Preparation is The Key

You can’t listen to the news today without being struck by the important of preparation, both personally and professionally.

Here’s the top five insights our Business Consulting team has shared with Advisors this month:

Disasters are Likely; Planning is Essential

Natural and man-made disasters are infrequent but always potentially devastating. Wildfires, pandemics, earthquakes, floods, or even solar flares can cripple an advisor’s ability to communicate with clients or access vital client records. Business continuity requires planning for worst-case scenarios.

Client Service is Our Top Priority

Business continuity isn’t just about major catastrophes. Even a one-hour disruption caused by a power or phone outage can severely negatively impact a client’s portfolio or their ability to access assets. Ensuring that an advisor’s office can seamlessly keep running in the event of an unforeseen mishap is essential.

Two Sets of Eyes on The Plan

The same person may be responsible for reviewing and approving the business continuity plan but, for the sake of accuracy, it’s better to have at least two separate people involved in the process.

Recovery Location

With office situations in flux due to the pandemic, many advisors work from home, at least a few days per week. If you’ve already set up a robust home office, you’re probably in good shape. That said, you’ll need to consider alternative locations for different kinds of disruptions, including forced evacuations, wildfires, or cell tower outages that cut communications for extended periods. Consider and plan backup locations. 

Make a Video

At least once a year, walk around your office and your home, and take a video of everything you have. A visual record can be extremely helpful in reconstructing a work space that is disrupted or destroyed for one reason or another.  

Like what you read? These topics were also discussed during our recent webinar, Business Continuity with Steven Charley, Sr. Analyst, LPL Financial. You can catch the recording along with others here. Still have questions? Reach out to our Business Consulting team to learn more!