Business Continuity and Succession Planning
Chapters in this video
- 0:00 The alien abduction hypothetical: why written plans matter
- 1:33 Five required elements of the business continuity plan
- 2:18 Zero fixed cadence: the state adviser review rule
- 2:51 Side-by-side trap: state advisers versus broker-dealers
- 3:52 Regulatory requirement versus best practice: succession planning
- 4:48 Rapid-fire exam recap
What this video covers
- The five required elements of a written business continuity plan (BCP): disaster recovery, succession planning, client notification, key personnel, and regulatory communication
- Why a written plan is mandatory and why a verbal or mental plan fails the regulatory standard
- The zero fixed-review-cadence rule for state investment advisers, and how review is driven by facts, circumstances, and significant business changes
- The critical distinction between state investment adviser BCP review (dynamic, event-based) and broker-dealer BCP review under Financial Industry Regulatory Authority (FINRA) Rule 4370 (at least annually)
- Why succession planning is a strict regulatory requirement, not merely a best practice, and how it applies with special force to sole practitioners
- How an adviser's fiduciary duty extends to protecting clients even after the adviser becomes incapacitated, retired, or otherwise unable to serve
Read the full lesson, free
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