Posted: 10-30-21 | Innovia Wealth
The aftermath of a pandemic, lockdowns, and other government intervention created a number of large headaches for all Americans and for business owners. Given the changing economic and governmental climate at the present time, there is no shortage of legitimate concerns. At Strategies Wealth Advisors, we think managing your personal wealth should not be one of them.
New Challenges for Businesses
In the post-pandemic landscape there seem to be more challenges cropping up for business owners to solve, not fewer. The post-lockdown economy and employment landscape are continuously changing, with logistics, staffing, inflation, and shortages causing significant problems.
There are shortages of critical materials, and supply chain delays are increasing. Necessary parts are sitting in cargo ships for weeks or months at a time. There aren’t enough dock workers or truck drivers to unload and transport all the products and materials that would normally be flowing into stores and manufacturing facilities.
Businesses were forced to lay off workers in 2020 due to lockdowns. Owners had to tackle new staffing challenges as a result. Locating and hiring qualified and reliable workers is a highly competitive process as companies compete for workers who had been on extended unemployment or working at home and didn’t relish a return to 2019 working conditions.
Inflation is also a worry. In many cases when supplies can be located, they are two or three times as expensive as they were before. Between this and rising wage demands, profitability is getting squeezed hard. Keeping a company in a solid position requires skill, creativity, and a great deal of attention.
Effects on Personal Wealth
With all of the above to worry about, there is less capacity and confidence for business owners to manage their personal wealth as well.
Changing economic conditions and the U.S. tax code also affect people’s personal investment strategies. The threat of rising inflation makes certain types of assets more appealing. Others have wanted to place more of their financial resources in real estate or opportunity zone investments.
If you’re uncertain which types of investments would meet your needs and the needs of your family, our financial advisors can help. Managing private wealth is not a simple process, especially in a rapidly changing financial climate. It involves:
- Financial planning
- Investment management
- Tax and legal support
- Estate planning
- Philanthropy and legacy planning
- Retirement planning
At Strategies Wealth Advisors we use a team-based approach to financial planning topics, tax advice, legal and estate considerations, and investment execution. This allows us to bring a holistic perspective to our clients’ financial needs and future objectives.
Many of our clients own or have owned a privately held business. Our team is made up of JDs, CPAs, MBAs, CFPs, CLUs, ChFc’s in order that we have diverse skill sets to meet the full range of their needs – both professional and personal.
Our mission is to assist you in achieving your goals by managing your assets, protecting your wealth, and maintaining your financial legacy. Your personal wealth shouldn’t be your headache, especially during stressful financial times. You have enough to worry about. That’s what we are here for, and we want to help.