What if My Financial Planner Dies?

One of the more popular questions I get when discussing our firm's processes and philosophies is:

What happens if you die or can’t work?

So after spending all the time discussing strategies and asset allocation and risk profiles and fees and risks and any other number of strategy discussion points, the big question is, what will happen to our money if you're not around? It's a fair question as you may or may not know, I have had heart surgery twice in my life and it's not something that I want to entertain again but with my past, you need to think about these things.

It's never fun to think of your mortality but after looking after clients for over 20 years and building considerable assets for our clients, it is only fair that you know what would happen if I got hit by a bus and was incapacitated or deceased.

After all the tears and grieving from my family and clients, I am sure the next phone call you make is to the office to see how things are going with your money. Our support staff would still be employed and they will be shattered to not have me telling them what to do everyday but if you need money, they can transfer it for you.

You see, if you're an existing client, we have already established your strategies and implemented them on your behalf. Your pensions will continue to pay money to your nominated bank account, your insurance policies will continue to cover you as long as you pay the premiums and your wills should still reflect your wishes in creating your own legacies. 

We use platforms for investment administration because they automate so much of what we need to incorporate in your retirement income plans. Just because I am not around, won't make any significant difference to your financial plans in the short term of say 1 - 2 years.

I currently don't have a clear successor but I do have a continuity plan which is way more important than a succession plan at this stage. I will continue to work for many years and based upon my experiences with some of my clients, I could work into my 80's on a reduced level but still be able to keep busy. That's how I feel about my business and the work that I do.

Please know if I wasn't able to be at work, there is a clear continuity plan that means the advice that has been established will continue to meet your requirements. If there are any significant changes, then your situation can be reviewed and strategies altered to meet these changes.

If you want to discuss this in more detail, I would be happy to have a chat.