Premium enhances succession program
Premium Wealth Management has this week launched an enhanced service for member planners - the next phase of its succession planning program 'Succession Ready'; The Premium Safety Net.
According to the dealer group, the Premium Safety Net provides Premium advisory firms with an immediate solution to preserve the value of the business and remove stress for families in the event of unexpected illness or the death of key advisers.
Commenting on the enhancements, Premium general manager Paul Harding-Davis said the dealer group had already developed a comprehensive succession planning strategy and that the changes would be of particular value for small advice firms and those dependent on one or two key advisers.
"This solution was developed after we consulted with one of [the] practices that relies upon a sole Principal," he said.
"He was concerned about the interests of his partner, should something unexpected happen to him."
Under the safety net arrangements, Premium can take immediate charge of a business to help ensure client needs are met and value is preserved.
"More importantly, we will also rapidly deliver a payment to the family, which can help ease the pressure at what will be a difficult time," Harding-Davis said.
He said he believed the programs were a strong differentiator for Premium.
"We know that taking care of the ongoing needs of our members and their clients, is just as important as solving any current issues," Harding-Davis said.
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