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The Exchange: The Truth About Advisor Contingency Planning (Ep. 27)

Listen to the Episode Read the Show Notes The Truth About Advisor Contingency Planning In the first-ever episode of The SRG Exchange, the SRG consulting team comes together for a candid discussion on one of the most overlooked — and most essential — components of running a financial advisory firm: contingency planning. Drawing from real client experiences and day-to-day advisory work, the team breaks down what advisors often misunderstand, what regulators actually expect, and what a truly functional continuity plan must include. This conversation sheds light on the operational, legal, and relational challenges that surface when a plan fails — and offers practical steps to help advisors protect clients, revenue, and family long before an emergency occurs. Why Contingency Planning Still Falls Short The episode opens with a frank acknowledgment: while nearly every advisor knows they should have a contingency plan, very few have one that would actually work in practice. The team discusses common gaps they see across the industry, including: plans that exist only on paper and don’t reflect firm reality unclear successor instructions incorrectly structured agreements that fail under pressure BD or custodian forms mistaken as full-fledged plans They explain why these gaps become critical risks — not just for compliance, but for clients, staff, and family members who are left scrambling. Understanding What a Real Plan Looks Like From valuation considerations to internal decision-making authority, the team outlines the building blocks of a functional, actionable plan. Key insights include: Why a contingency plan must be tied to a firm’s legal entity structure The importance of identifying who actually has the authority to take over Why buy-sell agreements are not always enough How entity maintenance impacts continuity readiness The role of service agreements, compensation, and communication plans They emphasize that effective contingency planning is not a one-size-fits-all model — it must be tailored to the firm’s ownership, structure, and growth stage. Lessons From the Field The discussion includes stories and real scenarios drawn from SRG’s consulting work — both successes and cautionary tales. Advisors will hear: what happens when documentation doesn’t match operational reality how unexpected disability or death affects valuation and transition options why even well-intentioned plans break down during crisis how firms that plan proactively preserve value and avoid chaos These examples ground the conversation in real-world impact, illustrating how preparation (or lack of it) plays out in practice. Practical Guidance for Advisors The consultants share clear steps advisors can take to strengthen or build their plan, including: conducting a full review of current agreements validating successor roles and responsibilities documenting operational steps for continuity maintaining updated books, records, and entity documents ensuring clients know the firm has a plan in place They also discuss how often plans should be revisited — and why regular maintenance is just as important as initial creation. Conclusion: Protecting What Matters Most The episode closes with a reminder that contingency planning is not just a compliance requirement — it is a fiduciary responsibility. By proactively addressing these issues, advisors protect their clients, their staff, the value of their firm, and the people they care about. The clear takeaway: a contingency plan isn’t complete until it works in real life, under real pressure. Advisors who invest the time to get this right are better positioned to navigate the unexpected and maintain stability for their business and the people who depend on it. Related Resources 2025 Advisor M&A ReportCheck Out our Press Release→ Succession Readiness Checklist Check Out the Checklist→ Selling Your Practice with Expert Advocacy Watch the Replay → 

Contingency Planning Resources for Financial Advisors

Plan for the Unexpected Creating a contingency plan is one of the most important — and most overlooked — things you can do as a business owner, especially in a highly regulated industry. We create simple yet effective turnkey solutions for financial services professions (independent RIAs, financial advisors, accountants, and agents) looking to protect their clients, family, and their business by leveraging years of experience, industry-specific form agreements, and strategic planning resources from SRG. Learn more about our Contingency Planning Services Contingency Plans for Financial Professionals 3‑minute read A quick overview of the main types of contingency agreements (buy‑sell, reciprocal, retainer) and when each structure makes the most sense. Read the Overview Death/Disability Considerations – Ep. 21 30-minute listen A candid discussion on what most advisors overlook in their death and disability planning, and how to avoid leaving your clients and family with chaos instead of a clear plan. Listen to the Episode Contingency Planning FAQs for Finical Advisors 5‑minute read Straightforward answers to the questions advisors ask most: partners, valuation, discounts, funding, taxes, and what happens if your chosen partner can’t follow through. View the Top FAQs Protect Your Loved Ones Plan for unforeseen events such as death, disability, and loss of license. Ensure your legacy is passed on to those for whom you have worked so hard. Protect Your Business’ Value Whether you have identified a contingency partner or not, we can help you create a written plan to ensure the business and clients are taken care of and your family receives value should something ever happen.

