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New Wealth Requires New Planning


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by  Keith McKenzie

I often get phone calls from successful entrepreneurs who just sold their business and are wondering how to properly manage their new wealth. This event brings with it significant opportunities along with sizable challenges, and thus requires a different planning approach than your past financial strategies.

Three Steps for Managing New Wealth

While I would recommend that any business owner start these discussions before the sale of their company, whether you planned ahead or not, the most important thing is that you’re now asking the critical question: “What is my best course of action?” Whenever this inquiry comes in to our firm, there are three key steps that must occur to maximize the long-term benefit of the wealth that you’ve worked so hard to accrue. Chief among them are:

Step 1: Get the Right Team of Advisors

Experience counts when it comes to managing new wealth. The team that you assemble should possess the acumen to appropriately advise you on how to best navigate in the new financial world that you’ve just stepped into. Your asset allocation has most likely shifted to a far more liquid state, requiring that advisors possess a keen understanding of your smartest options beyond the typical, over-the-counter, tax-deferred mutual funds and other products designed for non-high-net worth individuals. I understand that many business owners feel a sense of loyalty towards their existing team of advisors, but the dollar amounts in play make the stakes much too high to risk it.

Step 2: Know the Right Questions to Ask

New wealth brings new questions that the entrepreneur often doesn’t think of asking. I recommend researching the different issues to consider in order to maximize the benefits of your newly acquired wealth. Asking the tough questions will foster productive conversations that will hopefully result in the proper financial strategy to achieve the goals you have for your family.

Step 3: Get Comfortable with the New Normal

Acquiring considerable wealth from a successful business exit comes with all the benefits that you and your family have dreamt about. While your value system won’t change because of it, the way that you view your role in adequately stewarding your new financial state will. Too many things ride on getting new wealth management right, as much for your heirs and charitable organizations as for yourself.

The Time is Now for New Wealth Management

Most importantly, don’t wait until your newly created wealth starts to diminish or a financial pitfall occurs. These situations are far too common for my own comfort. Instead, start planning for your financial future before the assets accumulate to ensure that sound decisions are made across the board.

About the author: Keith McKenzie is a founding partner at Delphi Private Advisors. The firm offers institutional wealth management in a boutique, personalized service model for high-net-worth individuals and family foundations. Keith can be reached at



Speak with an advisor

There’s no better time than now to protect the wealth you’ve built. Contact us today to speak with an advisor.