• Adequate life insurance
• A “winding-up account” with at least three months’ business expenses to give specified agents the means to pay vendors, close accounts, and perhaps facilitate a sale
As a solopreneur in financial service — whether investment advisor, CPA, insurance agent, or attorney — your obligations to clients, and your own best interests, dictate making a viable and fully realized succession plan an absolute priority.
Thomas Coyle writes for the Chalice Financial Network, which provides technology and business solutions for financial advisors and broker-dealers.