For chief executives, an alternative to selling a position is isolating it from investment risk through the creation of a collar. It locks in the stock's current price by the purchase and sale of offsetting positions. One of the simplest ways to create a collar is through options. By Libby Dubick, President of Dubick & Associates

Even great CEOs and business owners shy away from utilizing their effective decision-making skills in managing their personal wealth. Some find it painful to confront decisions that involve family members. Others may have psychological barriers to doing what's necessary, such as selling large concentrations of stock and diversifying into other areas.

CEOs should work with a wealth manager to understand how useful these plans can be in protecting against insider trading charges, managing investors' perceptions of insider sales, and helping chief executives strategically diversify their investment holdings. By Linda Fitz and Michael Fitzhugh, Principals in Director-Wealth Management for Aspiriant