December 4, 2017

Just Do It!

I want to prep everyone ahead of time, this More Confident Monday is going to be a little different. I need to hit on a tough topic. A topic that most advisors need to address, yet very few do. That topic is continuity. I am not talking about succession when you have several years to prepare for a planned exit from this business. I am talking about the unexpected, an unexpected disability or, worst case, death. This is a topic that is constantly talked about at national conferences and conventions, yet less than 40% of advisors, industry-wide, have a formal continuity plan in place.

Two recent instances caught my attention and made me feel the need to address this topic. First, there was an advisor in attendance at the Las Vegas concert shooting several months back who didn’t make it back to his office. Now his firm not only has to deal with the grief of his loss but the stress of dealing with the sale of his practice. He had partners, and while that gives staff and clients some comfort, he didn’t have a plan in place and that creates chaos.

Second, an advisor age 42, we have known for several years, and in great shape dropped from a heart attack out of nowhere and passed away. Showing all of us that it can happen at any time. We don’t know when the last grain of sand will pass through the hourglass and when our time will be up, but I encourage you don’t wait. Find that continuity partner that can ensure your business is handled in the manner you choose should something unfortunate happen.

We have many resources at Horizon and there are several at Cetera as well. Start the process, have a conversation with someone about getting the document started. It is one of those things that is difficult to think about let alone talk about, but remember as advisors we have those conversations every day with our clients. We need to spend a little time making sure our loved ones are taken care of when we aren’t there to take care of them ourselves. JUST DO IT!