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Do you have a business continuity plan for your firm? If so, are you confident it will get you back in business quickly after a major storm or other natural catastrophe? And once it does, will it protect you against storm-related E&O insurance claims?  If you don’t have a plan, do you know how to create one that your regulator(s) will deem sufficient?

The following resource list will help you answer all of these questions and more. And don’t forget to ask your RIA firm, broker-dealer, insurance FMO, custodial firm, and financial-product companies about backstop services they may provide to your clients. Good luck!

The Case for Business Continuity Planning

Advisers Have a Fiduciary Duty to Put Robust Business Continuity Plans in Place, Investment News, September 2, 2016

Advisers in Florida Brace for Hurricane Irma’s Wrath, Investment News, September 6, 2017

A Q&A with Insurance Industry Leader, Agility Recovery, August 17, 2015

Business Continuity Plans & Technology Help Businesses Weather Hurricane Harvey, Property-Casualty 360o, September 6, 2017

Financial Advisers in Harvey’s Path Ride Out the Texas Storm, Investment News, August 28, 2017

For Hurricane-Battered Advisors, Planning Is Key, ThinkAdvisor, September 1, 2017

Harvey Tests Whether Advisers Need More Emergency Planning, Investment News, August 28, 2017

Harvey’s Wrath Brings Out Resilience, Client Outreach From Texas Advisors, Financial Advisor, August 30, 2017

Hurricane Irma: Advisory Firms Close Offices, Activate Crisis Teams, Financial Planning, September 7, 2017

Why is Business Continuity Important?, Travelers Insurance

 

Business Continuity Planning Guides

Being There: An Insurance Professional’s Guide to Preparedness, Agility Recovery

Building a Strong Business Continuity Plan, Charles Schwab

Business Continuity Planning, FINRA

Business Continuity Planning Suite, Ready.Gov (Federal Emergency Management Agency)

FINRA’s Business Continuity Planning Template, FINRA (podcast)

Risk Control Bulletin: Business Continuity Planning Guide, CNA

Stay Open for Business: The Easy Way to Prepare Your Business for the Unexpected, Insurance Institute for Business & Home Safety

 

Business Continuity Planning Compliance Requirements

SEC

Adviser Business Continuity and Transition Plans, (Proposed, 2016), Securities and Exchange Commission

Business Continuity Planning for Investment Advisors, Lorna A. Schnase, Esq., September 25, 2013

Investment Advisors Act Rule 206(4)-7, Securities and Exchange Commission

Proposed SEC Rule Would Make Business Continuity and Transition Plan a Fiduciary Obligation, July 4, 2016, Michael Kitces Blog

SEC Examinations of Business Continuity Plans of Certain Advisers Following Operational Disruptions Caused by Weather-Related Events Last Year, National Exam Program Risk Alert, SEC, August 27, 2013

What the Proposed SEC Rule on Continuity Planning Means for Your RIA, Wealth Management, September 21, 2016

STATE-LEVEL RIA COMPLIANCE

NASAA Model Rule on Business Continuity and Succession Planning, North American Securities Administrators Association, April 13, 2015

FINRA

Emergency Preparedness Rule, FINRA Rule 4370

Guidance to Members Affected by Hurricane Harvey (and Irma), FINRA, Regulatory Notice 17-27

 

Business Continuity Plan Hardening

Five Easy Ways to Improve Your Disaster Recovery & Business Continuity Plan, Leverage Technology

How You Can Strengthen Your Business Continuity Plan, Steven Saslow, Information Technology Group, July 13, 2016

Ten Easy Ways to Improve Your Business Continuity Plan, Kenneth Howells, Continuity Central

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