Despite the slow economic recovery, many wealthy business owners are increasingly confident about their finances. According to the latest survey from Northern Trust, half of high-net-worth business owners are feeling better off in their personal financial situation than five years ago. In addition, 69 percent are confident they will achieve their personal financial goals.
At the same time, wealthy business owners are focusing both on the outlook for their businesses and their families’ financial security.
When looking for specialized services:
- Seventy-two percent of wealthy business owners want tax planning advice and 60 percent seek estate planning counsel.
- Nearly half (48 percent) are looking for financial and investment planning assistance.
- Only 15 percent of high-net-worth business owners make financial decisions on their own.
- Fifty-five percent rely on an advisor for some or all financial decisions they make.
- On average, they have four financial relationships, although nearly two in three (64 percent) say they prefer to work with one financial institution.