Service Overview


Summary of Service

Whether you are a solo practitioner with staff or part of a complex team, the equity in your practice is one of the most significant assets in your financial plan. In addition to the regulatory risk inherent in your client practice, there are also regulatory, legal and Franchise risk you face as a business owner that can negatively impact your equity. This process assesses your level of risk in these areas and company policies in place at your firm.

Our practice protection process starts with an overview of your existing practice structure, business and growth plans. Our expert will then conduct a detailed review of all practice documentation including team and operating agreements, staff documentation and agreements, succession planning and buy-sell agreements. If applicable, a review of legal entity documentation and operations will also be reviewed.

The review will assess potential implications of future critical events, planned or unexpected, common over the life of a practice. Critical practice events include:

Practice Growth

Succession Planning

Practice Management and Operations

•Client acquisition
•Purchasing a practice
•Forming a team

•Staff turnover
•Total dissolution

•Adding junior advisors
•Hiring staff
•Clarifying ownership, roles, responsibilities and practice equity
•Setting and managing compensation
•Effectively onboarding new team members


Specific Risks Assessed

External Acquisition

Potential Staff Departures

Staff Compensation

•Are roles clearly defined including permissible sales activity by role (PP/AFA/Advisor)?
•If advisor transitioned in as an AFA, was full disclosure provided on equity, control of client?
•Were clients set up in accordance with agreement (Primary, Servicing, etc.)?
•Are dissolution terms clear and are they balanced?
•Are there non-compete agreements with asset attrition clauses?
•Have regulatory roles and expectations been effectively communicated?

•Are there non-compete provisions in all staff member agreements – whether registered or unregistered?
•Are the non-competes time-bound and enforceable?
•Are performance expectations clear, and have reviews been conducted and documented?
•In complex team arrangements, are terms for client control, practice equity and capital equity clear and enforceable?

•Is there a written compensation agreement?
•Does it comply with regulatory requirements and company policies?
•Is it aligned with job description and job expectations?
•Does it comply with minimum wage requirements?
•Do job responsibilities and compensation align with classification requirements?
•Are there documented bonus provisions that can be tracked and verified?
•Is there an equity component and if so – does it align with the Franchise Agreement and company policies

Key Areas Addressed

  • Business Management
  • Team Management

Services Provided

The written assessment will include strengths and opportunities as well as suggestions for improvement. Our consultant will answer any questions you have during a phone consultation to review your findings.

Parties Involved

Advisor (Business Owner) and Practice Protection Consultant

Service Duration

Recommended frequency is one time annually

Meeting: Initial Data Gathering Meeting, 60-Minute Phone Consultation


Expected Outcomes

Advisors will be given specific recommendations to address vulnerabilities in their practice.

Each Comprehensive Practice Protection Assessment includes a 60-minute consultation to discuss the outcome of the assessment and specific, actionable recommendations to bring your practice into compliance. Following the assessment, an advisor should be able to make clear decisions and take action to solidify his/her practice. If the advisor requires help with specific aspects of their business, recommendations will be made for next-steps along with quotes for any relevant work.


How to Purchase This Service

Solo Practionners

Comprehensive Practice Protection Assessment (includes up to 1 AFA): $1,895

Team Practices

Comprehensive Practice Protection Assessment (includes up to 1 AFA): $1,895
Add $500 for each Advisor
Add $300 for each AFA