FPA Teams Up with FP Partners

 

FP Transitions pic

FP Transitions
Image: onefpa.org

Based in Houston, Texas, Henry E. Vail II is a private wealth advisor with Sucre-Vail Wealth Advisors. In this role, he has been recognized with a number of awards, including Texas Monthly Magazine’s 2011 Five Star Professional Wealth Manager designation. Over the years, Henry Vail II has stayed up-to-date on the latest trends and laws in finance by maintaining membership in the Financial Planning Association.

Earlier this year, the Financial Planning Association (FPA) rolled out a new joint initiative with FP Transitions to provide guidance to up-and-coming financial planners and equip them to become successful as they grow in the field. FP Transitions will work with the FPA to provide support to existing financial firms who are working to develop future plans concerning new leadership and other transitional issues.

FPA CEO Lauren M. Schadle, CAE, weighed in on the partnership by expressing excitement about the new opportunities the collaboration with FP Transitions will open up for FPA members. She also praised FP’s knowledge about company transition and believes the organization’s experience will help younger FPA members eventually transition into ownership roles in their firms.

How Liability Audits Protect Businesses

Sucre-Vail Wealth Advisors pic

Sucre-Vail Wealth Advisors
Image: sucrevailwa.com

 Henry E. Vail II is a wealth advisor at Sucre-Vail Wealth Advisors. Based in Houston, Texas, Henry Vail II offers his clients in the medical field financial services including wealth management, private banking, and liability audits.

The business environment is prone to catalytic changes, from changes in the governing legislation to technological disruptions. These changes expose businesses to liability lawsuits. Liability audits are essential to determining the extent of this risk.

These audits are conducted by insurance companies or financial agencies on the profit statements of policyholders to determine whether they express an accurate picture of the business’ exposure to lawsuits. While these audits do not reveal details about a company’s valuation, they establish the extent to which the company is protected from claims and if more coverage is necessary.

In conducting a liability audit, an auditor evaluates the company’s payroll, specifically federal payroll tax returns, and income statements. Afterwards, the auditor looks at the overall employee expenses and the classification of employees to allocate liability exposure with job duties. This reveals the jobs categories carrying the most liability risk.

The major benefit of this audit is that it notifies business owners of their exposure to lawsuits and the adequate steps to take in order to cover themselves adequately.