On Friday, Shares of KeyCorp (NYSE:KEY), added 1.00% and closed at $12.17 in the last trading session. The last trading range of the stock ranges between $12.00 and $12.22. Key Private Bank, the wealth administration arm of KeyCorp (KEY), recently released the results of its most recent advisor poll, which examines how the decisions business owners make can impact their wealth in retirement. The poll surveyed 137 Key Private Bank client-facing advisors who specialize in working with business owners to navigate exit strategies, manage succession planning and prepare for retirement.
“Whether navigating family dynamics, finding it difficult to let go or making unrealistic assumptions about a company’s valuation, business is often very personal,” said Francis Brown, Wealth Specialist at Key Private Bank. “For business owners, the most common wealth administration pitfalls result from emotional ties to their company. That’s why it’s extremely important for business owners to be candid with their financial advisors early on about all aspects of their lives.”
The findings reveal that business owners, particularly lifestyle business owners, can have competing interests when it comes to planning for the future of their company and ensuring their personal long-term financial well-being. Three-quarters (75%) of advisors report business owner clients treat their companies as lifestyle businesses to assist them maintain a certain level of income over the course of their lifetime. In fact, nearly half (44%) of the advisors indicate that clients most often sell their business to monetize their investment or fund retirement. Despite this reality, four in 10 advisors say very few or none of their new business owner clients have thought through the wealth implications of their business succession strategies.
JPMorgan Chase & Co. (NYSE:JPM), jumped 1.43% and closed at $66.59 in the last trading session. The last trading range of the stock ranges between $66.08 and $67.06. The company’s Market capitalization is $243.97 Billion with the total Outstanding Shares of 3.61 Billion. Six early-stage companies from Oakland and Wayne counties will receive $375,000 in funding from the Innovation Fund Macomb Community College, Powered by JPMorgan Chase & Co. The unique program provides mentoring and capital to early-stage businesses, in addition to learning opportunities for Macomb Community College’s students.
The Innovation Fund is a $2.7 million effort to stimulate economic development and job growth among promising Detroit-area entrepreneurs and next-stage companies with high-growth potential. Funding is offered by Macomb Community College’s Planned Fund and JPMorgan Chase, as part of the company’s $100 million commitment to Detroit’s economic recovery.
Companies funded by the Innovation Fund are required to provide internships or learning experiences for Macomb Community College students. Students not only have the opportunity to develop valuable workplace skills, but gain first-hand exposure to entrepreneurship. More than 230 Macomb Community College students have benefited from the fund’s first year of operation.