 “One of the biggest risks (if not the biggest risk) for a solo’s clients is the potential that something catastrophic could happen such that the solo could no longer work/manage their clients assets,”Patrick Mahoney, California securities attorney. |
The Risks of a Solo Practice
Megan Leonhardt | Wealthmanagement.com, December 2013
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Summary: Too many lone advisors are failing to plan for emergencies, putting their businesses—and clients—at risk. Solo advisors face many unique challenges, but perhaps the biggest is that they are, in bad times as well as good, solo. According to a REP. magazine survey, a significant portion of these advisors have no contingency plan in place should they unexpectedly not be able to continue working.
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