As financial professionals, we have accepted the responsibility of caring for our clients’ financial wellbeing and have agreed to the highest standard of care and concern in helping them achieve their long-term goals. But while so many financial professionals work day in and day out to protect clients from unknown risks and establish strategies to meet long-term goals, they miss one of the easiest and possibly most underappreciated pieces of their overall service model: their contingency plan.
If you were to suddenly die or become permanently disabled today, what would happen to your clients tomorrow? Is everything in order with your business for operations to continue without total chaos? Would your employees know what to do? Do you have a contingency partner that would be notified and ready to step in immediately if called on to do so?
Essential questions like these must be considered to (1) ensure your clients will be looked after, (2) ensure the smooth transition of your business to the capable hands of a trusted colleague, and above all else, (3) ensure the value you have worked so hard to build during your career is properly passed on to your family and loved ones.
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