Emergency Planning in the Time of Ebola
The threat from the Ebola virus may be remote. Still, to the extent it worries any of your clients, RIA Central says it can be a great excuse for shoring up emergency plans.
Hurricane Sandy reminded mid-Atlantic advisors of what their peers in more disaster-prone areas have long known: Planning for the unexpected can pay off. Similarly, Ebola may serve as a reminder to keep emergency supplies like extra food and water on hand. “Some health officials have recommended one week’s worth of food, fuel, cash and water in case of a pandemic, along with two weeks’ worth of prescription medicine,” writes RIA Central.
The website also recommends establishing “remote access to your work files and programs from home in the event that you are unable to make it into the office,” in addition to developing “a communication plan where team members can continue to do their jobs remotely” and stay in touch with clients.
Talk of pandemics, however unlikely, raises the specter of your becoming sick and even kicking the bucket. So you need a succession plan, or at least a continuity plan, according to RIA Central. To this end you should have a chosen successor and keep him or her supplied with “encrypted updates on your clients, their investment positions, their goals and objectives, along with the passwords to access the custodian website,” the publication says.
“A big part of your job is helping clients avoid financial surprises,” RIA Central says. “Practice what you preach by preparing your business to withstand a crisis — whatever that might be.”