Old is the “New” in Nouveau Riche – Entrepreneurs Coming Into Money

26th Feb 2015

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Inc Magazine Logo grayIgnore Baby Boomers and older Gen Xers at the risk of blunting the growth of your advisory business. That’s the message we took from a recent article in Inc Magazine titled “Old is the New Young: Changing the Entrepreneurial Hiring Template.” The article focused on how hard-charging business owners should focus on hiring seasoned Baby Boomers as employees rather than wet-behind-the-ears young’uns.

We see a similar message for hard-charging FAs building their practices:

Younger Baby Boomers and Generation Xers over 45 years old are coming into their own as business owners. Their debts are paid, their reputations solid, and they have about a decade – sometimes two – of really high earning potential ahead of them.  In fact, many of the most successful people see no reason to stop working. But their time to start accumulating assets from that elevating income is now, to start the journey from “high-income” to HNW.

So entrepreneurial FAs should “hire” these high-income people as clients, and introduce them to powerful tools that flow all that income into i401k’s, DB Plans or combo accounts that could defer income tax on $100,000+ of income annually.

No one benefits from the tax code like small businesspeople. And if you are the person who can connect them with all that tax savings and asset accumulation, all that accumulated AUM flows into your practice.

Let us make you an instant expert in identifying the best high-income prospects for these bigger retirement plans  and guide you to the right places to find them.

Step One:If you are working for yourself, run your own profile through our online calculator to get your first report and see how it works or pick one of your clients who is high income self-employed.

Step Two: Call us at 866-269-2706 for a quick tutorial on how to use the report with clients.

Step Three: Ask us how other FAs have used DB Plans polish their reputations and expand their business. We’ve worked with thousands of advisors to open micro defined benefit plans.

Step Four: Participate in our Webinars to hone your understanding. Invite clients to listen in, too!

Medical practitioners, independent lawyers and other independent businesspeople in their 40’s, 50’s and 60’s are coming into their highest earning years as we speak. If you cultivate them consistently, five years from now they could be the cornerstone of your practice!


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