Shares of KeyCorp (NYSE:KEY) ended Friday session in green amid volatile trading. The shares closed up +0.12 points or 1.00% at $12.17 with 22,705,265 shares getting traded. Post opening the session at $12.12, the shares hit an intraday low of $12.00 and an intraday high of $12.22 and the price vacillated in this range throughout the day. The company has a market cap of $13.30 billion and the numbers of outstanding shares have been calculated to be 1.08 billion shares.
On Sept. 28, 2016 Key Private Bank, the wealth management arm of KeyCorp (KEY), released the results of its latest 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 management 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 help 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.
Tying up a majority of personal wealth in the business is the most common wealth management challenge business owners face, according to more than one-third of advisors. Other common pitfalls for business owners include lacking a management succession plan and having insufficient savings—both of which can create a need for business owners to work longer to guarantee a certain level of retirement income.
Shares of Wells Fargo & Co (NYSE:WFC) ended Friday session in red amid volatile trading. The shares closed down -0.09 points or -0.20% at $44.28 with 54.12 million shares getting traded. Post opening the session at $44.33, the shares hit an intraday low of $44.10 and an intraday high of $44.73 and the price vacillated in this range throughout the day. The company has a market cap of $222.96 billion and the numbers of outstanding shares have been calculated to be 5.05 billion shares.
Wells Fargo & Co (WFC) provides retail, commercial, and corporate banking services to individuals, businesses, and institutions. Its Community Banking segment offers checking, savings, market rate, individual retirement, and health savings accounts, as well as time deposits and remittances; and lines of credit, auto floor plan lines, equity lines and loans, equipment and transportation loans, education and residential mortgage loans, and debit and credit cards. This segment also provides equipment leases, real estate and other commercial financing, small business administration financing, venture capital financing, cash management, payroll services, retirement plans, and merchant payment processing and private label financing solutions, as well as purchases retail installment contracts.