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Summary: Few people think about what will happen to their business after they die and therefore rarely put together a plan. Fewer may even think that a family or closely held business should be considered a part of their estate plan. However, for many small business owners, their financial interest in their business may be the largest asset that they have and represent most of the wealth that they will transfer at the time of their death. When transferring a family or closely held business, a well-funded life insurance policy can play a very large role in a smooth transition.
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Summary: Last year, the North American Securities Administrators Association — the organization representing state securities regulators — adopted a model rule to require state-registered investment advisers to establish business continuity and succession plans in the event of a natural disaster, cyberattack or other business disruption such as the death of the owner of a sole proprietorship. State regulators are in the process of approving the model rule, which could take several years or longer to take effect across the country.
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Summary: Recruiting the ideal candidate to join a financial advice practice now requires serious investment to search for individuals with traits impossible to put on resumes, such as the ability to work on a team, one wealth management executive tells the Wall Street Journal.
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Summary: For years, financial industry writers and consultants have probed every aspect of how to create a smooth succession for financial advisory practices.
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Summary: Though the financial services industry has undergone a wave of head-turning transformations in recent years, spurred on, in part, by a mix of demographic trends, the looming threat of robo platforms and the increasingly complex regulatory environment, one issue remains as relevant today as it was 10 years ago: succession planning.
