First Citizens Wealth Finds Business Owners Resilient Amid Change, with Experienced Owners Taking More Risks

Second annual survey is based on a study including 500 business owners , /PRNewswire/ -- First Citizens Wealth, the wealth management division of First Citizens Bank, today published its "Beyond Wealth" study of business owners and wealthy Americans, finding they are adapting their professional and personal financial planning strategies to navigate today's evolving economic landscape. Despite challenges, optimism and resilience remain high for business owners, with nearly all saying that owning a business is "worth it." "As business owners navigate inflation, market shifts and changing policy landscapes, the survey results underscore that they are finding innovative ways to preserve stability and plan for long-term growth," said Marc Horgan, Executive Director of First Citizens Wealth. "Working with an experienced wealth management team that understands both personal and business objectives can further support individuals and business owners alike as they plan their future with intention, build for the future of their business, adjust as needed, and ultimately pass down a lasting legacy." Business Owners Resilient Amid Change, with Experienced Owners Taking More Risks Most business owners (66%) fund their ventures with their own savings or rely on traditional bank loans (40%) to sustain operations. However, more seasoned entrepreneurs are branching out, being twice as likely (38%) as first-time owners (18%) to leverage private equity or venture capital to grow their businesses. Experienced owners are also reinvesting in their businesses at higher rates than first time owners, being twice as likely to expand operations or hire new employees, reflecting a focus on long-term growth despite economic headwinds. When responding to economic pressures, owners are most likely to adjust pricing strategies (34%), followed by increased marketing efforts (23%) and changing their vendor or supplier relationships (22%). Looking ahead to an exit for their business, most owners plan to exit their business through a sale and current stakeholders including family, business partners or management/employees are the most commonly named successors to take on ownership. Yet only two in five plan to retire following their business exit, suggesting an appetite to continue working. Financially, business owners are notably self-assured: 54% are very confident in their financial situation, compared with 35% of wealthy non-owners. On average, owners have greater retirement savings than non-owners but carry nearly four times more debt. Personal and business finances overlap for many, often sharing the same bank accounts, credit cards, tax professionals and financial advisors for both. 94% say that business ownership provides personal fulfillment – outweighing financial stress. "Even amid economic uncertainty, there's a clear sense of control and optimism among business owners – they are adjusting, not retreating," said Nerre Shuriah, Senior Director of Wealth Planning & Knowledge at First Citizens Wealth. "That said, business owners are missing the larger opportunity to protect their wealth. By partnering with a financial professional early on, business owners can build in long-term financial flexibility to help offset some of the entrepreneurial risks they may be taking and have a clearer understanding of both sides of their personal balance sheet." Wealthy Americans: Branching Out and Spending Less Since 2024, wealthy Americans have broadened their sources of savings and wealth. While investments and income from working remain the top sources, the source of wealth that saw the biggest increase year-over-year was "stock/options in company employed with." The top source of wealth also varies by generation: business ownership for millennials (34%); income from working for Gen X (38%) and investments for Boomers (49%). Despite strong financial positions, over half of wealthy Americans report feeling stressed about their finances. Inflation remains the top stressor (62%), followed by stock market volatility (44%) and changes in government economic policy (42%). As a result, many are cutting back on discretionary spending, particularly on luxuries. When it comes to investing, most wealthy Americans maintain a focus on traditional assets – stocks, mutual funds, ETFs – but diversification is growing. Nearly half (45%) own private equity or private investments, and a third (35%) own cryptocurrencies. Generational differences also persist: Millennials are more likely to hold private equity, private investments (58%) and cryptocurrencies (56%), while Boomers favor certificate of deposits and money market accounts (74%). For more insights from the Beyond Wealth study by First Citizens Wealth, visit: https://www.firstcitizens.com/wealth/insights/business-planning/beyond-wealth-report About the SurveyThe online survey was conducted among a sample of 1,100 Americans with greater than $500,000 in investable assets, including a subsample of 500 business owners, during August and September of 2025 by Logica Research. About First Citizens WealthFirst Citizens Wealth offers a full range of financial planning, asset management, private banking, brokerage, investment advisory, insurance and trust services to individuals and institutional clients. Learn more at https://www.firstcitizens.com/wealth. About First Citizens BankFirst Citizens Bank helps personal, business, commercial and wealth clients build financial strength that lasts. Headquartered in Raleigh, N.C., First Citizens has built a unique legacy of strength, stability and long-term thinking that has spanned generations. First Citizens offers an array of general banking services with branches and offices nationwide; commercial banking expertise delivering best-in-class lending, leasing and other financial services coast to coast; innovation banking serving businesses at every stage; and a nationwide direct bank. Parent company First Citizens BancShares, Inc. (NASDAQ: FCNCA) is a top 20 U.S. financial institution with more than $200 billion in assets and a member of the Fortune 500™. Discover more at firstcitizens.com. Disclosures First Citizens Wealth™ (FCW) is a marketing brand of First Citizens BancShares, Inc., a bank holding company. The following affiliates of First Citizens BancShares are the entities through which FCW products are offered. Brokerage products and services are offered through First Citizens Investor Services, Inc. ("FCIS") , a registered broker-dealer, Member FINRA and SIPC. Advisory services are offered through FCIS, First Citizens Asset Management, Inc. and SVB Wealth LLC, all SEC registered investment advisers. Insurance products and insurance are offered through FCIS, a licensed insurance agency. Banking, lending, trust products and services, and certain insurance products and services are offered by First-Citizens Bank & Trust Company, Member FDIC, and an Equal Housing Lender and SVB, a division of First-Citizens Bank & Trust Company. All loans provided by First-Citizens Bank & Trust Company and SVB are subject to underwriting, credit, and collateral approval. Financing availability may vary by state. Restrictions may apply. All information contained herein is for informational purposes only and no guarantee is expressed or implied. Rates, terms, programs, and underwriting policies are subject to change without notice. This is not a commitment to lend. Terms and conditions apply. NMLSR ID 503941 Consulting services including overseeing plan design, investment fiduciary services, investment selection and monitoring, and continuous benchmarking are offered through First Citizens Bank and Trust Company. First Citizens Wealth is a registered trademark of First Citizens BancShares, Inc. Media ContactLiz Shapiro[email protected] SOURCE First Citizens Bank

First Citizens Wealth Finds Business Owners Resilient Amid Change, with Experienced Owners Taking More Risks

FAQ

Why Bullish?

How important is it?

Why Long Term?

Related Companies

Related News