How Entrepreneurs and Wealth Managers Can Work Well Together

Entrepreneurs work best with wealth managers who are also entrepreneurs and understand what it’s like to grow a business.

An adviser and coffee shop owner go over paperwork at the coffee shop counter.
(Image credit: Getty Images)

The increase in the number of ultra-high-net-worth individuals across the U.S. can mean only good things for wealth managers — especially as more of these newly minted millionaires and billionaires look to set up family offices to protect their wealth.

But working with these newly wealthy individuals — a large, though decreasing, percentage of whom are self-made entrepreneurs, according to Reuters, citing a UBS report — can be a different sort of beast than working with the more traditional second- and third-generation clients who have inherited their wealth. For an entrepreneur, finding a wealth manager who understands their unique ethos is key.

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Thomas Ruggie, ChFC®, CFP®
Founder and CEO, Destiny Family Office

Tom Ruggie, ChFC®, CFP®, founded Destiny Family Office, a Destiny Wealth Partners firm, to help clients manage the increasing complexities inherent in their business and personal lives. He has identified three key areas where his firm can make a significant difference: presenting a compelling sphere of investments, including alternative, direct and co-investment opportunities; creating a special emphasis on high-end collectors whose collections signify significant alternative investments; and strengthening the firm’s private trust capabilities. Ruggie has become one of the most respected financial advisers in the industry, receiving national recognition and rankings including: 11X Barron’s Top 1200 Financial Advisors, 6X Forbes/Shook Research Best-In-State Wealth Advisors (2023: 5th in North FL), 12X Financial Advisor Top RIA Firms and Forbes Finance Council 2016-2023.