Wealth Management for Business Owners: What Are the Options?

September 28, 2023

Non-Deposit Investment Products are: not insured by the FDIC; not a deposit or other obligation of, or guaranteed by, the bank; subject to investment risks, including possible loss of the principal amount invested.

Successful business owners plan well for the future, creating practical plans for their company to reach milestones and achieve long-term success. The same should be true for managing the personal wealth earned from a thriving business.

Discover the importance of Personal Wealth Management for business owners and how Texas Gulf Bank can partner with you to effectively manage your assets and develop estate planning solutions.

What is Wealth Management for Business Owners?

Wealth Management helps small business owners with mid- to high-level net worth protect their assets and estates by offering effective personal and business financial planning solutions. It provides financial solutions while you currently own and run your business while also guiding you along the path to retirement or selling your company.

One of the many reasons why financial planning for business owners is so critical is that it provides answers to future issues or decisions that need to be made, such as:

How can I invest my current wealth in a tax-efficient way?
How should I set up my retirement plan to avoid running out of money?
Should I adjust the risk level of my current investment portfolio?
How do I create a business exit or succession plan?
How can I lower the tax burden for my heirs?

Wealth Management offers a comprehensive range of services for business owners. These services may include:

Developing wealth transfer plans for individuals and beneficiaries
Creating a business succession plan
Investment management and analysis
Assisting with the creation of trusts
Estate and tax planning

Wealth Management strategies ensure your financial resources are protected and continue growing for the benefit of yourself, your family, and the business you’ve worked hard to grow.

Current Options for Future Goals

The Wealth Management team at Texas Gulf Bank helps you better plan for the future by assisting with three important areas of financial preparation:

Agency Account Management
Trusts
Estate Planning

Key decisions in these areas may help protect the value of your accumulated wealth while ensuring assets and holdings are later distributed according to your wishes.

Agency Accounts

With agency accounts, our Wealth Management Department acts as your personal agent in developing a financial and investment strategy for you. Our Wealth Management services are designed to help your wealth continue to grow. You may be able to meet future financial goals and provide for your beneficiaries without having to manage every detail of your investments.

To further simplify the asset management process, we offer dividend collection and bill payment services.

Trusts

Trusts are legal relationships where you give the right to hold and manage your assets and property to another party, known as the trustee, to benefit you and your beneficiaries now and in the future. It can establish how and when your property will be managed, reduce inheritance and gift taxes, and avoid the delays, costs, and publicity of probate court.

Our Wealth Management officers will consult with your attorney and accountant to help you set up a trust to provide income for you or another beneficiary. By creating a Trust, you may be able to experience peace of mind knowing there is a plan that benefits your family over the long term.

Estate Planning

Estate planning is a comprehensive plan for your assets and important decision-making that takes effect upon your death. Your estate represents the entirety of what you own, and good estate planning ensures your assets will be distributed according to your wishes.

Estate planning may also include trusts, personal decisions, and medical directives that can take effect if you become incapacitated or unable to make medical decisions for yourself.

At Texas Gulf Bank, we work as a team with you, your attorney, and your accountant to develop and implement a plan that best serves your heirs.

Texas Gulf Bank Helps Protect Your Wealth

With over 110 years of experience working with small business owners, Texas Gulf Bank understands the importance of protecting your business investments with strategic wealth planning. Our Wealth Advisors offer a range of valuable Wealth Management services and expertise to help manage wealth.

If you are ready to discuss the available options for Wealth Management for business owners, schedule a complimentary consultation with our Wealth Management team to get started.

*Consult your tax advisor for how an estate plan or trust might benefit you depending on your particular tax situation.