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I am just getting started with my DMM business, and recently met with a certified financial planner who would like to refer some clients to me. He has been acting as a DMM for them as a collateral service to his management of their investments, but would like to extricate himself from that part of the relationship, since it is not his core business.
His requirement for me, however, was that I develop a succession plan so that his clients would not be left adrift if something happened to me. I know that I could contact another DMM and try to set up a mutual pact. Anyone have any other suggestions on succession plans, especially for a DMM business that is just getting started?
Scott, I think that you’ll find the answer in getting to know your fellow DMMs. They don’t have to be nearby since so many of us work remotely now. Then create a document for each of your clients that gives basic details that someone taking over for you would need to know. Create a list of other DMMs who could take over or someone who can help assign the clients to a new DMM. Put all this in a safe place. Let your loved ones know that it’s there if needed. You could create an agreement with one DMM and give this info to that person. Whatever makes you and the CFP comfortable. Good luck!
I agree with Lynn. I have a good relationship with other local DMMs as well as knowing who I and my family can reach out to in the event of a crisis. Documentation is key.
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