Building a Lasting Legacy Through Equity Sharing with Brian Cochran

Turning Ownership Into Opportunity For Brian Cochran’s second-generation advisory firm, the path toward long-term success required more than just organic growth; it required intentional career-building for continued legacy and internal succession. After assuming full ownership of the business, the firm’s new leader recognized a critical opportunity: transform equity participation from a future concept into a tangible, motivating force for key team members. Although Brian’s firm already had a robust benefits structure, its principal understood that true retention goes beyond compensation. The next step was to create a deeper sense of belonging and shared purpose. The challenge wasn’t just deciding if to share equity — it was determining how to do it in a way that aligned with his vision for the firm. The owner knew that opening the door to ownership could be transformative, but it also carried risks. The firm wanted to reward and retain high performers without compromising financial stability or creating future complications. Among the key questions they faced: Timing plays a key role in shaping both value and price. A valuation is a recurring tool that helps you plan proactively—identifying opportunities to strengthen your business and enhance value before you need to act. In contrast, price happens once, when your firm, finances, and personal goals are all aligned and ready for transition. Recognizing that the stakes were high, the firm sought expert guidance to design a plan that would balance growth, fairness, and sustainability. The Turning Point: Choosing Succession Resource Group Brian Cochran turned to SRG’s Equity Sharing team, led by Julia Sexton, CVA®, Director of Strategic Organization Planning. The decision to partner with SRG was rooted in one defining principle: expertise matters. What impressed Brian most was SRG’s ability to ask the right questions. Rather than offering prepackaged solutions, SRG invested the time to deeply understand the firm’s structure, team culture, and long-term vision. Each conversation helped Brian’s firm refine its objectives and uncover what truly made his practice unique. The Discovery Process: Defining the Dual Goals As the project unfolded, SRG helped Brian Cochran articulate two distinct yet complementary goals: The Strategy Through deep discussion and scenario modeling, SRG helped Brian’s firm recognize that these objectives could be met through a two-part strategy. This flexible dual-plan design enabled Brian’s firm to reward both tenure and potential, ensuring that no key contributor was left out of the long-term vision. The Solution: Designing a Balanced and Sustainable Plan Led by Julia Sexton, CVA®, Director of Strategic Organization Planning, SRG developed a personalized plan that aligned with the firm’s culture and goals. The resulting Equity Sharing Plan provided a balanced framework that: Key Features of the Plan Implementation: A Seamless Process with Expert Guidance One of Brian’s early concerns was how complex and intimidating the process might be. SRG’s structured, hands-on approach quickly alleviated those fears. SRG coordinated directly with the firm’s tax advisor, ensuring alignment at every stage. They clearly explained each option, its implications, and its benefits, translating technical and legal details into actionable insights. From a legal and administrative perspective, SRG’s diligence and communication created peace of mind. Nothing fell through the cracks, and every step built confidence in the final outcome. The Rollout: Bringing the Team On Board Once the plan was finalized, the firm turned its attention to rollout and communication, a critical step in ensuring understanding and enthusiasm with the team. SRG equipped Brian Cochran with the necessary tools, talking points, and documentation to facilitate one-on-one conversations with eligible team members. These personalized discussions helped participants understand: The Client’s Reflection: Confidence in the Future Reflecting on the process, Brian Cochran expressed deep satisfaction with the results and gratitude for SRG’s partnership. The success of the plan reinforced a broader insight: succession and equity planning aren’t just about ownership, they’re about creating a culture of shared success. The Takeaway: Partnership That Builds the Future This case exemplifies SRG’s mission to help advisors, RIAs, and other financial firms align their people, purpose, and planning for enduring success. Through the thoughtful leadership of Julia Sexton CVA®, Brian Cochran gained not just a plan but a strategic framework for growth, retention, and value-building initiatives. The Equity Sharing Plan now serves as both a meaningful reward system and career-building roadmap, ensuring that the firm’s brightest talent can build their future within the organization. Download the Case Study Building a Lasting Legacy Through Equity Sharing with Brian Cochran Every advisory firm reaches a point where retaining top talent becomes essential for long-term success. Developing an equity strategy that aligns value, culture, and succession is key to protecting what you’ve built and preparing the next generation of leaders. This case study breaks down:• How to structure equity sharing for retention and career growth• Making ownership accessible without compromising firm stability• Designing plans that reward both senior and emerging team members• Strengthening culture, engagement, and future succession through shared value DOWNLOAD CASE STUDY

