Now that the Supreme Court has handed down its 5-4 ruling in favor of President Obama's health care overhaul, markets and businesses are dealing with whatever consequences may follow now that the individual insurance mandate is the law of the land.

For registered investment advisors, many of whom own small businesses, the challenge now lies in incorporating the Patient Protection and Affordable Care Act's realities into their business operations. The Supreme Court said the landmark health care law's mandate to buy coverage is permissible under Congress' taxing authority. However, the court did significantly restrict the expansion of Medicaid by preventing the federal government from terminating a state's Medicaid funds if a state declines to comply with the PPACA's expansion of Medicaid rules.

"I think the court hit on all the major things that Obama wanted, so it's a pretty big victory for him," said Frank Fantozzi, CEO of Cleveland-based Planned Financial Services, a wealth management firm that has $250 million in assets under management and offers securities through LPL Financial. "The market usually starts feeling like it knows what's going to happen, but I think everyone is surprised that it passed because they were feeling that it wasn't going to pass. Setting politics aside, the market's going to have to digest this, but long term, this all gets baked into the economy just as past legislations have come to fruition."

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