Who’s Your Chris Martin?

In November 2014, Bono suffered a serious cycling accident in New York just weeks before U2 was due to headline the (RED) World AIDS Day benefit concert. Canceling would have meant letting down thousands of fans and jeopardizing an important fundraising event.

Instead, the band found a way to keep the show going.

Chris Martin of Coldplay stepped in while Bono recovered. He wasn’t there to replace Bono, and nobody expected him to. His role was simply to help the band continue until Bono was ready to return.

Continuity planning is a topic I discuss with advisors regularly, and the story of how U2 handled the situation perfectly illustrates why every advisory business should have its own Chris Martin.

We spend a lot of time talking about succession planning, but continuity planning rarely gets the same attention, even though it’s just as important. The two are often confused, but they solve very different problems.

A succession plan is about the long-term future of your business. It answers the question, “What happens when I retire, sell the practice, or permanently step away?”

A continuity plan answers a much more immediate question: “What happens if I’m unexpectedly unavailable for a few weeks or a few months?”

That situation could arise for any number of reasons. An illness, an accident, surgery, a family emergency, or any other event that temporarily takes you away from your business. Your clients still need advice, your team still needs direction, and your business still needs to operate.

Every advisor should know who can step in to reassure clients, answer urgent questions, make decisions when needed, and keep the business running until they return. The goal is to ensure your clients experience the same level of care, confidence, and responsiveness they’ve always expected.

A good continuity plan doesn’t have to be complicated, but it does need to answer the practical questions before they’re needed.

• Who has access to your CRM and client records?
• Who can respond to urgent client requests?
• Who knows your processes and service model?
• Who can work with your team, your compliance department, and your custodians?
• Where are key documents, passwords, and procedures stored?

One part of continuity planning that is often overlooked is the client experience.

Most advisors build these plans for themselves and their teams but never tell their clients they exist. Sharing your continuity plan with clients is one of the simplest ways to build confidence before it’s ever needed.

Imagine you’re a client and you call your advisor’s office only to discover they’re unexpectedly unavailable. Would you immediately feel confident that someone has everything under control, or would you wonder what happens next?

Simply letting clients know that you’ve planned for the unexpected provides reassurance long before the plan is ever needed. It demonstrates professionalism, reduces uncertainty, and reinforces that your responsibility to them extends beyond any one individual.

A continuity plan isn’t about replacing the lead singer. It’s about making sure the show goes on until they’re back on stage.

Resource of the Month

Advisor Business Continuity Checklist

A practical checklist to help you prepare your business for the unexpected, covering everything from who steps in, to client communications, technology access, compliance, and the first 24 hours after an unexpected absence.

Song of the Month

“With or Without You” – U2

There was really only one choice this month. It’s a reminder that the best continuity plans ensure your clients continue to feel supported, with you or without you.

 

FOR ADVISOR USE ONLY. NOT INTENDED FOR CONSUMER SOLICITATION PURPOSES.

Beacon Capital Management, Inc. is an investment adviser registered with the Securities and Exchange Commission. Additional information about Beacon Capital Management is also available on the SEC’s website at www.adviserinfo.sec.gov under CRD number 120641. Beacon Capital Management only transacts business in states where it is properly registered or excluded or exempted from registration requirements.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies.

Sammons Financial® is the marketing name for Sammons® Financial Group, Inc.’s member companies, including Beacon Capital ManagementSM.

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