Plan for the Future
Contingency and succession planning are critical to your advisory firm's success. Review the wealth of information.
All Articles
The Future of Succession? A Growth Strategy, Not an Exit
From WealthManagement.com
Added on September 2016 in Plan for the Future
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Summary: Twenty percent of advisors will likely exit the business voluntarily or involuntarily over the next five years; yet two-thirds of firms don’t have business continuity or succession plans, said Pershing CEO Mark Tibergien, speaking during a session at the Financial Planning Association’s annual conference in Baltimore this week.
Succession planning: Why your employee should not take over
From Financial Plannning
Added on September 2016 in Plan for the Future
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Summary: Many RIA owners look to their employees to take over the business when they retire. Yet some advisers are overlooking critical aspects of what an internal succession plan actually entails.
If an Advisor Gets Dementia, What Happens to His or Her Clients?
From Think Advisor
Added on September 2016 in Plan for the Future
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Summary: Advisors hopefully have communicated with their clients about how they should address concerns if the client is beginning to show signs of dementia, but what happens if advisors’ own cognitive decline prevents them from fulfilling their fiduciary duties?
Life Insurance and Business Succession Planning
From WealthManagement.com
Added on September 2016 in Plan for the Future
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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.
Advisers have a fiduciary duty to put robust business continuity plans in place
From InvestmentNews
Added on September 2016 in Plan for the Future
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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.
