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Retirement planning for business owners · UBS Trending

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  Business owners often find themselves wrestling with retirement
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  and health
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  and benefits planning for themselves and their employees.
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  With increasing costs and more and more complexity.
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  We'll speak with a special guest
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  to help business owners go to the proverbial mats with confidence
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  right here on UBS, Trending.
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  Welcome to UBS Studios.
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  I'm James Jack, the Head of the Business
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  Owners Client Segment here at UBS.
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  Anthony Pastore gave me his seat today just for a little bit,
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  to sit down with Barry Sloane,
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  the Chairman and CEO of NewtekOne.
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  And we're going to have a more one-on-one, deeper conversation
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  into how successful business owners
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  make some important decisions.
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  Barry,
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  you work with business owners every day
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  to help them navigate these important decisions.
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  So let's get right into it.
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  So, Barry,
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  if a business owner has reinvested heavily in their business but
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  hasn't focused much on building wealth outside of it,
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  how can retirement planning
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  help them turn business success into personal financial security?
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  Well, James, this is an extremely common situation.
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  Most business owners have the vast majority of their wealth
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  tied up in the company itself,
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  which makes sense,
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  since that's where you've put your time and energy,
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  but also means you're carrying a lot of concentrated risk.
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  A properly structured retirement program is one of the best tools
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  for starting to move that wealth off the business's balance sheet
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  and onto your personal balance sheet,
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  and onto the balance
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  sheets of the key
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  executives, helping drive your company's growth.
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  That can include 401(k) plans, profit sharing,
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  cash balance plans, supplemental executive retirement programs,
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  and individual wealth planning.
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  Layered on top.
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  It's not just about you either.
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  The right design also helps you attract, reward,
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  and retain the employees
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  who are critical to your company's growth.
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  It's worth periodically stepping back and asking,
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  does the company's overall benefits spending actually
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  support my long term financial goals,
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  or is it working against them?
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  I totally agree.
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  So so what factors outside of a retirement plan can affect
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  whether a company's, strategy stays
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  competitive, affordable and sustainable?
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  Well, James Group medical insurance is a big one
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  for many businesses.
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  It's the one of the largest reoccurring expenses on the books.
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  When there's a significant medical or annual increase,
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  it can ripple through your cash flow.
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  Your ability
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  to fund retirement contributions and your plan design,
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  and ultimately,
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  how much you're able to set aside for retirement in a given year.
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  Retirement planning
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  decisions are often
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  quietly driven by what's happening on the medical side.
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  So it's worth
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  reviewing your benefits holistically rather than in isolation.
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  Smart medical plan design.
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  Employer contribution strategy.
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  Employee education.
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  Voluntary benefits,
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  along with wellness programs, can also help control costs
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  and protect your company's ability
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  to fund its retirement strategy.
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  Wellness and preventive care, in particular,
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  can improve employee health, reduce absenteeism,
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  and generate meaningful savings,
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  sometimes thousands of dollars a year.
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  I think that's that's a big important
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  part is like how it all comes together. So,
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  Barry, beyond the benefits plan itself,
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  what other opportunities can come from, a really well managed,
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  employee benefit strategy?
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  Well, James, all businesses want to have a happy,
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  healthy, productive and fulfilled employees.
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  Having the right retirement plan
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  and health and benefits plan goes a very long way in this regard.
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  It creates opportunities for business owners throughout the year
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  and to communicate their appreciation
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  to their employees and their individual needs.
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  Having the right plans in place makes employees feel valued
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  and it makes their identity more closely aligned
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  with their companies.
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  They know that things that truly matter, their health
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  and the health of their families
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  and their financial future are all taken care of.
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  UBS advisors, with the help of partners like Newtek,
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  can help you structure retirement and benefits solution
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  that is right for your business and for your employees.
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  Well, Barry, as always,
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  I mean, it's quick, but great insights as always.
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  And really thank you for for joining us.
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  So as we discussed today, retirement and benefit
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  planning isn't simply about checking a box,
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  nor does it have to be daunting.
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  The right strategy can help business owners attract and retain
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  great people,
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  create valuable
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  tax efficiencies,
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  and support the long term success of their business.
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  So thank you all for watching and for more information
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  visit ubs.com/views and certainly make sure
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  to follow us on all the socials
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  and check out our Instagram channel
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  @ubstrending for UBS Studios content
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  that you can't find anywhere else.
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  And as always, if you have any questions about your portfolio or,
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  any of the other things
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  we've spoken about today for your business,
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  please speak with a financial advisor.
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  So until next time,
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  unfortunately, I'm
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  giving it back to Anthony, but I'm James Jack
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  and have a great rest of your day.
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  And remember to keep your eyes on what's trending.