read more »

5 Powerful Actions To Transform Your Business, Your Team, and Your Community

The best business books can vastly improve the way we run our organizations. The best books make us not just better leaders, better business owners, and better workers, but also better citizens and people. And so I gladly agreed to write a foreword to the best seller, The Serving Leader, by John Stahl-Wert and Ken Jennings. Stahl-Wert and Jennings propose that the key to business (and community) success is what they call the philosophy of the Serving Leader. Hold onto your hats. This type of leader probably breaks every leadership principle you think you know. The first of the five powerful actions the book proposes […] Read more »

Family Businesses Often Overlook Risks To Family Members

Your family business may be well protected from risks but what about your family members? Could the family business do major damage to the family? Are there risks you can remove or protect against? A new family business study indicates that most family businesses lack a regular risk management process that covers the entire enterprise including risks to the family. A report in the May/June 2015 Family Business magazine on the Crystal & Company and Family Office Metrics study said the study found only 30% of the 159 online survey participants have an enterprise-wide risk management process. This concerns me because some business owners focus […] Read more »

Money Book Gives Insights to High Net Worth Individuals

When people recommend a financial planning book I often cringe. So many financial and investment books provide poor advice. But recently a client asked me to read Tony Robbins’ Money: Master The Game – 7 Simple Steps to Financial Freedom and I’ve found many solid, practical ideas in the book. Business owners and high net worth individuals may feel the same. Yes, the book’s long. I’m only on page 340 of its 627 pages. But here are some reasons why Money: Master The Game may be worth your time. First, I believe in taking financial and investment advice from high net worth individuals who have […] Read more »

6 Small but Impactful Financial Steps for High Net Worth Individuals and Business Owners in 2015

For a moment, put aside the country’s economic prospects. Focus on your own personal financial outlook and that of your own business. We’re already more than a month into 2015. Are you seeing financial improvements? Do you have a solid investment and financial plan for the year? Personally, I think the country’s in an improving economy right now with lots of opportunity for smart business owners and high net worth individuals (HNWI). But financial conditions can change quickly. For you to reach your 2015 business and personal financial goals you need financial insight. Here are six ideas that may give you greater opportunities to grow […] Read more »

How Smart the Millennial Generation is Saving for Retirement

Does it surprise you that the Millennial Generation (1980-99 birth dates) is a bigger generation than the Baby Boomers? In the United States, we have 76 million Baby Boomers and 87 million Millennials. And here’s another amazing fact. What do you think the average age in the U.S. is? Would you believe it’s 22? These facts, a conversation with a Millennial, and two reports from Dimensional Fund Advisors led me to these conclusions: 1. Millennials, now ages 15-34 are good but not genius retirement savers 2. Planning retirement savings isn’t any more critical than planning retirement consumption 3. The smartest savers, Millennials and other generations, […] Read more »

High Net Worth Individuals: Best Practices

learn how to maintain wealth

Becoming a high net worth individual (HNWI) is one thing; maintaining that wealth can be quite another. Here are some simple but often overlooked best practices for maintaining wealth.  1. Think why before how Don’t even think about how to grow or maintain your wealth until you understand your goals, comprehend your long-term needs and put your situation in context. Think about your financial “pain points.” How important is it to ease that challenge or pain? How will making a financial move affect your family? Why will making a move make you better off than you are today? 2. Understand how all your finances fit […] Read more »

The Business Owners Financial Checklist

business owners financial checklist

You may feel like April 15, 2015 is light-years away. It’s not. Start preparing for your tax bill and take stock of your business’s financial situation now. Small actions now could prevent the need for bigger, costlier actions later. Here are 10 simple steps business owners can use to improve a business’s tax and financial readiness.   1. Re-evaluate your business entity Many small businesses start out as sole proprietorships or partnerships, but eventually transition to another entity. For example, if your business is not incorporated, you may want to consider incorporating (either as a C Corp, S Corp, or LLC) to shelter you from […] Read more »

A Simple Retirement Checklist

retirement checklist

It doesn’t matter whether you’re wealthy or a successful business owner or someone just getting by. No matter what your situation, planning for retirement can seem overwhelming. I know people who have failed to thoroughly plan their retirement because it seemed too complicated and time-consuming.  Lots of people feel that way.  People get stuck in the details. Today I’d like to make retirement planning easier for you. Here’s my solution. Skim this simple retirement checklist.  You don’t even have to read the whole thing. Find one item that interests you and work on it. When you’re done with that one item, take a break. Then […] Read more »

Does Your Business Reward Employee Performance?

Google “Five Guys Burgers and Fries Articles” and you’ll get 86,300 results. Five Guys is a huge business success and it’s still a family-run business with the mother, father, and five sons in charge. I find it fascinating to read that two key elements of the restaurant chain’s success (a billion in annual sales) relate directly to people issues. You and I can learn from their example. Reward Employee Performance First, Five Guys rewards employees liberally for outstanding performance. Rather than spend on marketing or advertising, Five Guys collects 1.5 percent from every franchisee and distributes that money to the work crews who score the […] Read more »