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Small-biz owners don't save enough for retirement: CNBC/FPA poll
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Despite these concerns, less than one-third of small-business clients worked with their advisor on a business plan, the CNBC/FPA survey revealed. Of those that do, only 25 percent met with their advisor to review their plan quarterly. Seventy-two percent met with their FA annually. Among those that have retirement plans in place, the most popular vehicles among small-business clients polled are profit sharing 401(k)s (54 percent), followed by SEP IRAs (19 percent) and SIMPLE IRAs (12 percent.) Read More Fear running short of cash in retirement? What to do "Small-business owners are very myopic and tend to focus on the viability and growth of their business, ignoring much else, including their long-term financial needs," said Michael Branham, a certified financial planner who is chairman of the FPA and president of Cornerstone Wealth Advisors in Minneapolis, Minnesota, a firm with about $200 million of assets under management that services small-business owners. "There needs to be balance between their personal and professional money goals." Leslie Beck, a certified financial planner that runs Compass Wealth Management in Maplewood, New Jersey, a firm that services small health practitioners and other small businesses, agreed. "Most of my clients have their business and personal finances so intertwined they cannot untangle what is what so they can analyze their broad financial picture." Work-life financial balance Neglecting a personal financial investment strategy and just plowing money into a business is fraught with risk. "It means the only way to fund retirement is to sell and cash out," explained David Yeske, a principal in Yeske Buie, a financial advisory firm with offices in San Francisco and Vienna, Virgina. "There is always uncertainty on how successful the owner will be in finding a buyer at the right price. If he or she dies before this is accomplished, all can be lost." Read More 11 common reasons small businesses fail The CNBC/FPA survey highlighted that most advisors servicing small-business owners had the same concern. Over half of the respondents, 54 percent, felt their small-business owner clients did not have enough protection against financial risks, and 19 percent were not sure. Twenty-eight percent felt their clients were well protected.
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