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Creating a Business Continuity Plan for Financial Advisors

What will happen to your practice if something happens to you? It’s a question far too many independent financial advisor-owners avoid, and it’s a problem. Not having a plan in place in the event of your sudden death or incapacitation could put your business, your clients, your team and your family at risk.

A business continuity plan for financial advisors is an insurance policy for your business. It should be a no-brainer. Yet, according to FP Transitions , only 10% of advisors have a written continuity plan even though 90% of clients want their financial advisors to have one.

It’s a similar situation when it comes to succession plans. According to the Investment Planning Counsel , only 11% of financial advisors have a formal succession plan even though more than two-thirds of advisors are preparing to retire.

Advisors’ struggle in business continuity planning is similar to clients who don’t create an estate plan because they don’t want to think about their own mortality. Ignoring it doesn’t change the future.

Another reason many financial advisors don’t have a business continuity plan? It’s not a requirement. In 2016, the Securities and Exchange Commission proposed a rule to mandate that registered investment advisors (RIAs) create written business continuity and transition plans. Unfortunately, that rule has never been formalized. Still, the SEC continues to state that it expects RIA firms to have business continuity plans as part of their fiduciary obligation.

In my view, a business continuity plan for financial advisors is just good business. Here’s everything you need to know to get started.

What is a business continuity plan?

A business continuity plan for financial advisors is an agreement you put in place with a like-minded advisory firm. In addition to sharing similar values, investing philosophy and company culture, the firm should be of similar size or larger and have the capacity to take care of your clients and your team, and pay your surviving spouse or estate in the event of your sudden demise or incapacitation.

I see a business continuity agreement very much like an insurance agreement that protects the most valuable thing you own: your business and, along with that, your clients’ assets and your family’s inheritance. It spells out the events that will trigger the activation of the agreement, the terms of the sale and, most importantly, allows the business continuity partner to step in and take over operations immediately.

If you don’t have a business continuity agreement in place and you suddenly pass away or can no longer work, your business’ value will decay quickly. Clients will leave, your team will be rudderless and your family will have to contend with low offers from opportunistic competitors eager to swoop in.

The difference between succession plans and business continuity plans

Many people view business continuity plans and succession plans as interchangeable. They are not. Each is equally important, but a succession plan is complex, comprehensive and strategic, often taking anywhere from five to eight years or more to complete. A business continuity plan is simple, straightforward and takes effect as soon as a triggering event happens.

This is exactly what happened when a Carson Group partner passed away. The advisor had a business continuity plan in place. And even before the funeral, we spoke with the widow and had the new advisor in place within a week. The business did not miss a beat and the family received the funds from the sale.

Business continuity agreements are also readily available and fairly standard. This is by design. The industry as a whole wants to make it easy for financial advisors to implement business continuity agreements. That’s why many broker-dealers, Offices of Supervisory Jurisdiction (OSJs) and larger, wealth advisory networks such as Carson Group have business continuity plans for their advisors.

The biggest difference between business continuity plans and succession plans? The overwhelming majority of business continuity agreements will never be executed. Remember, they only take effect in the event of a sudden death or disability.

That’s also why, generally speaking, the valuations in a continuity agreement will be less than if you were shopping the business as part of a succession strategy. A business continuity agreement is not a planned sale. The purpose is to protect what you’ve built and achieve a reasonable price for the asset.

Key considerations when selecting a business continuity partner

Cultural fit and capacity – specifically, capacity to serve your clients, take on your team and pay your estate – are essential when identifying a business continuity partner.

The objective is to find a partner who shares your culture, investing philosophy and behaviors. Look to your own value proposition and compare it to your prospective partner’s. You should see “fiduciaries,” “high client value” or “we lead with planning.” These cultural attributes will ensure your clients and your people are treated in the same way you treat them – and that decisions are considered and made in line with your values and approach.

Once you have cultural alignment, then focus on capacity. It’s critical to find a business continuity partner with the resources in place to be able to take on your clients, keep your staff and pay your beneficiaries. As a result, business continuity agreements for financial advisors tend to be with bigger firms that have the capacity to meet all of those requirements.

