Business owners are best prepared to pass on wealth, as almost two-fifths (39%) have a full financial plan in place compared with about a quarter (26%) of employed professionals, RBC Wealth Management has found.
The firm found business people generally had more comprehensive wealth plans in place than other people, including tax and estate planning, as well as retirement and inheritance planning considerations. It said business owners tended to adopt the same strategies to wealth planning that had brought them success in their own business. This included being proactive in educating themselves on financial matters, being self-reliant and hands-on when managing finances, as well as a talent for strategic planning. According to RBC's ‘Wealth Transfer Report: Applying the lessons learned in busi...
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