Five Signs You’re Already Serving Business Owner Clients (and how to maximize those relationships)

The numbers tell the story of an opportunity most advisors are missing: $7.9 trillion in business-owner wealth is expected to transfer 

A recent survey by the Nationwide Retirement Institute found that only 35% of small business owners had financial advisors, suggesting most business owners either lack professional guidance or their current advisors aren't recognizing their unique needs, focusing instead on traditional wealth management.

The stakes are particularly high given current demographics. There are 2.9 million businesses in the U.S. owned by individuals aged 55 or older, supporting 32.1 million employees, $1.3 trillion in payroll, and $6.5 trillion in revenue. Many of these owners will need guidance navigating complex transitions in the coming years.

If you take the time to identify clients who fit this profile currently in your book of business, you can unlock significant planning opportunities for your firm while deepening your existing relationships without having to reinvent your firm.

Five Signs You’re Already Working With Business Owners

1. Clients Who Describe Themselves as "Self-Employed"

Don't let humble language fool you. The freelance graphic designer, independent contractor, or consultant who downplays their work is often running a legitimate business with real succession needs. 

Self-employment typically involves business structures, tax complexities, and eventual transition planning, even if the client doesn't see it that way. These relationships often start with basic investment management but can evolve into comprehensive business planning conversations once you know the opportunity is there.

2. Tax Returns That Show Schedule C, K-1, or Business Income

Tax documents often tell the real story. Schedule C signals sole proprietorship income, while K-1 forms indicate partnership or S-corporation distributions. When you see these tax filing requirements or business income flowing through personal returns, that's your cue to dig deeper into business structure, valuation needs, and succession planning opportunities.

3. Clients Who Mention Employees or Staffing Challenges

The moment a client mentions hiring, firing, payroll concerns, or managing people, you're likely working with a business owner. Employment responsibilities create layers of complexity around business continuity, key person insurance, and succession planning. These casual mentions during regular check-ins often reveal significant business interests that warrant dedicated attention.

4. Family Members Who Work Together

Family businesses often start informally, but often require careful planning to avoid complications down the road. Who takes over when Dad retires? What happens if the son-in-law who runs logistics gets divorced? Family businesses blur personal and professional boundaries in ways that make succession planning both critical and emotionally charged, requiring the strategic guidance of a trusted expert.

5. Net Worth Statements That Include "Business Interest"

When business ownership appears as a line item on personal financial statements, it typically represents a substantial portion of total wealth. This asset is often illiquid, difficult to value, and requires specialized planning for eventual transition or monetization. Clients who list business interests often require guidance on valuation, diversification strategies, and exit planning—services that extend beyond traditional portfolio management.

RISR: Your Key to Unlocking the Business Owner Opportunity

Business owners face planning challenges that don't apply to traditional employees. Their companies often represent their largest asset. They need guidance on business valuation, succession planning, exit strategies, and continuity planning. They're thinking about legacy, employee welfare, and generational wealth transfer in ways that require specialized expertise and tools.

RISR supports financial advisors with tools for business data collection and analysis to help business owners with valuation, wealth, risk, succession, and tax planning. 

Rather than requiring advisors to become business succession experts overnight, RISR provides the foundation to identify opportunities, analyze business data, and develop comprehensive recommendations. Clients get a list of recommended next steps across insurance, succession, estate, tax planning, and more to inspire conversations that matter. 

This technology-enabled approach allows you to confidently navigate business-owner complexity while maintaining focus on relationship management and strategic financial guidance.

Ready to uncover the business owners hiding in your client base? Explore the platform or set up a personalized demo with our team.