The Securities and Exchange Commission issued a proposed rule last year requiring advisors to adopt written business continuity and transition plans, to protect consumers from disruptions both external (say, a hurricane) and internal (the death of the advisor).
Having such a plan is common sense and can make clients more comfortable working with you, said Karen Nystrom, director of advocacy at the Financial Planning Association.
"I would hope that this isn't a partisan idea, either," said Nystrom. "It's what happens if something happens to you."
The average age of FPA-member advisors, she pointed out, is 53.
It's also worth noting that if the rule goes through and you don't have a plan, that would be considered fraud, said Skip Schweiss, managing director of advisor advocacy and industry affairs for TD Ameritrade Institutional.
"That's a pretty big, serious hammer to hold over you if you don't have it," he said.