When I'm not working with clients and helping them reach their retirement goals, I enjoy listening to music and playing my guitar. In fact, during my early adulthood (circa mid-1980s), I was a musician touring the U.S. with my rock band, The Toys, and opening for "newcomers" like Jerry Garcia of the Grateful Dead.

Playing guitar and helping business owners craft a successful wealth management strategy may seem very different -- but actually they share a common thread.

Just as a guitarist needs to fine-tune each individual guitar string to create that well-blended and balanced sound he desires, so too must business owners consider each and every asset they own and make the necessary adjustments (fine-tuning) as the market changes to create a well-balanced wealth management portfolio that successfully leads them to their retirement goals ("Stairway to a Good Life" so to speak).

Sounds logical, right? Unfortunately, experience tells us that business owners all too often make the same mistake. When discussing their wealth management strategy with their advisor, they focus solely on their personal assets and fail to take into account the greatest asset of all: their business. The business, in fact, should play a key role in one's planning, especially if that business is susceptible to market volatility.

Case in point, let's say you are the owner of a Deep Sea Fishing Tours company in Myrtle Beach, SC. When the economy is strong and on the upswing, you see your reservations list fill up with happy-go-lucky vacationers and corporate groups. But if the economy is sluggish and people are cutting back, do you see any impact on your bottom-line? Have you planned for alternative actions or corrections in other aspects your portfolio to absorb such a risk?

These are the "must have" discussions that should take place between business owners and financial advisors. The critical takeaway for business owners is a simple one: Your business is not a separate aspect to your wealth management portfolio and should not be treated as such; rather it is the bridge that holds all the guitar strings in place.

I encourage you to read the article,"Asset Allocation and the Business Owner: Is Your Wealth Management Strategy Ignoring Your Biggest Asset" as it digs much deeper into this issue. Feel free to call me or any McKinley Carter advisor with any questions.

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Photo Credit: @ChristyBrothersPhotography