Earlier this week, Danny Sarch wrote an article for the "From the Headhunter" column over at InvestmentNews.com, entitled "Why Every Adviser Needs a "go Bag." The gist of his column is that financial advisors need to be ready to shift gears and go to a new firm in case something happens at their present firm. This means, according to Mr. Sarch, that they understand that their retention bonus agreement is not a fixed-term employment contract, that they maintain an updated production list, that they have a "protocol spreadsheet" with client contact lists up to date at all times, and that they have personal cell-phones/communication devices separate from their broker-dealer. The author likens these steps to a spy having a "go bag" ready with extra passports, cash, and weapons, ready at a moment's notice in case it is needed.
For several years in college, I was a volunteer firefighter/emergency medic, and I'm quite familiar with having your gear ready to go on a moment's notice. I get the analogy. I also think that Mr. Sarch is on to something here, and makes some good points. But I disagree somewhat with his recommendations, and also think that his list is not complete.