Cheyenne Walker sat in the hot seat today, in a 30-minute webinar with host Tony Stephens and the Business Health community. In an information-packed Q&A, they explored the business-critical question every business owner should ask: What happens when “what if…?” occurs? Whether you’re a self-licensee or a financial adviser. Mortgage broker or other business owner, succession planning is not a box to tick—it’s a vital part of protecting your clients, your team, and the value you’ve worked hard to build.
The conversation generously shared real-world strategies for identifying, assessing, and mitigating risks before they become business-critical with practical, actionable guidance—not just theory. Here are our key takeaways from the webinar for Compliance Managers, guiding advisers, and licensees to bridge any succession planning gaps.
🎥Watch – What if planning. Why succession and risk -preparedness matters for advice businesses
✅ Key Considerations for Effective Succession Planning
- Responsibility Starts at the Top: As a licensee, you are ultimately accountable for your clients, business value, and staff continuity.
- Implementation Over Intention: It’s not enough to talk about risk—action is essential. As highlighted in the session, “When all is said and done, more is said than done.”
- Preparation is Protection: Being unprepared for unexpected events, such as the sudden loss of a key adviser, can have significant consequences for all stakeholders.
😟 Common Pain Points for Licensees and Advisers
- Uncertainty about what happens to clients and staff if a key person is suddenly unavailable.
- Lack of clear agreements or locum arrangements to ensure business continuity.
- Insufficient focus on business valuation, transition processes, and estate planning.
- Over-reliance on informal understandings rather than formalised, actionable plans.
🛠️ Practical Steps for AFSL/ACL Holders to Support Advisers
- Review Agreements: Ensure every adviser has an explicit, up-to-date agreement with the licensee, including arrangements for locums or succession.
- Formalise Relationships: Enter into written agreements with trusted individuals who can step in if needed.
- Value Your Business: Obtain a current business valuation and prepare an Information Memorandum to support transition planning.
- Plan for Transition: Develop and document a step-by-step transition process for both self-licensed and authorised representatives.
- Estate Planning: Encourage advisers to get their estate planning in order, covering both personal and business interests.
- Seek Professional Help: Don’t hesitate to engage compliance, legal, or business continuity experts for tailored advice.
🏆 Why Succession Planning Matters: Succession planning is about more than compliance—it’s about safeguarding your clients, protecting your staff, and preserving the value you’ve built. Firms that take proactive steps demonstrate professionalism, resilience, and care for all stakeholders.
⚠️ Consequences of Inaction: Without a robust succession plan, licensees risk business disruption, loss of client trust, and diminished practice value. Regulatory scrutiny may also increase if continuity arrangements are unclear or undocumented.
📣 Take Action Today: Ready to strengthen your succession planning? Contact – Australian Independent Compliance Solutions or email hello@aicsolutions.com.au for guidance and succession planning tools.
