Agency Intelligence

Business owners often have the majority of their net worth tied up in their business. Does it make sense for them to diversify their wealth to protect their assets and achieve long-term financial security? Erik Garcia, CFP®, BFA, talks about why it’s a bad idea to have all your eggs in one pocket and shares his 8 compelling reasons why business owners should diversify their wealth (reason #8 is the most compelling for him). Episode Highlights: Erik announces that the Stuff About Money podcast is now part of the Agency Intelligence Podcast Network. (1:33) Erik discusses the importance of diversification for business owners to protect their assets and create long-term financial security. (3:10) Erik explains that the first reason to diversify our small businesses is risk management, as spreading investments across different assets reduces risk and mitigates losses in market downturns or negative events. (5:06) Erik mentions that the second compelling reason to diversify is the preservation of capital be