Getting started

Creating your business continuity agreement starts with a conversation. Talk to your broker-dealer or OSJ. If you are an RIA, talk to the firm that helps you with compliance. If you don’t have a plan in place – or you’re unsure or uneasy about a plan that you were required to sign – then talk to Carson. We can connect you with a partner in our network who shares your values, or we can act as a backstop if needed.

If you do want to select a peer as a business continuity partner, take a close look at your local network. Focus on bigger producers in your city or advisors you may have met at FPA meetings, for example. A business continuity partner can be a competitor who may also be a succession plan option down the road. You may decide to become business continuity partners for each other. If you are considering peers, be sure a potential partner is either a similar age or younger.

Generally speaking, it can be difficult to find an internal business continuity partner. They are likely a W-2 advisor (i.e., paid employee) and may not have the capital, entrepreneurial spirit or business acumen to run the business.

Once you’ve decided on a suitable business continuity partner, be sure to communicate the plan to your staff, clients and family.

Elements of a business continuity agreement

Your business continuity agreement is a legal document that should spell out:

• How the agreement is triggered.
• The valuation (this is typically a multiple of revenue).
• Provisions to protect employees.
• Provisions to protect the buyer.
• Non-compete and non-solicitation protections.
• The recipient of the proceeds from the sale.

You will likely want to work with your attorney to complete the documentation.

A business continuity plan for financial advisors will help you protect your existing clients and book of business, your team and your family in the event of your sudden death or incapacitation. It’s something every financial advisor should put in place and it’s simple to do. Business continuity agreements are readily available at a nominal cost. They are the insurance that every financial advisor needs.

While a business content plan and succession plan are different, they are related. And it is possible and, in some cases, probable that a business continuity partner can evolve into a succession partner. To learn more, download More Than Just A Back-Up Plan: How One Fiirm Found A Succession Plan Through Partnership .

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How to Create a Continuity Plan for Your Financial Planning Firm

As the majority of the existing advisor population continues to move towards retirement, succession planning has become one of the most talked about industry topics.

The reality is that most advisors won’t actually implement a full succession plan. Instead, they will continue to serve their existing clients until some life event occurs and they sell their firm to another advisor for a multiple of revenue.

This approach poses a number of risks. For example, the buyer often struggles with client retention, and the seller likely has not maximized the full equity of their firm.

While much of the industry focuses on the buying and selling of practices, a critical step in protecting any business—regardless of an advisor's age—is often overlooked: developing a continuity plan.

Advisors often have these tough conversations with their clients yet fail to do so with themselves.

What would happen to your business and clients in the event of your death or disability? Who would take care of your clients? And would your family get anything for the business you worked so hard to build?

While not a fun conversation, it’s a necessary one. If you don’t have a formal agreement in place, there’s a good chance your clients will become “orphan accounts” at either your current firm, broker-dealer, or custodian.

Additionally, regulations prohibit the payment of securities compensation to unlicensed individuals without that formal agreement in place, so your family may not receive any monetary value for your business.

Talk about a lose-lose situation—one that could have easily been avoided with the creation and implementation of a continuity plan. 

Getting Started

If you don’t have an agreement and you aren’t sure where to start, the North American Securities Administrators Association (NASAA) has adopted a model rule regarding succession and continuity planning that provides some guidance on how to structure and what needs to be included in a continuity plan.

I’ve outlined some steps below to get this process started.   

The first step in the process of putting a continuity plan into place is finding another advisor to enter into an agreement with.

This person does not have to be your ultimate successor. It's most important to have an agreement in place with a qualified advisor; once you have identified your long-term succession plan, you can always amend it down the road.  

Below are some things to consider when deciding who to enter into an agreement with:

Does the potential buyer’s business model align with your business model? Do they have similar planning services and offerings, do they use the same custodian/clearing platforms, and do they have a similar investment/planning philosophy?

Does the potential buyer have the capacity to take on your existing business?

Does the potential buyer’s expertise align with yours and your clients’ needs?

Does the potential buyer have a similar geographic footprint and the appropriate licenses?  

All of these considerations will help ensure the buyer can effectively service your clients should your firm need to be transferred to a new advisor.

