Our primary focus in this module is working with your business owner clients, as many high net worth clients have built their wealth through business ownership. We first help you to understand the tax implications and other aspects of how a business is organized, which is a critical element in you providing wealth management advice to business owner clients. We also will discuss the various retirement plan vehicles that are commonly used by small to medium size businesses. The emphasis will then turn to risk management issues for business owners and other high net worth clients, including property and casualty risks, personal security risks and liability risks that are unique to high net worth individuals and families. The module concludes with exit planning strategies for your business owner clients. This is an area of wealth management that deserves greater attention as every one of your business owner clients will someday exit their business, while many are not prepared to do so.

Author: Craig Kinnunen, MS, CFP®

Craig Kinnunen, MS, CFP®is an associate professor at the College for Financial Planning. Prior to joining the College, Craig enjoyed a long and successful career in personal financial planning and wealth management. Craig’s enthusiasm for financial planning extends beyond the classroom, as he also spends time providing pro bono financial education and individual financial counseling to members of the Colorado National Guard. Craig earned a bachelor of science degree in accounting from Northern Michigan University and followed that up with a master of science degree in finance from the University of Colorado in Denver. You can contact Craig at craig.kinnunen@cffp.edu.

Complexity Level: Intermediate