Continuity Planning Resources
There are many types of continuity agreements, all with varying levels of protection and formality. A Practice Emergency Plan ensures a level of protection without a defined continuity partner and can act as a safety net for more formalized continuity plans. Practice Emergency Plans leverage our extensive network and expertise to quickly find a qualified buyer, protecting your clients' assets and the value of your business.
Proper continuity planning is one of the most important, and most overlooked aspects in most financial advisory practices. This white paper covers the best practices for continuity plans - for practices of all sizes. Included are basic Dos and Don'ts, how often you should update your plan, and how to find a continuity partner.
Actionable steps and considerations for protecting your business through continuity planning. Without a documented continuity plan you’re putting your business, your team, and your clients at risk. Use this checklist to help you select a partner, develop a clear and robust plan, and communicate your efforts to key stakeholders and clients.
EMS Exclusive Resource
Member-exclusive webinar in partnership with Ellen Bruno of Compliance Advisor Professionals focused on important considerations for protecting your business. This "new normal" of business operations does not excuse non-compliance. Now, maybe more than ever, staying vigilant to protect your business and your clients' assets and information should be paramount. Aired October 7, 2020.
Continuity planning is not just a "best practice"–it is a must practice for advisors. A written, actionable continuity plan is the key to protecting your business, your value, and your clients. The most important steps to take in solidifying your continuity plan are determining value, choosing the appropriate contracts, and setting a plan for funding.
In times of uncertainty, it is always wise to focus on what you can directly control. Whether we look at politics, markets, regulation, news, or the state of the industry, there have been (and always will be) many events outside of your control as a business owner. How do you deal with this constant noise? Recognize it for what it is and focus on the things you can control with direct action.
Marcus Hagood and Kelsey Herman, JD, discuss the details of funding your continuity plan, including where the money comes from, setting everything up in advance to avoid erroneous chaos, insurance options for death vs. disability, and common deal structuring for sale in the event of unexpected death or disability.
This expert opinion explores the reasoning behind and implications of SEC Proposed Rule 206(4)-4 and Proposed Amendment to Rule 204-2 concerning Business Continuity and Transition Plans; plus an overview of the new regulations expected under the new rule.
It’s not just a financial advisor mentality; it’s a human mentality. We KNOW life is finite, but we don’t want to think about our mortality, and we certainly don’t want to plan for it. You encourage every one of your clients to not only plan for their future, but to prepare for what comes after. That’s good advice. But do you take it?
This infographic clears up some of the details, nuances, and definitions that go along with successful continuity planning including client demand, common triggering events, which agreements provide the most protection (plus how much value can actually be preserved), and the real difference between succession and continuity planning.
A Practice Emergency Plan (PEP) is a stand-by continuity plan in the event of your death or disability. This FAQ answers some of the most frequent questions to determine if a Practice Emergency Plan is the right choice for your situation.
With all of the modern tools for practice valuations and equity management solutions available, some financial advisors still choose to use revenue splits, or a revenue-sharing arrangement, as a makeshift succession plan. For a practice owner, this can be a poor and shortsighted business decision.Revenue splits encourage the eat-what-you-kill strategy and drive an individual’s book of business rather than support the practice as a whole.
EMS Exclusive Resource
In this unscripted video FP Transitions' Douglas Kreft and Marcus Hagood focus on the impact and evolution of the financial services industry given various regulatory developments over the past year.
A written, executable continuity plan is an important piece of protecting the value of your business, your estate, and your clients. This overview describes the FP Transitions continuity planning services and documentation. Continuity planning is included with your Equity Management System (EMS) membership.
The most common roadblock to getting a continuity plan in place is finding the right partner. Searching for the right continuity partner within your immediate networks can force you into a partnership that isn’t the best match for you clients, or worse, can result in no partnership at all. Find out how you can leverage FP Transitions’ extensive network of advisors to help connect you to the right partner.