The laundry list of acronyms and
lingo for financial products can
overwhelm the most astute business owner. How about a grit or an eyelet; add Q-tip, LLC and GST transfer; and
don’t forget a side of CRT. What?
“Having a lot of wealth is complicated,”
says Joe Wojcik, senior vice president
and regional manager at Sky Bank in
Akron. “The key is client understanding.
I view myself as more of an educator
than anything.”
Smart Business asked Wojcik to discuss why your wealth management officer should be a trusted partner and
teacher who steers you toward the best
solutions for your assets.
How does a wealth management adviser
translate products and options to busy business owners?
A wealth management adviser looks at
all of a client’s variables and helps him
or her understand and choose the best
financial options. Variables include
stocks and bonds, real estate, retirement
benefits, insurance, closely held business interests and various types of
investments. A good wealth management officer will offer investment
advice; help with income tax planning
and estate and trust planning; provide
risk management solutions; and maximize charitable gifts.
The best wealth management advisers
will invest their time and expertise to
take a comprehensive look at all of these
variables. If the bank offers a solution
that fits, the adviser will arrange the
transaction. But the bank’s product
menu should not set boundaries. If the
bank doesn’t offer an insurance product,
a trusted wealth management officer
will look outside the organization and
find the right solution.
Can you expand on what it means to be a
trusted wealth management officer?
‘Fiduciary’ comes from the Latin word
‘faith.’ A fiduciary is a person who is
extremely loyal and does not put personal interests above that loyalty. Your
wealth management officer should act
like a fiduciary, provide valuable advice
and build a lasting relationship with you,
always putting your interests first.
How does this partnership work in relation
to accountants and attorneys?
Since tax is often 40 percent or more of
the equation for successful professionals,
true wealth management requires substantial tax expertise in cooperation with
the client’s tax professionals. You can’t
make a decision on financial issues without considering taxes. The key for wealth
management officers is being able to
cooperate, coordinate and work as a
team with the accountant and attorney.
You can think of us as the front-end of
the financial advising process. We narrow
down options for our successful clients,
and then we pull in the accountant and
attorney to gather their expertise. From
there, we as partners help the client
implement the determined solution.
Will you elaborate on how managing
wealth is an educational process?
Owners who are successful often need a lot of help with financial issues like
succession planning because they have
always been so focused on their businesses. We explain various strategies to
help them realize their goals. We ask the
tough questions they might not think
about because they are too busy with
day-to-day business activity.
For example, maybe a business owner
doesn’t stop to think about how the next
generation will impact the success of the
operation. We help our clients and the
generation that will succeed them figure
out a reasonable structure to be fair and
equitable without interfering with the
business’s long-term success. We carry
on a discussion with the next generation. We connect with them and educate
them on what they will face, such as
issues that surround siblings who work
in the business versus siblings who do
not.
What lessons have your business owners
taught you about wealth and success?
Going back to the role a fiduciary
plays, integrity, confidence and respect
are important characteristics for any
adviser you trust. And I find that business owners who display these same
traits are the most successful.
Those you can trust with a handshake
are immensely successful because they
are easy to do business with. So when I
meet clients who turned $500,000 into
$10 million, their common trait is integrity. It’s the opposite of what you might
expect, with scandals like Enron painting a cold portrait of how business owners realize success.
JOE WOJCIK is senior vice president and regional manager for
Sky Bank. He specializes in wealth management and holds a CPA
and master’s degree in tax accounting. Reach him at (330) 258-2360 or [email protected]. For more information, visit
www.skyfi.com.
