Building a future-proof business: a succession planning and contingency approach for WEALTHinsurance.com.
OCTOBER 2024
About WEALTHinsurance.com Inc.
WEALTHinsurance.com is a leading independent High Net Worth advisory firm specializing in risk management and insurance solutions. Company President and Founder Mark Halpern has been an industry thought leader and trusted advisor for 30 years. WEALTHinsurance.com collaborates closely with lawyers, accountants, bankers and financial advisors to deliver unique insurance products and comprehensive estate planning solutions. WEALTHinsurance.com sought to future-proof its business with a robust business contingency plan.
Challenge
WEALTHinsurance.com faced the challenge of ensuring business continuity and planning for the future growth of the firm:
Succession Planning for the Long-Term: While Mark Halpern is not planning to retire anytime soon, he recognizes the importance of long-term succession planning to safeguard the future of the business.
Associate Advisor Integration: To build the firm’s next generation of leadership, WEALTHinsurance.com needed to formalize the compensation and career growth paths for its associate advisors identified as future leaders.
Contingency Planning: The firm required a robust business plan to ensure its operations would continue seamlessly in the event of a planned or unplanned absences from the business.
Solution
London AVERY partnered with WEALTHinsurance.com and developed a comprehensive 3-phased approach to succession and business contingency planning. This solution included:
Phase 1 - Advisor Progression and Compensation Plan Design: London AVERY collaborated with Mark and his executive team, designed a structured compensation plan and advisor progression model. This model clearly outlined each associate advisor’s career path, establishing growth milestones and incentives to ensure alignment with WEALTHinsurance.com’s long-term objectives.
Phase 2 - Business Continuity Plan Development: As part of phase two, London AVERY developed a detailed business contingency plan that addresses the firm’s needs in the event of an unexpected event impacting Mark’s ability to lead. The plan ensures that the firm’s clients, operations, and advisors will continue to function smoothly under unforeseen circumstances.
Phase 3 - Implementation and Ongoing Support: In the final phase, London AVERY oversaw the implementation of the contingency plan and ensured that all key stakeholders are fully prepared. This included training the leadership team, documenting procedures, and conducting contingency drills to reinforce the firm’s preparedness.
Results & benefits
The implementation of London AVERY's solution yielded significant positive results for WEALTHinsurance.com:
Comprehensive Advisor Progression Model: Designed and implemented a clear advisor progression model that positions WEALTHinsurance.com for sustainable growth.
Incentivized Advisor Retention: Developed a strategic compensation structure that incentivizes long-term retention and the professional development of associate advisors.
Business Future-Proofing: Provided peace of mind to the executive and clients of WEALTHinsurance.com through developing robust business contingency plans safeguarding the firm’s operations and client relationships in the event of unforeseen circumstances.
