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Summary: It is not surprising that Derek Holman and Brian Parker ended up as co-founders of Torrance, Calif.-based EP Wealth Advisors. After all, they’d been friends since middle school in their hometown of San Diego, and started their working careers together at a yogurt shop. Today, Parker and Holman, both 43, run EP Wealth, an up-and-coming RIA firm with $2.3 billion in assets, serving nearly 2,000 clients through six offices in California (Torrance, West Los Angeles, Irvine, Valencia, Lafayette and San Diego), plus one location in Denver.
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Summary: While there are many risks to starting a business, one of the greatest is the potential for a low-probability but high-impact “business disruption”, from the unexpected death of a key employee, to a cyber-attack or a natural disaster like a hurricane.
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Summary: Financial advisers need to step up their technology game or face losing some current clients, as well as the opportunity to serve entire new customer segments, fintech experts said.
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Summary: Business continuity and disaster planning has been a focus of the Securities and Exchange Commission in its examinations of Registered Investment Advisors in recent years, following the impact of disasters such as Hurricane Sandy on advisors in the affected region, as well as increased concern over cybersecurity risks.
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Summary: Because a founder’s attachment to their practice has an emotional component, it’s possible they will want stay past when they said they would retire, according to the Journal. That’s why it’s important to lay out in writing an actual timeline for their departure, Vanessa Oligino, director of business performance solutions at TD Ameritrade Institutional, tells the paper.
