Failing to Plan = Planning to Fail

Business Continuity and Succession Planning is Critical to Protecting Your Business

Financial advisors are often so focused on doing what’s right for their clients in terms of planning for retirement and risk management that they neglect to do the same for themselves. Whether it’s because of the belief that there’s still plenty of time for that “later”, or because there are not enough hours in the day, or because they simply don’t want to face a future without a fulfilling career, a delay in planning can lead to disaster. 

Simply put, without a business continuity plan in place, there is a very real possibility that a sudden unforeseen triggering event could cause the value of your practice to plummet overnight, putting your clients, your family, and yourself at risk.

However, be it illness, disability, death, disaster, or some other unforeseen business disruption, it is important that your practice can continue operations of critical business functions without you. 

Do I Really Need to Think About This Now?

In a word, yes. Without a plan in place, you run the risk of losing everything for which you’ve worked so hard: it’s always better to exit your practice gracefully — and lucratively.

Do it for your clients: Your clients deserve to know the fate of their assets if the unthinkable were to happen to you. You’ve developed a relationship over the years and certainly don’t want to leave them in the dark should an adverse event occur. 

Do it for your business: Consider this scenario: Should you become suddenly incapacitated, who has trading or banking authority? Who will run payroll? Who will access your computer systems — and how? Without a plan to deal with the unexpected, the value of your practice quickly drops to zero.

Moreover, over a dozen states have already adopted NASAA’s Model Rule 203(a)-1A or similar rules that require registered investment advisors to have a Business Continuity and Succession Plan (BCP) in place to ensure that critical business functions can continue during and after a disaster or other significant business interruption. FINRA Rule 4370 also stipulates the need for a BCP.  As a consequence of the even stricter Massachusetts Regulation Best Interest (Reg BI), regulators have already flagged a number of advisors as “deficient.” 

Do it for your family: If your business is part of your legacy to your family and loved ones, an abrupt, unplanned, and uncertain end could severely impact their financial futures, too.

Do it for your own peace of mind: A business continuity plan is designed to allow your practice to resume operations as quickly as possible depending on the scope and severity of the business disruption. With a BCP in place, you can rest easy knowing that everyone will be taken care of if anything were to happen.

The TAG Practice Protection Program™ For Any Stage Of Your Career 

We recommend thinking about  Business Continuity and Succession Planning well before retirement appears on your radar and we designed the TAG Practice Protection Program to protect your practice at all stages of your career. 

Developing your Business Continuity Plan with TAG — whether as a standalone solution or a prerequisite to a TAG 2.0 full– or semi-retirement program — will take care of all the “what ifs” and provide peace of mind. A nominal $500 annual fee protects your family’s largest asset, gives clients peace of mind, and appeases regulators. All we require is that you fill in all Plan details — including passwords and file locations — and commit to updating the details every time they change. And, there’s no obligation beyond a $500 annual fee to keep your plan current. 

Why TAG 2.0?

Trust Advisory Group’s smaller TAG 2.0 division has built-in business continuity and succession planning designed to meet advisors where they are today. Whether it’s simply staying compliant in the face of increased regulatory scrutiny, creating a better work/life balance, or planning for full retirement, TAG 2.0 has a program for you.

TAG 2.0 offers advisors 3 levels of engagement: 

  1. The TAG Practice Protection Program™ is a no-obligation Business Continuity Plan that protects your practice at any stage of your career.
  2. The TAG Semi-Retirement Program™ allows advisors to streamline their practice, continue working with their favorite clients, and participate in any incremental revenue generated.
  3. The TAG Full Retirement Program™ gives advisors control over their own retirement journey and seamlessly transitions the practice. This option also allows advisors to participate in any incremental revenue generated.

​​To continue the conversation and protect the value of your practice, please contact John Cadigan at 781-933-6100 x116.

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