Carson Coaching Chronicle Issue #14: The Art of Continuity Planning

What were to happen to your firm and your clients if something were to happen to you? What about if we were hit with another 100-year plague???

We get it. Continuity planning is a tough subject to face and a tough task to complete, but it’s not impossible and it is the right thing to do for your team, your clients and your family.??

But our very own Jessica Colston, MS, PCC offers some solid tips on how to get started on both your key person and operational continuity plans in her two articles out in the ether this month.??

Before we get into the details of those two articles, here’s a little preview of what else we’ve got for you in this article of the Carson Coaching Chronicle:??

• Access a free resource from Carson Coaching – plus invites to some other free events!??

• Insight into what we’re reading.??

• Some stats and facts that might be top of mind for your clients.??

• The inside track on advice from our coaches on how to improve your mindset.?

Lets dive in!??

Lay the Foundation for Key Person Continuity Plan?

Jessica Colston, MS, PCC knew an advisor who was on an out-of-country adventure when she had an accident that rendered her unable to travel back home and run her single-advisor firm for several weeks. ?

While she had a team in place, she was the only advisor and nobody could fill in for her. She didn’t have a key person continuity plan in place and it wasn’t a good scene for her. ??

Don’t let what happened to this advisor happen to you and get your key person continuity plan together. ?

But before you put together the details of your key person continuity plan, you must lay the foundation for success. Jessica recommends three things to do before you build your plan: ?

1.) Get an updated valuation. Better position your firm to be sold for a fair value by having an updated valuation. Also, you should do this at least every two to three years, Jessica notes. ?

2.) Update your firm’s procedure manuals. This is a key thing to have in place to keep things running smoothly if something were to happen to you.?

3.) Conduct an insurance needs analysis. Do an insurance needs analysis and update your policies to ensure you have proper coverage. ?

Once you complete these foundational steps and are ready to put together your key person continuity plan, check out Jessica’s full article for more on the topic. Then get in touch with us and we can help you put your plan in place! ??

Life is Unpredictable: Be Prepared?

Where were you when the world shut down in March of 2020???

One of us was at our office in downtown Denver when we were told to grab all of our belongings and things we would need to work remotely and go on home. It would be at least a year until we set foot in that office again.??

We likely all have a similar tale of where we were when the world shut down. And if you had a solid operational continuity plan in place, things likely ran a little smoother for you.??

Life is unpredictable and things like this happen. While pandemics are not as common as other disasters, there’s always the possibility that hurricanes or wildfires are going to upend our physical office locations. And you need to be prepared if and when that happens, Jessica Colston writes in her latest article in the Journal of Financial Planning .?

A solid operational continuity plan should include:??

• Data backup and recovery?

• Communication plans for clients and regulators?

• Strategies for accessing funds and securities.??

An operational continuity plan safeguards your firm, but also shows your clients that you value their well-being. Read the full article here. ??

What We’ve Got for You This Month??

Our members and Partners have access to a range of events and resources. Here’s what we’ve got for you this month:?

12 Areas to Systemize in Your Firm. Maintaining an up-to-date manual on all of your systems or processes for managing your practice is a critical piece for your firm. Use this month's free resource to help you systemize 12 areas in your firm.??

Group Coaching Call with Greg Opitz. Join us for a free Group Coaching Call, co-powered by the Financial Planning Association, where we’ll dive into key things to keep in mind when building your continuity plan. Register for the call, which will be at 1 p.m., Central, on July 9.

ReFrame with Kellan Brown. Mentorship plays a critical role in advancement and retention of women in the industry. Industry mentorship expert Kellan Brown will share her expertise on how to build a mentorship program at your firm and share her experience with the Queen Bee phenomenon at 11:30 a.m., CT, July 16. Put it on your calendar. ??

?? What We’re Reading??

Our team of lifelong learners is big on reading. Here’s what we’ve been reading this month that you might want to check out!?

• What does good management look like? According to the book One Minute Manager by Kenneth Blanchard and Spencer Johnson, good managers engage in one-minute versions of goal setting, praising and reprimanding (in addition to the usual good management characteristics like caring for their team and being honest and sincere). The beauty is in the simplicity. The authors break down the components of each of the one-minute tasks and offers guidance on each. For example, for the one-minute reprimand, prepare your direct reports that you’ll have feedback and be direct and specific about what they did wrong but remind them that you value them. Check out this quick read for some infusion of better management skills! ?
• As firm owners, you know it isn’t always kittens and lollipops. Sometimes you get stuck or stagnant and you need some help. That’s where Traction by Gino Wickman can come to the rescue and help you “get a grip on your business.” Wickman, who himself is a business owner, offers you the EOS – or the Entrepreneurial Operating System – to help you get things moving again. Wickman’s book can help you streamline your operations and stop ruminating over the details. Plus, it offers guidelines and templates to help you on your journey. ?

Top of Mind: 10 Stats and Facts??

Here are some stats and facts in the news that might be top of mind for your clients!?

6%...The percentage of paychecks that is becoming the “new standard” for 401(k) savings. (Wall Street Journal) ?

1/3...The number of companies who are?using automatic 401(k) enrollment for workers and?starting them saving at 6% of their salaries or higher. (Wall Street Journal)?

24%...Percentage of small businesses with one to 50 employees that offer 401(k) savings plans. (Morningstar)?

22%...Percentage of small businesses not offering a 401(k) that say they don’t do so because it’s “too expensive.” (Morningstar)?

55%...Percentage of small businesses not offering a 401(k) savings plan who say they don’t do so because they think their business is too small. (Morningstar)?

27%...Percentage of small businesses that are family owned. (Pew Research Center)?

14%...Percentage family businesses outperformed other businesses because of their operational performance. (McKinsey and Company)?

33.3 million...The number of businesses in the United States that qualify as small businesses. (Forbes)?

80%...Percentage of small businesses that operate without any staff. (Forbes)?

61.6 million...The number of people that small businesses employ, which represents 45.9% of U.S. workforce. (Forbes) ??

The Inside Track: What the Coaches are Saying About Mindset?

We want to give you some insight from our coaches, so they weighed in on this question: “What is your favorite mindset tip.”??

Here’s what they had to say:??

“Positive self-talk is definitely a great way to change your mindset. First notice when you aren’t using positive self talk and be kind to yourself. Use an affirmation, use a quote that you love and reframe your perspective.”??

— Jessica Colston, MS, PCC

"Have the habit of noticing other people whose behaviors, demeanor or ways of approaching things that you would like to assimilate in your own self to improve in certain things. When you’re in a group or you have to do something unusual, you can call to mind that person and ask, “How would they handle this? What would they do?” Then try to do that yourself.??

— Tammy Breitenbach, ACC, MBA

Check out a video of Jessica and Tammy answering this question here: https://carsongroup.wistia.com/medias/q1onjhkhhu?

Want More???

Did you like this newsletter? Then you might like our platform Carson Coaching Online, where you can get access to more content like courses, resources, ghostwritten articles (such as our beloved Weekly Market Commentary) and greeting cards.??

See if membership might be a good fit for you. Visit our website or email us at [email protected]. Or, schedule your complimentary 30-minute coaching exploratory call today with Katie Trout, Client Relationship Specialist.?

If you need some help with crafting your continuity plans, give us a call! With Carson Coaching, you don't just have one person, you have a whole team.?

We will see you again in August! ??