The Dedicated DB Blog – Dedicated to the Value of High-Income Self-Employed People as Clients

13th Aug 2014

What is the value of High-Income, Self-Employed people (HISE) to a financial advisor? These individuals are the future owners of the wealth you wish to manage. Building connections to them in their high-income years creates a fruitful stream of ongoing growth for your assets under management.

Our focus in presenting this blog is to share ideas about how to find these high-potential HNW individuals, and how to meet their financial and personal needs.

  • How can financial advisors help them maintain their preferred standard of living, while also converting a steady portion of their income into the wealth that will support their lifestyle well into retirement?

HISE individuals and families are a special group – self-made small business owners, independent professionals like doctors and lawyers, spouses of high-earning corporate executives – all of them busy building their businesses or professional practices without the tools, resources and staff to do it all.  Often, like the shoemaker whose kids go barefoot, these individuals are so busy that they don’t have the time or expertise to focus on their own finances. This makes them the perfect client for financial advisors who take a long-term view of client development.

To help our financial advisor partners find and connect with these high-income individuals, we will track down and share on this blog the latest information on high-income self-employed individuals that we can find –  their finances, consumer insights, for instance – and highlight the saving and spending mindsets you can help them adopt to allow them to fully enjoy a high-income lifestyle, yet still convert a fair portion of that to wealth.

Through this blog we will give you the information you need to identify and guide these clients to use their current income to set up a retirement lifestyle that matches their current lifestyle. If we get this right, client and advisor will both prosper over time!

We will also explore the temptations, tax traps, and other pitfalls that keep them from converting income to wealth, and provide guidance around those pitfalls. (Yes we will occasionally talk about budget discipline!)

And if you make those connections, we hope you will share with them the value of a defined benefit pension plan.  Using our site tools, you can customize an illustration for your client’s particular financial situation and better understand the tax advantages high-income individuals and small businesses can obtain with defined benefit pension plans. Whether or not your high-income, self-employed clients take advantage of these tax-advantaged plans, they should know about them!

Let us know what you like about what we share here, and where there are gaps that we could still fill as we build this knowledge base!

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