From business manager to wealth manager

Written by: UBS Posted: 08/08/2019

BL63_UBS_BroughtonRobertUBS Senior Client Advisor Robert Broughton (pictured) takes a look at the challenges faced by business owners when a business sale takes place and they find themselves in the potentially enviable position of managing a significant financial windfall

The sale of a business in many ways marks the transition from being a business manager to becoming a wealth manager. Even those who jump straight back into another entrepreneurial venture have to manage the implications of their new wealth.

There are many different aspects that touch on issues related to the individual, their family and their business. Taking each element in turn, working with a variety of experts and tapping into broader networks can help owners avoid the main pitfalls. 

These may include a loss of oversight, a feeling of being overwhelmed, or in some cases even paralysis, where some owners have found themselves unable to sign the final contracts and transfer ownership.

A healthy first step is simply to get the finances in order. It is also important to face this reality with family and to discuss the ramifications of a sudden increase in wealth. Questions such as “Do we tell the children or other friends or family?”, “What do we do with this money?” and “Are there tax-efficient options available?” are all important.

Any new-found wealth needs to be effectively planned, invested and managed. Many new wealth stewards find themselves pursued by investment advisors, asset managers and even friends offering a range of investment options.

Choice can itself be paralysing and it is important to consider how to handle these professional relationships and differentiate between various services.

The focus on the financial side should be on the development of an individual financial plan that is designed to meet carefully considered goals and needs. This should eventually result in an investment plan that serves as an anchor for all long-term future investment decisions.

Using a wealth manager should make the aforementioned planning a significantly simpler task. It can also mitigate against some of the pitfalls we have witnessed that can befall successful entrepreneurs. 

We use our experience and knowledge to help support entrepreneurs in investment decision-making once they retire as business owners and become managers of their wealth. 

The process of selling a successful business and managing the wealth that results from this sale should, in many ways, be a process of self-discovery, where an individual works through what is uniquely important for their business, themselves and their family. 

At UBS, we regularly work with clients in this situation, helping them to consider their long-term goals by providing access to our knowledge and extensive network of experts and former clients who have been there and done it already. 

Find out more
If you would like more information on how UBS Wealth Management in Jersey can provide support, please contact:
Robert Broughton, Senior Client Advisor
UBS AG, Jersey Branch, 1, IFC, St Helier, Jersey JE2 3BX
Tel: 01534 701107 

© UBS AG, Jersey Branch is authorised and regulated by the Jersey Financial Services Commission for the conduct of banking, funds and investment business. UBS AG, Jersey Branch is a branch of UBS AG (a public company limited by shares, incorporated in Switzerland whose registered offices are at Aeschenvorstadt 1, CH-4051, Basel and Bahnhofstrasse 45, CH-8001 Zurich) with its principal place of business at 1 IFC, St Helier, Jersey JE2 3BX. Terms and conditions are available upon request. © UBS 2019. All rights reserved.

• This advertising feature was first published in the July/August edition of Businesslife magazine

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