What does your firm do if you must evacuate your office for a couple of days or even weeks? One of the best ways to approach this in the short term is to develop a reciprocal arrangement with another advisory firm where you can share resources in the event that a disaster strikes. For example, for some firms that have a greater potential to be evacuated (because of hurricanes, for example), they have identified another firm, perhaps further inland where a storm is less likely to affect them, that can help support their temporary relocation needs. This might be as simple as just using the other firm's conference room for a couple of days until the displaced firm can get back in their office or find a new location. Be sure to select a firm that uses similar systems as your firm (e.g., portfolio management, contact management, trading, custodian, etc). Of course, you will keep your confidential data separated, but using the systems just helps reduce some of variables in re-establishing your programs.
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Part II in a series of articles on working with ultra-high-net-worth clients from IMCA's Investments & Wealth Monitor takes a look at the biggest trends...
Maximize client retention and promote firm growth by using this 6 step interactive client review process.
Oct 05, 2016
Some broker-dealers have already decided to exit certain lines of business and are sizing up how the rule will impact their IT and compliance budgets....
Sep 13, 2016
Nationwide is providing a deeper look into the rule’s implications and a discussion of decisions firms will need to make in order to comply.
Aug 24, 2016
Many affected firms and individuals are well-versed in the complexities of the new rule but still have detailed questions. Others are still familiarizing themselves with...