How Heller Wealth Management Empowers Business Owners: A Deep Dive

Welcome to the Life Unlimited Podcast

Hosted by Larry Heller, the Life Unlimited Podcast is your portal to comprehensive financial advice, empowering you to live confidently and independently. This week, Larry dives into how Heller Wealth Management supports business owners in building and maintaining prosperous enterprises. This episode is brimming with insights that every business owner should consider for their corporate benefits, cash management, and leveraging professional networks.

Understanding Corporate Benefits

Corporate benefits are more than just benefits—they’re essential tools for employee retention and business growth. As Larry explains, many business owners overlook the significance of a robust retirement plan, thinking a standard 401k plan suffices. In reality, it’s crucial to regularly review and update these plans to keep them aligned with changes in the market. For example, many businesses set up their plans a decade ago and haven’t revisited them since, missing out on new opportunities and improvements.

The first aspect to understand is employee retention. A well-structured retirement plan can be a significant factor in attracting and retaining valuable employees. It’s not just about setting up a plan but devising one that includes elements like safe harbor contributions to prevent discrimination in testing, ensuring all employees can benefit without the risk of failed tests and penalties.

Larry explains, “We help business owners maximize their plans by creating model portfolios ranging from conservative to aggressive. Our efforts result in almost 80% of participants choosing these model portfolios, simplifying their choices and fostering better investment outcomes.”

In addition to 401(k) plans, adding cash balance plans can allow owners to defer substantial sums tax-deferred, which can be a game-changer for profitable businesses. Tailoring these plans to your company’s specific needs and regularly reviewing them with experts can secure both your business’s future and your employees’ satisfaction.

Cash Management Strategies

Cash management is another critical area where business owners often need guidance. Companies typically hold cash reserves for security against market fluctuations, often opting for low-interest bank accounts or CDs, which limit their earning potential.

Larry emphasizes, “Optimal cash management can generate additional returns. For instance, moving funds to government money markets can provide significantly higher returns without compromising liquidity. Just by shifting a portion of your reserves, you can see substantial financial benefits.”

Larry and his team can assist in managing multiple banks or FDIC sweep programs for those wanting FDIC insurance while maximizing returns. Efficient cash management can potentially save more than the planning fees from Heller Wealth Management, effectively making their advisory services cost-neutral.

Leveraging Professional Networks

Business owners often struggle to find the right professionals who understand their unique needs. Larry’s extensive experience means having a comprehensive network at his disposal, including accountants, attorneys, and insurance experts. This network can help address critical issues from tax planning to legal matters, ensuring every aspect of the business is managed efficiently.

Larry points out, “We coordinate with your existing accountants or recommend ones with specific industry experience. Effective tax planning isn’t just about annual returns—it’s about proactive, multi-year strategies tailored to your business goals.”

Whether it’s creating a solid buy-sell agreement with a corporate attorney, managing estate concerns through an estate attorney, or handling employment issues with specialized legal advice, having an experienced network can significantly enhance the business management experience.

Client Testimonial: Real-World Application

One of the most compelling examples Larry shares is a client with a high-profit business but poorly structured retirement plans, managed by a big payroll company. After Heller Wealth Management’s review, they implemented a cash balance plan, enabling the owner to defer an additional $250,000 annually, achieving a significant tax deduction, and creating a more robust retirement strategy for both the owner and their employees.

Conclusion: Expertise and Empathy Combined

As a seasoned business owner himself, Larry Heller understands the complexities and challenges you face. His insights are not just theoretical; they’re practical, battle-tested strategies that he implements in his own business operations. By investing in deep, expert-led financial planning and advisory services, you’re not only securing your business’s future but also creating a thriving environment for your employees and stakeholders.

If you’d like to learn more about enhancing your business operations through expert financial advice, you can visit Heller Wealth Management’s website or call 631-248-3600 to schedule a consultation with Larry or his team today.

Your business deserves the best—empower it with Heller Wealth Management.

For more insights and detailed discussions, you can listen to the full podcast episode linked in the show notes on our website.

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