INVESTING MY MONEY | READ TIME: 3 MINUTES By John Ventura | Published: June 2023 Working with a private banker can offer a wide range of benefits, particularly for individuals with significant financial assets or complex financial needs. Private banking provides personalized, comprehensive services that can help you effectively manage your wealth.
About the Author – John Ventura John Ventura is a Senior Vice President and Senior Private Banking Relationship Manager. Ventura has more than 15 years of experience in private banking, including assisting clients with financial planning, portfolio management, asset allocation, trust administration and estate settlement, hedge funds, private equity and real estate, risk mitigation, and complex tax and legal issues. John can be reached at [email protected]. Products and services are provided through WSFS Financial Corporation and its various affiliates and subsidiaries. WSFS Bank and its affiliates, subsidiaries and vendors do not provide legal, tax or accounting advice. Please consult your legal, tax or accounting advisors to determine how this information may apply to your own situation. INVESTMENTS: NOT A DEPOSIT. NOT FDIC - INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THE BANK. MAY GO DOWN IN VALUE.
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A written contingency or succession plan is a necessary step in business ownership. Yet PwC’s 2021 U.S. Family Business Survey found only 34% of family-owned companies had a documented and communicated succession plan. Your business could be in jeopardy without one.
Make emergency and long-term exit plans. An emergency plan typically accounts for events like an unexpected death or termination of employment. A long-term plan is a strategy you conduct over the years. It might involve bringing on new leadership, such as transitioning a child into the business so you can begin the retirement process. Or it might involve selling off parcels of the business or working toward a strategic vision. |
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