Equity Compensation: A Technical Comparison between Restricted Equity Grants

Empower your team and strengthen the long-term health of your business with SRG’s “Equity Compensation: A Technical Comparison Between Restricted Equity Grants” white paper. This practical, easy-to-understand resource breaks down the key differences between Restricted Stock Awards (RSAs) and Restricted Stock Units (RSUs) — two of the most common tools for sharing ownership value and aligning employees with your company’s future. Whether you’re designing a new equity plan, preparing for growth, or looking to retain top talent, this guide clarifies the structural, tax, and ownership considerations every business owner should understand. From grant mechanics and vesting to 83(b) elections and S-Corp compatibility, you’ll learn how each approach impacts control, complexity, and long-term planning. Explore how the right equity strategy can motivate your team, support succession goals, and protect the value you’ve built. Download the white paper today and make confident, informed decisions about equity compensation. DOWNLOAD NOW

Attorney vs Succession Resource Group

Think Your Attorney Can Handle It? Think Again. Many advisors believe their attorney can “handle it”, but that’s where critical gaps emerge. Attorneys focus on contracts and compliance, but they’re not built to optimize your entity structure, tax strategy, valuation, growth plan, or exit strategy, and they usually have no experience with the financial services industry. SRG brings everything under one roof — so you don’t have to coordinate a dozen different specialists on your own. We handle the moving parts, align every advisor, and keep your plan strategic and focused. Attorneys can check the legal box; SRG delivers the complete, future-ready blueprint your business and clients deserve. DOWNLOAD NOW

5 Reasons to Start Your Exit Plan Now

Protect the future of your firm, your clients, and your legacy with SRG’s “5 Reasons to Start Your Exit Plan Now” infographic. This quick-read visual highlights the critical risks of delaying your succession or exit strategy — from burdening your loved ones and losing business value to leaving your team and clients vulnerable. Whether you’re nearing retirement, planning a merger, or simply preparing for the unexpected, this guide reveals why timing is everything. Learn how a proactive exit plan safeguards what you’ve built and ensures a smooth transition on your terms. Download the infographic today and take the first step toward securing your firm’s future with confidence. DOWNLOAD NOW

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Value vs. Price: What Every Financial Advisor Needs to Know About Firm Valuation

