Despite the slow economic recovery, many wealthy business owners are increasingly confident about their finances. According to the latest survey from Northern Trust, half of high-net-worth business owners are feeling better off in their personal financial situation than five years ago. In addition, 69 percent are confident they will achieve their personal financial goals.
At the same time, wealthy business owners are focusing both on the outlook for their businesses and their families' financial security.
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"In the depths of the recession, business owners had a great deal of fear about the financial impact of the downturn on their families," said Mary Ann Sisco, Senior Vice President for Wealth Management at Northern Trust. "As the economy improves, and merger-and-acquisition activity strengthens, we see growing confidence. Business owners are looking to the future and considering succession and retirement planning."
Advisors aid in future planning
In managing their finances, wealthy business owners are hands on and knowledgeable but still rely on advice from a trusted advisor.
"Our clients are asking many more questions about how to plan for the future, and that's a good sign," said Sisco. "High-net-worth business owners want to be prepared. They're looking for high quality advice to help them make the right decisions, especially when it comes to transitioning or selling their business."
To learn more about Northern Trust's survey, visit http://Northerntrust.com/wealthinamerica.
Northern Trust's nationwide survey of wealthy individuals seeks to highlight important wealth management issues. The online interviews were conducted by Phoenix Marketing International and NIA Enterprises between November 16 and December 17, 2012. The data contained in this report came from 1,700 online interviews and has a margin of error of +/- 2.4 percentage points at a 95 percent level of confidence.
Northern Trust is a premier wealth management firm that specializes in goals-based financial advice. Northern Trust offer clients insightful perspectives and creative thinking, backed by innovative technology and a strong fiduciary ethos. Northern Trust is ranked among the top 10 U.S. wealth managers with $202.5 billion in assets under management as of June 30, 2013, and more than 70 wealth management offices in the United States and abroad. The Financial Times Group has named Northern Trust Best Private Bank in the USA for four consecutive years. In 2012 Northern Trust was also was named Best Private Bank globally for Innovation and Best Private Bank for Socially Responsible Investing.
About Northern Trust
Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of investment management, asset and fund administration, banking solutions and fiduciary services for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has offices in 18 U.S. states and 16 international locations in North America, Europe, the Middle East and the Asia-Pacific region. As of June 30, 2013, Northern Trust had assets under custody of US$5.0 trillion, and assets under investment management of US$803.0 billion. For more than 120 years, Northern Trust has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit www.northerntrust.com or follow us on Twitter @NorthernTrust.