10 Retirement Concerns of Small-Business Owners

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Given the amount of effort that so many small-business owners pour into building their livelihoods as entrepreneurs, it is no surprise that they report a significant degree of emotion and concern when it comes to their own retirements and the inevitable transition away from leadership.

A top concern for many business owners is what will happen to their employees once the founder or current owners exit. Others are more firmly focused on maximizing the value of their business at the time of sale, and they are seeking ways to ensure their organizations build true enterprise value that will allow it to thrive for generations to come.

These are some of the findings of an internal survey report conducted recently by Dynasty Financial Partners among its network of affiliated independent advisor shops. The report compiles the responses of a sizable number of Dynasty-affiliated advisors who specialize in supporting small-business owner clients.

According to the advisors, the maintenance of effective two-way communication and respecting business owners’ time without losing touch are difficult challenges in working with this client segment.

While challenging, doing the work is worth the effort, the advisors broadly agree, because small-business owners clients both desperately need and highly value the support they get from the wealth advisor community.

Ultimately, the small-business owner community is and will remain a key client segment for the U.S. wealth management industry, and given that the pace of ownership transitions is set to accelerate substantially in the years ahead, advisors with a specialty in retirement planning have much to gain.

See the slideshow for a rundown of the top 10 challenges identified among small-business owner clients in the marketplace. Some may be more obvious than others, but understanding all of them will be useful in helping advisors win and retain clients in this key population.

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