Every business has a value, but that number is not the same as what it will sell for. Understanding the difference between value and price is essential to protect what you’ve built and position your firm for future success. This eBook breaks down key differences and how a professional valuation can help you plan, grow, and ultimately exit on your own terms. 1. Value is a Starting Point, Not the Finish Line 2. Understand What Drives Value and Price Value and price are shaped by different forces. This framework breaks down the standards, methods, and market factors that define value versus the real-world dynamics that determine price. Key Takeaway:A valuation follows defined standards and professional methodology to provide a defensible measure of worth. Price reflects real-world negotiation shaped by market forces and motivation. Understand both to plan with clarity and confidence. 3. Timing Matters Timing plays a key role in shaping both value and price. A valuation is a recurring tool that helps you plan proactively—identifying opportunities to strengthen your business and enhance value before you need to act. In contrast, price happens once, when your firm, finances, and personal goals are all aligned and ready for transition. Key Takeaway:Valuation is an ongoing process that helps you strengthen your business long before you sell. Timing your valuation early positions you to capture opportunities and drive a stronger final price when it matters most. 4. Methodology Valuations and purchase prices vary greatly based on the methodologies applied. A valuation relies on data, projections, and standardized assumptions, while price is shaped by negotiation, buyer motivations, and real-world deal terms. Key Takeaway:Value is built through disciplined analysis—price is determined by negotiation and market behavior. Understanding both allows you to balance data with deal dynamics and protect what your business is truly worth. 5. Shareholder Impact The difference between value and price extends beyond numbers—it affects everyone connected to the business. From the company itself to clients and employees, each stakeholder feels the impact of how a transaction is structured and executed. Key Takeaway:A well-planned transaction balances financial return with human impact. Aligning value, price, and process helps ensure your firm’s legacy endures beyond the deal. 6. What Determines Value? Every valuation starts with a purpose—understanding why it’s being done. The reason shapes how value is measured and what the result represents. Think of it like choosing the rulebook before you play the game—the IRS, courts, and buyers all use different ones. Purpose Sets the Framework: The “why” behind a valuation sets the framework for how value is calculated. Even though advisors often expect a single number, the result depends on the reason for the valuation—and that reason determines what the number really means. What Defines Each Standard of Value? Fair Market Value: Assumes a willing buyer and seller, no compulsion, both reasonably informed. Investment or Strategic Value: Reflects synergies, scale, and strategic goals of the buyer. Owner’s Value: Reflects emotional and personal expectations of the seller, influenced by conversations and marketing. Price: Reflects the final negotiated outcome between specific parties. 7. Not All Buyers Are the Same Not all buyers view value the same way because they aren’t looking at cash flows the same way. Each type of buyer brings a different perspective shaped by their goals, resources, and reasons for the purchase. 8. The Advisor Value Journey: Value, Refine, Repeat Each time you measure your firm’s value, you uncover opportunities to refine, strengthen, and evolve. By repeating this process—assessing, improving, and revaluing—your firm’s worth becomes more than a number; it becomes a reflection of ongoing progress. The more you refine, the closer your value aligns with your price when it’s time to sell. Key Takeaway:Valuation isn’t the end. It’s the feedback loop that powers growth, readiness, and ultimately, your price. Download Your eBook Today! Value vs Price: What Every Advisor Needs to Know Every advisory business has a value — but that number isn’t always the same as what it sells for. Understanding the difference between value and price is critical to protect what you’ve built and position your firm for future success. In this eBook, Ryan Grau CVA, CBA and Kristen Grau, CPA, CVA, CEPA break down: Key differences between value and price Using valuation as a strategic planning tool, not a one-time event Identifying what really drives firm worth in today’s M&A market Preparing your practice for growth, succession, or sale on your own terms DOWNLOAD EBOOK

What is Your Practice Really Worth?

Every Ameriprise advisor wonders about “the number,” but valuation goes far beyond the math. In this exclusive session for Ameriprise advisors, Kristen Grau and Ryan Grau shared how to think like a buyer, use valuation as a preparation tool, and set realistic expectations for a future sale or succession. Watch the replay to learn what drives value, what buyers really look for, and how to strengthen your firm’s position before it’s time to transition. Watch the Replay Related Resources Your Guide to Increase the Value of Your BusinessStart growing your value today →  Seller Readiness E-bookDownload this guide → Due Diligence ChecklistStart With the Right Checklist →  Selling Your Practice with Expert Advocacy Hear real stories from advisors who’ve been there → Grab A Valuation We offer a variety of solutions and turnaround times to fit your needs. Join myCompass Our membership club grants you inside tips and opportunities to grow. Review our Seller Services We’re here to ensure you secure the best buyer, price and terms.