Taking a vacation from a small RIA: a coverage plan so nothing slips while you're away
Before a small RIA owner takes time off, they should finish or hand over anything due while they're away, name who covers client calls, money requests, trading and billing, put holds on accounts that shouldn't be traded, tell clients the dates and who to contact, and leave a one-page note of open items. On return, review the open items, the trade exceptions and any requests that came in.
A solo advisor takes ten days off in August. A client calls on day three needing a withdrawal, an incoming transfer lands in cash, and a billing exclusion that should have started this quarter hasn't been noted anywhere. None of it is a disaster. All of it was avoidable with an hour of planning.
What should be done before you go?
- Finish anything due while you're away, or move the date and tell whoever is affected.
- Avoid scheduling a billing run or a model change in the window.
- Put trade holds on accounts that shouldn't be traded, with the reason.
- Tell clients the dates and who to contact.
- Leave a one-page note: open requests, pending transfers, anything unusual.
Who covers what?
| Task | Covered by | What they need |
|---|---|---|
| Client calls and email | Assistant or covering advisor | Contact list, the open items note |
| Money requests | Someone authorised to process them | The callback routine and numbers on file |
| Trading | Only someone with authority, or nobody | Which accounts are on hold and why |
| Incoming transfers | Assistant | How to link a new account and who to tell |
| Complaints or incidents | Assistant logs; owner handles on return unless urgent | The complaints log and an emergency contact |
What should you check when you're back?
- Every request that came in, and its status.
- New accounts: linked, strategy set, status set.
- Trade exceptions and any holds that can now be lifted.
- The complaints and incidents log.
A worked example
Take the advisor above, a year later, with a plan. Two weeks before leaving, she moves a model change to September, emails clients the dates and her assistant's contact details, and holds two accounts with pending instructions. The assistant handles the withdrawal using the callback routine and links the incoming transfer to the household. On her first morning back, the advisor goes through the open items note, lifts one hold, and sets the new account's strategy before it's traded.
What are the common gaps?
- No one named for money requests.
- A model change or billing run scheduled in the middle of the break.
- Clients finding out from an out-of-office reply.
- Open items living only in the advisor's head.
When is this overkill?
For a long weekend, a note to your assistant may be enough. For a week or more, use the plan.
How Advorra fits
Advorra keeps trade holds with their reasons, tasks and communications on each client, unassigned accounts from your custodian's files, and the complaints and incidents log in one place, so whoever covers sees the same picture you do. See the product page, or read about a continuity plan for a solo RIA and trade holds.
One thing to do this week: write down who would handle a client's withdrawal request if you were away tomorrow.
An operations routine, not legal or compliance advice.
Questions advisors ask
Can a solo advisor take time off?
Yes, with planning. Many solo advisors arrange cover with another advisor or a trusted assistant, and schedule time off away from billing and review deadlines.
Who should approve trades while I'm away?
Only someone with the authority to do so under your procedures and agreements. If nobody does, avoid planned trades and handle only what's urgent.
Should clients be told?
Yes. A short note with the dates and who to contact sets expectations and reduces surprises.
What about money requests?
They follow the same callback routine as always. Whoever covers needs the procedure and the contact details on file.
Is this compliance advice?
No. It is an operations routine.
See it on a demo firm
Advorra is practice software for independent RIAs: clients, models, IPS, billing and compliance records in one place, on top of the custodian you already use. Built by The CollabHub.
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