141 – The Great Wealth Transfer
July 02, 2024
In this episode of “The Business Behind Your Business,” host Paul Sweeney discusses the concept of “The Great Wealth Transfer” with his guest, Inbam Devadason, a seasoned financial advisor with over 30 years of experience in the financial services industry. Paul and Inbam look at the significant demographic shift in business ownership in Australia, where over 50% of small business owners are over the age of 50, and only 8% are under the age of 30. This trend emphasizes the importance of effective succession planning and wealth transfer strategies.
Inbam highlights the importance of several key strategies in transferring business and personal wealth including:
- Succession planning
- Engaging younger generations in financial planning early on
- Having a financial planner with a client-centric approach involving establishing a relationship not only with clients, but with their families
Discover some valuable insights and actionable advice for business owners looking to navigate the complexities of wealth transfer and succession planning, ensuring the longevity and success of their businesses across generations.
This episode is a must-listen for small and medium business owners, financial planners, and anyone interested in understanding the intricacies of transferring wealth and business ownership in today’s economic landscape.
Inbam Devadason – Our podcast guest Inbam Devadason is an author, father of 4 and the owner of Sydney the labradoodle. Inbam has over 30 years of experience in the Financial Services Industry.
Inbam loves to travel and has visited 30 countries around the world. His aim is to get to 50 by 2035.
Inbam loves variety and has lived in 7 cities. Melbourne, where he lives now is his second favourite place.
Inbam loves adventure and has conquered Mount Killimanjaro (Height 6,000).
Inbam is passionate about providing financial education to anyone who will listen and tries to help clients and friends to make wise financial decisions that will give them financial flexibility in the future.
Inbam is the Responsible Manager at Precision Financial and has overseen the business for 18 years.
As a way to give back to the community Inbam has:
- Run financial planning courses in community colleges
- Worked on a volunteer basis with people stuck in personal debt to assist them with a path out.
Contact Inbam at LinkedIn or advice@precisionfinancial.com.au
