The following client scenarios are not specific to actual events and are not indicative of all client experiences. These examples are used to illustrate how an advisor at Achieva Wealth Advisors can potentially assist Achieva members with a variety of investment-related needs. Your results may differ substantially. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
George and his partner have run a successful small business, a thriving HVAC company, for the past two decades. Although George has personal retirement accounts, he didn’t offer any for his employees – or himself – though his company.
He can meet with his long-term Achieva Wealth Advisor to see if it made financial sense to start providing company-sponsored retirement plans for his partner and several high-level employees. He knows these plans are a great way to recruit and keep top-notch talent.
His investment advisor will begin by discussing the types of small business retirement plans available, including 401(k)s, SIMPLE IRAs, SEP IRAs and profit sharing plans and the pros and cons of each. They can also discuss having buy/sell agreements for George and his partner. His advisor can run a financial analysis to show the costs of these plans and if they were feasible for his company’s current situation.
If they determined that offering a retirement plan is a good choice, the plan can be set up, and George can offer this benefit to his key employees. In addition, a buy/sell agreement may offer additional confidence that the business would continue in the event of the passing of one of the partners.