The ideal scenario is to identify another advisor in your firm. However, many advisors who have started their own businesses are the only advisor in their firm. If this is the case, you can look for another firm with a similar business model as yours.

Determining Purchase Type

Next, you need to determine the type of purchase—asset or entity—and what would be included in the sale.

Asset purchases are most commonly used in these type of arrangements. In this case, the buyer acquires the “company assets” and not the actual entity. With asset purchases, it’s important to define what’s included in the “company assets.”

If you decide to do an entity purchase, it's important to know that typically the liability will also transfer with the entity.

Determining Payment Structure

After determining what's included in the purchase, the next step is to determine the payment structure of the agreement. There are a number of different ways to fund these purchases; generally, the structure of the buyout will depend on who the buyer is, whether an existing partner or an unaffiliated advisor.  

There are three payment structures that that are most often used: a down payment or one-time payment, ongoing promissory notes (monthly, quarterly, or annually), or a percentage of revenue generated from the company assets. (Insurance can also be used to fund these agreements.)  

If you are using a down payment or promissory note, you can expect less in return than you would using a percentage of revenue because the payment is guaranteed and not based on future revenue.

Using a percentage of revenue can be advantageous to the buyer and seller. The payments are made from revenue generated from the company assets, and the buyer and seller work beforehand to develop a proper transition plan, which will increase client retention and maximize the revenue to the beneficiary.  

Transfer of Client Information and Agreements

It is crucial to consider the transfer of client information and agreements when developing a continuity plan.  

Let’s start with the transfer of client information.

Protecting your clients’ privacy must be a top priority in any continuity or succession plan scenario. Generally, if the transfer is within the same firm (under the same privacy agreement), client information can be shared with the new advisor.

However, if your agreement is with an advisor at another firm, your clients’ confidential information may not be shared without the clients’ express written permission. This is why it's important to not only communicate with your clients that you have an agreement in place with another advisor, but to also have them sign a letter of authorization allowing you to share their information if the agreement is triggered.

This serves two purposes. First, it gives your clients peace of mind that if something happens to you, they will continue to be taken care of. Second, it helps facilitate a smooth transition.  

Now let’s discuss the transfer of client agreements. Ultimately it is up to the client if they want to transfer their agreement from you to the buyer.

However, whether or not positive or negative consent is required for the transfer will depend on the agreement itself as well as your state rules. To ensure a smooth transition, you must determine this prior to the necessitated implementation of a continuity plan agreement.

Additional Communication Considerations

Client communication is one of the most important aspects of implementing a successful continuity agreement, but the communication doesn’t stop there. There are other business partners who also need to be notified.

Any third parties that are involved in servicing your existing clients will need to be notified if the agreement is triggered.   This could include your money managers, custodians, and tech partners such as your CRM, financial planning software, and portfolio management systems. You must establish processes and a clear communication plan to transfer system access and information to the appropriate party should the agreement need to be implemented.

Reviewing your continuity agreement with clients and business partners is necessary—it's also equally as important to review this agreement with your family and beneficiary.

First, it's important for them to understand your plan for your business should something happen to you. It's also important for your beneficiary to understand how the valuation is calculated and how payments would be facilitated. If the buyout is structured as an earn out, ongoing payments may fluctuate—understanding that will help ease the stress associated with a transition.

Finally, I would encourage you to review this agreement on an annual basis. Things change, whether it's the valuation of your business, your beneficiary, or the advisor/firm you have identified as your successor.

Take the First Step

You’ve learned the basics of continuity plans—now what?

First, meet with your attorney to discuss setting up a continuity plan agreement.  

Next, identify another advisor or firm you think could be a good fit as a continuity planning partner.  

Then, get to work designing your plan. Check with your firm to see if they have a template agreement you can use or if they provide guidance on getting started. If you are an XYPN member, we have developed a template agreement and list of considerations when setting up a continuity agreement.

Every advisor, regardless of age, needs to have a continuity plan in place to ensure their clients’ needs will continue to be met in the event that they're no longer able to serve them. It's time to take this important step and protect the future of your business.    

