Ideal Client Profile
At Forbes Wealth Management we understand that farm families face a unique set of circumstances. With many years of experience we have developed tools and sharpened our expertise to serve these people well.
Who are they?
- The ideal client is a farming/business-owning/professional couple, which has a annual family income of $150,000+. The couple has some form of education, a lot of real world experience, and sees the value of working with a professional team (lawyer, accountant, financial advisor).
What is important to them?
- The most important things to our ideal clients are friends, family, and their community. More specifically, how they can leave their legacy and positively impact the people and places around them.
What values do they posses?
- Our ideal clients value hard work and financial security. They see the value in planning ahead, and being proactive for the future. These clients value financial prudence and the proper stewarding of wealth. They see the family legacy as something bigger than themselves, something to be passed to the next generation in a better state then when they received it. They want to see the next generation succeed and want to equip them with the skills necessary for success.
What motivates them?
- They are motivated by seeing growth that comes from hard work and perseverance. They value financial security and understand that it is an integral part of a comfortable lifestyle. They take pride in the family legacy and want to build on it.
What personality traits do they have?
- These clients are serious about planning ahead and see value in being proactive and managing their time. They are innovators and are always trying to find ways to build on what is already in place. They are well thought out and calculated risk takers, understanding perseverance and work ethic dictate their success.
Where do they spend their time and money?
- They spend a lot of their time growing their farms/businesses, building wealth and accumulating assets for retirement, for their children’s education, and future business flexibility. They find pride in being part of the farming culture and want to see it develop.
What type of lifestyle do they have inside and outside of work?
- Our ideal clients are usually found in family farms, family businesses, and rural professions. Outside of work they are often key contributors to the rural community, involving themselves in small town athletics, social endeavors, and volunteer organizations.
What stage of life are they in now, and what are they heading towards?
- They are in the working stage of life. Retirement or passing on the farm/business to the next generation might not be their main focus but they know it is right around the corner and are eager to plan ahead and have as much flexibility as possible.
What needs and challenges do clients face which we can provide valuable insight into?
- The ideal client has several needs, but primarily wants to have as much financial flexibility and financial protection with their farms, businesses, and personal lives as they move into the future. They understand that things can change at a moments notice and are always looking for extra insight into the "what if's". There are many complex income tax issues that are unique to small businesses and especially farms. The ideal client should address these tax issues and ensure they take full advantage of their unique situation.