There is No Good Excuse for Failing to Have a Contingency Plan by Tammy Robbins
As seen on WealthManagement.com, October 2019
The number of advisors who have comprehensive plans spanning short- and long-term disability, death and even disaster recovery remains frighteningly low. That needs to change now. 22 | JoinProEquities.com | For Advisor Use Only
Whether it’s hurricanes like Dorian that routinely pummel the Southeast and parts of the Atlantic coast or the wildfires that wreaked havoc up and down the West Coast last year, summer has a way of reminding everyone in our industry about the importance of having a disaster recovery plan. Thankfully, many advisors have taken the time to cover this aspect of contingency planning, putting procedures in place that protect against devastating weather events, a fire or even a terrorist attack. When it comes to other elements of contingency planning, however, most advisors haven’t been quite as proactive, slow to draw up plans that deal with short- and long-term disability, as well as death. Theories abound for why this is the case. One is that advisors are very protective of the businesses they have built and are uncomfortable imagining anyone else running them. Another is that they don’t want to consider their own mortality.
