Savvy clients often ask about contingency plans and want to know details. That’s not surprising when so much of their wealth is on the line
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Unlike a succession plan that’s about transitioning leadership and ownership of a financial advisory practice, a documented emergency plan comes into play if an advisor suddenly can’t work or help clients. Think a sudden illness, accident, death, becoming an emergency caregiver, or being caught up in a natural disaster.
“We really see it as a public policy issue,” she says, noting she would like to see regulators step in to make an official recommendation, even if they can’t make emergency plans a requirement. Perhaps then, advisors would take planning more seriously. Still, savvy clients often ask about contingency plans and want to know details. That’s not surprising when so much of their wealth is on the line.
The colleague recounted a story in which a wealthy, long-term client family needed help with a life event and turned to the advisor to get through it. A couple of weeks later, they wanted to set up a meeting to discuss a related matter. Launched six years ago, the platform is free to members and allows them to use it as a networking, marketplace and valuation tool to entice other advisors to step in and quickly take the reins if needed. There’s also the option to nominate internal and external talent who will take over in an emergency.
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