TRANSITION TALK

Lisa Cordial and Mike McKennon

Lisa Cordial is one of our EMS Membership coordinators. She provides guidance to clients for leveraging exclusive membership deliverable insights to create more valuable and enduring businesses by providing invaluable guidance and coaching on these deliverables. Mike McKennon is our Client Relations Manager. He works across departments to support clients in navigating their experience with FP Transitions, ensuring each client gets the most out of their engagement and has the best experience possible.

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Continuity Now : Don't Leave Your Business Unprotected

Posted by Lisa Cordial and Mike McKennon on Mar 26, 2020 12:27:00 PM

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Ongoing developments with COVID-19 have prompted a number of advisors to contact us and make sure their death and disability continuity plans are up to date. It’s worth noting that only about 30% of advisors have any type of formal, written death and disability agreement in place. That leaves 70% with little to no protection for their business and clients.

What is Continuity Planning?

Business Continuity Planning is required by most regulatory organizations in the financial services industry. The common objective is preserving client service and asset management continuity in the event of natural disaster, national emergency, or exit of the licensed principal. Death or disability agreements provide a contingency plan that ensures a seamless transfer of control and responsibility for the business in the event of an owner’s unplanned and abrupt departure.

In the wake of COVID-19, we’ve seen many of these operational contingencies enacted by advisory firms nationwide, and that the preparation for a sudden exit is equally as crucial. Highly transmittable and difficult to predict respiratory viruses aside, you never know when an unexpected event will prevent you from performing your role as owner and advisor.

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Topics: Commentary, Business Growth, Industry News, Continuity Partner Matching, Continuity

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