Practice Transition Center Helps Advisors Enter (Or Exit) Gracefully

Securities America advisor Max Briggs, chief executive officer of FLC Capital Management in Palm Desert, Calif., knows all too well the need for contingency planning. When his business partner passed away unexpectedly from cancer at a young age, the buy/sell agreement they had put in place ensured the continuity of the practice and provided for the partner’s family.

But when Briggs was attacked by a shark while fishing in the Bahamas just months after his partner’s passing, he did not yet have a continuity plan, never imagining that the unexpected could occur again. Briggs survived the attack and immediately took the necessary steps to implement another continuity plan. He described his experience in an interview with Securities America. 

“While delineating a succession plan is a critical first step, guidelines for executing the plan are equally important,” said Roger Verboon, senior practice management consultant at Securities America. “For example, we’ve seen excellent plans fail because of delays in the client transition phase. By using the tools available in the Practice Transition Center, advisors can facilitate a smooth transition for their practice, whether it is triggered by choice or due to an unexpected event.”

The content of the Practice Transition Center materials has been collected over time, in response to questions and requests for information from an increasing number of advisors. Being able to direct advisors to comprehensive self-learning tools gathered in one central location allows more time to help advisors deal with the specifics of more complex situations.