This Top Advisor Learned About Money In The Family Business

Shaffer’s clients tend to be lawyers and professionals, and she has also carved out a niche among entrepreneurs in the real estate industry, including contractors and builders, which she attributes to Washington D.C.’s constant growth.

“They know their industry incredibly well,” Shaffer says, “and it provides the vast majority of their livelihood. But where I come in is helping them with an exit strategy or diversification.” She also helps entrepreneurs pass on their wealth to their children or successors which has helped expand her practice across generations.

For younger clients, Shaffer makes sure to check in regularly, recalling one young couple with two small children living in a small condo who assured her that they were happy in their space and not looking to move when she asked. But six months later, she got a call: they were ready for more space and wanted to put the kids in a new school. How did she know?"

We deal with clients every day and there's just a natural progression," Shaffer says."We sort of know you're going to need to move to that bigger house before you do." Shaffer and her team will refer clients like these to realtors and mortgage brokers, and will update investment plans to free up cash for a down payment.

For these younger clients, Shaffer and her team also help with the transition from life stage planning, when they might be looking for a house or a mortgage or saving for college tuition, to legacy planning for future generations themselves.I'm an assistant editor on Forbes’ Money team, covering markets, fintech, and blockchain. I recently completed my master’s degree in business and economic reporting at N...

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This Top Advisor Learned About Money In The Family BusinessGrowing up in the tiny town of Pinnacle, North Carolina, Sheila Shaffer learned the basics of business working alongside her grandfather in his general store, which sold everything from groceries to overalls to seed fertilizer. She's now one of Forbes' Top Women Advisors. That's a great achievement
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