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Business Continuity Plan

Northwest Financial Advisors (NWFA) is committed to providing timely service to our clients. We recognize the importance of preparing for various disaster scenarios that could hinder our ability to provide such service. NWFA has taken aggressive steps to provide for disaster recovery and business continuity planning under a variety of potential scenarios. We continue to update our continuity plans and expand our resources to provide for such recovery and timely resumption of critical business operations.

NWFA Preparedness

Client accounts with Northwest Financial Advisors are custodied with LPL Financial. You can find LPL Financial’s Business Continuity Plan Summary on LPL’s website by clicking the following: LPL Business Continuity Plan  (external link) or by visiting LPL’s website .

If NWFA loses the ability to perform business at any of our office locations, we have enabled our staff to work at alternate office locations. Our plan ensures the continual safeguarding of client information and protection of the firm’s books and records. We have plans in place for a quick recovery and resumption of operations after any significant business disruption.

NWFA’s data is backed up daily and stored offsite. Since NWFA is a subsidiary of NW Capital Management, a wholly owned subsidiary of Northwest Federal Credit Union, we work very closely with various departments within the credit union to ensure continuity and rapid recovery.

NWFA will communicate a significant business disruption via our website www.nwfllc.com or by email from [email protected]. Updates on the status of the recovery of systems and operations will be communicated promptly on our site. If necessary, our IT support will re-route phone lines so that calls from our clients will continue to be serviced. Clients may also contact LPL directly at 1-800-877-7210 for account information. We also have alternate communications set up between our firm and staff. FINRA and the SEC will be contacted as well to inform them of any significant business disruption.

Please note that our office generally follows OPM ’s dismissal and closure procedures in times of severe weather.

Please be aware that while we have detailed plans in place, we may not be able to implement a plan during a disaster as quickly as we expect. Additionally, if parts of our plan are dependent upon third parties, we will have no control over the success or failure of the third party to respond appropriately to the challenges posed at the time of the disaster. Our continuity plans are periodically tested and subsequently modified when needed.

Northwest Federal Credit Union, NW Capital Management and Northwest Financial Advisors are not registered broker/dealers and are not affiliated with LPL Financial.

Tax information & schedules, retirement plan contribution limits and tax form mailing schedules, upcoming seminars, webinars and more, the importance of high-level advice, personalized, objective and goal-oriented guidance.

Our approach is one of real partnership. We serve and help you identify specific needs and challenges over time. We forge a close relationship, set personal goals, then apply the focus and discipline required to pursue the things that are most important in your life.

Business Continuity Plan

Dynamic has developed a Business Continuity Plan to document how we will respond to events that significantly disrupt our business. In most cases, the impact of business disruptions is unpredictable. Consequently, we have to adapt in responding to situations that impact our business.

Whom to Contact in the event of a disaster or business disruptions  – If you are unable to contact your financial advisor by phone or email, you may contact Dynamic’s Advisor Support Team at 877- 257-3840, Extension 1. If you are unable to reach either your financial advisor or Advisor Support, and you have immediate account service requirements, you should contact the custodian holding your account at one of the following numbers.

Fidelity – 800-972-2155 Raymond James – 800-248-8863 Schwab – 800-515-2157 TD Ameritrade – 800-431-3500

You may also access your account information through your client portal at wealth360portal.com. Your User ID is the email address you provided to your financial advisor.

Our Business Continuity Plan  – We plan to quickly recover and resume business operations after a significant business disruption. We will respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s books and records, and allowing our customers to transact business. In summary, our business continuity plan is designed to enable our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption.

Our business continuity plan addresses: data back-up and recovery; all mission critical systems; financial and operational assessments; alternative communications with customers, employees, and regulators; alternate location of employees; critical supplier, contractor, bank and counter-party impact; regulatory reporting; and assuring our customers prompt access to their investments if we are unable to continue our business.

While most transactions done through us are not time sensitive, every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption. Each custodian with which you have investments desires to restore its own operations and be able to complete existing transactions and accept new transactions and payments within a short period of time, your orders and requests for funds and securities could be delayed during this period.

If you have questions about our business continuity planning, you can contact us at  877-257-3840 , Extension 1 or by email at  [email protected] .

Click for  Dynamic’s  Form CRS  (Client Relationship Summary) and  Dynamic’s ADV Firm Brochure. For additional information  click here.

