Do you think small businesses would take notice if you told them a common tool can be used in a new way to both reduces current taxes and keep their children from moving to a different city? (Photo: Shutterstock)
You can't take on all this by yourself. You need a team; a different kind of team. This team is already in place, you just don't know it. Yet.
You're surrounded by multiple teams, and the more teams you have, the stronger your business will be and the faster it will grow. Who are these teams that are right under your nose? They're the families of your existing clients. We're not talking “family office” families with multi-million dollar trust funds for each child, we're talking mom-and-pop business owners. America has tons of them. Everyone usually thumbs their nose at them because they don't have enough assets to attract attention.
At least that's what everyone thinks. Even the moms and pops themselves. That may be true when you look at any typical 12-month period. If, however, you look at it a different way—a new way—those meager assets become transformed into multiple six-figure accounts, all within the same family. Potentially within a mere handful of years.
Christopher Carosa, CTFA, is chief contributing editor for FiduciaryNews.com, a leading provider of essential news and information, blunt commentary and practical examples for ERISA/401(k) fiduciaries, individual trustees and professional fiduciaries.
How many of your clients are family-owned businesses? Most professionals treat these relationships as business relationships, but they're not. They're family relationships, but no one is looking at them this way. What if you were the first one? How would they view you?
If you explained to them how to use an underutilized tactic to increase family wealth on existing business revenues, do you think they'd pay attention? If you showed them how to use their family business to help give their children an edge over their peers, would they be all ears? Do you think they'd take notice if you told them a common tool can be used in a new way to both reduces current taxes and keep their children from moving to a different city?
All these questions focus on something that's most important to every mom-and-pop business owner—the same thing that's most important to every mom and pop: their children. Family businesses are uniquely able to take full advantage of the Child IRA. And if parents time it right, their children can already be on the road to retire as multi-millionaires before they even finish their first year of college.
Who do you think those mom-and-pops will be forever grateful to for helping them help their kids (and keeping them nearby)? Who do you think those kids will want to thank once they become adults and enter the workforce, when they can see for themselves how much farther ahead they are compared to their peers? It's you.
You've always wanted to make a difference. The Child IRA is a difference most people can't imagine. Imagine it for them, and your business will grow. Get them to take the simple steps to creating a Child IRA and they won't be the only ones benefiting from a comfortable retirement. You will, too, because when it comes time for you to retire, these acorns will have grown to become might oaks. What buyer doesn't like the offer of solid oak?
Christopher Carosa's latest book is “From Cradle to Retirement: The Child IRA”
Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.
Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Christopher Carosa
Chris Carosa has been writing a weekly article and monthly column for BenefitsPRO online and BenefitsPRO Magazine since 2011 and is a nationally recognized award-winning writer, researcher and speaker. He’s written seven books, including From Cradle to Retire: The Child IRA; Hey! What’s My Number? – How to Increase the Odds You Will Retire in Comfort; A Pizza The Action: Everything I Ever Learned About Business I Learned By Working in a Pizza Stand at the Erie County Fair; and the widely acclaimed 401(k) Fiduciary Solutions. Carosa is also Chief Contributing Editor of the authoritative trade journal FiduciaryNews.com and publisher of the Mendon-Honeoye Falls-Lima Sentinel, a weekly community newspaper he founded in 1989. Currently serving as President of the National Society of Newspaper Columnists and with more than 1,000 articles published in various publications, he appears regularly in the national media. A “parallel” entrepreneur, he actively runs a handful of businesses, including a small boutique investment adviser, providing hands-on experience for his writing. A trained astrophysicist, he also holds an MBA and has been designated a Certified Trust and Financial Advisor. Share your thoughts and story ideas with him through Facebook (https://www.facebook.com/christophercarosa/)and Twitter (https://twitter.com/ChrisCarosa).