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Dynamic Advisor Solutions, LLC dba Dynamic Wealth Advisors is an SEC registered investment advisor. Investment advisory services are offered through Dynamic. You can learn more about us by reading our ADV. You can get your copy on the Securities and Exchange Commission website. See  https://adviserinfo.sec.gov/IAPD  by searching under crd #151367. You can contact us if you would like to receive a copy by calling 877-257-3840 x720.

Business continuity statement for clients

Blankinship & Foster LLC, is committed to providing our clients with the highest level of advice, service, and information regarding the investments and assets they have entrusted to us. As part of this commitment, we have developed a Business Continuity Plan to address how we will respond to events that significantly disrupt our business. We recognize how heavily our clients rely on our services and systems. We also recognize that the unexpected can and does occur. Since the timing and impact of disasters and disruptions is unpredictable, we will have to be flexible in responding to actual events as they occur. With that in mind, we are providing you with this information on our Business Continuity Plan.

Contacting Us

If, after a significant business disruption you cannot contact us at (858) 755-5166 or [email protected], you should go to our website at www.bfadvisors.com. If you cannot access us through either of those means, you should contact the investment company as noted on your investment statement.

Our Business Continuity Plan

We plan to quickly recover and resume business operations after a significant business disruption and respond by safeguarding our employees and property, making a financial and operational assessment, protecting the firm’s records, and enabling our clients to transact business as quickly as possible. Our Business Continuity Plan is designed to permit our firm to resume operations as quickly as possible, given the scope and severity of the significant business disruption. Our business continuity plan addresses: data back up and recovery; mission critical systems; financial and operational assessments; alternative communications with clients, employees, and regulators; alternate physical location of employees; critical supplier, contractor, bank and counter-party impact; regulatory reporting; and assuring our clients’ prompt access to their funds and securities if we are unable to continue our business.

Our primary Registered Investment Advisor (RIA) custodian, Charles Schwab & Co., Inc., backs up important records in a geographically separate area. While every emergency situation poses unique problems based on external factors, such as time of day and the severity of the disruption, we have been advised by our custodians that their objective is to restore their own operations and be able to complete existing transactions and accept new transactions and payments within several hours. Your transactions and requests for funds and securities could be delayed during this period.

Varying Disruptions

Significant business disruptions can vary in their scope, such as a single building housing our firm, the business area where our firm is located, the city where we are located, or the whole region. Within each of these areas, the severity of the disruption can also vary from minimal to severe. In a disruption to only our firm or the building housing our firm, we will transfer our operations to a local site when needed and expect to recover and resume business within several hours. In a disruption affecting our business area, city, or region, we will transfer our operations to a site outside of the affected area, and recover and resume business within one business day. In either situation, we plan to continue business, transfer operations to another location if necessary, and notify you through our web site www.bfadvisors.com or via regular mail.

If the business disruption is so severe that it prevents us from remaining in business, we will assure our clients’ prompt access to their funds and securities. If you have an account through our custodian, you may contact Charles Schwab directly at (800) 515-2157. If your account is held directly with a mutual fund, insurance or other investment company, you may call the company directly.

Our Business Continuity Plan is reviewed annually to ensure that it accounts for business and regulatory changes, technology, operations, structure, or location. The plan is subject to modification and upgrading by our firm.

For more information

If you have questions about our Business Continuity Plan, you can contact us by writing to Blankinship & Foster, LLC, 420 Stevens Ave., Suite 250, Solana Beach, CA 92075 Attn: Compliance.

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Establishing a practical plan to protect against an advisor’s sudden death or disability is one of the most important and challenging aspects of being an independent financial services practice owner. The vast majority of financial service practices are largely dependent on the skills and personalities of just one primary advisor, leaving the business, staff, and clients vulnerable should the founder have a catastrophic injury or illness. A heart attack, car accident, or stroke can erase years of built-up equity value— and client trust—in a heartbeat.

Regardless of your practice size or career path, determining the value of your business and creating a plan to protect it is the single most important step you can take for the future of your advisory career. Our Continuity Management Program (CMP) is designed to help independent financial service business owners establish a compliant, industry-specific plan that details what to do in the event of death or disability, and to ensure your legacy is protected.

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