The Day the Plan Was Tested

I thought my family was prepared.

My dad was in reasonably good health, and we’d had the conversations most families have as parents get older. We’d talked about what the future might look like, where he might live if he needed more support, and how I would help him if his health gradually declined.

What we hadn’t prepared for was a major health event.

A few weeks ago, my dad became seriously ill and was hospitalized. Thankfully, he’s now recovering at home, but those first few days reminded me that there is a big difference between preparing for the future and responding to a crisis.

I’m an only child, so much of the responsibility naturally fell to me. In some ways that made things simpler. There weren’t difficult family discussions about who would make decisions or disagreements over the next steps.

It also meant there wasn’t an obvious backup.

As it happened, I was out of the country when my dad became ill. Fortunately, my aunt was with him, and we’d previously named her as the secondary power of attorney. She was able to speak with doctors and make decisions immediately until I could get home.

That decision, which had seemed like a small administrative detail when we made it, became one of the most important parts of our planning.

Sitting in hospital rooms gave me plenty of time to think. Like most people, my thoughts weren’t about investments or market performance. They were about practical questions.

Where are the important documents?

Can I access online accounts?

What sources of income are there?

Are Dad’s bills on autopay?

Those questions led me to think about financial advisors.

Most advisors spend a great deal of time helping clients prepare for retirement and eventually transfer wealth. Those conversations are essential, but a serious health event can often arrive long before an estate plan is ever put into action. Families suddenly need access to information, legal authority to make decisions, and a clear understanding of who is responsible for what.

The experience also reminded me of a book I recommend to every financial advisor: Being Mortal by Atul Gawande. In fact, I encourage advisors to give a copy to clients and centers of influence as well.

The book isn’t about investing. It’s about aging, illness, medicine, and the conversations families often postpone because they assume there will be more time. Gawande reminds us that preparing for the future isn’t only about financial assets. It’s also about helping families make good decisions before some of life’s most difficult moments.

This experience has changed the questions I think advisors should ask. Rather than including them all here, I’ve put together a Family Readiness Checklist that advisors can use with clients or share with centers of influence. My hope is that it helps families have these conversations before they need them.

Watching my dad recover has reminded me that financial planning is ultimately about people. Investments matter. Retirement planning matters. Estate planning matters. Preparing families for life’s unexpected interruptions matters too.

The advisors who make the greatest impact aren’t remembered because they picked the best investment. They’re remembered because they were there when the family needed them most.

If one of your clients experienced a serious health event tomorrow, would you be one of the first people the family called?

If this experience has taught me anything, it’s that many families prepare for the future they expect. Advisors have an opportunity to help clients prepare for the moments they don’t.

Song of the Month: Maggie May by Rod Stewart

This month’s song is Maggie May by Rod Stewart.

It was a regular soundtrack at my parents’ parties over the years, so hearing it always brings back happy memories. More recently, it took on a new meaning. My dad’s Rod Stewart T-shirt became quite the conversation starter during his stay in the rehabilitation center, proving that great music has a way of connecting people, even during difficult times.

Here’s to a speedy recovery, Dad.

 

FOR ADVISOR USE ONLY. NOT INTENDED FOR CONSUMER SOLICITATION PURPOSES.

Beacon Capital Management, Inc. is an investment adviser registered with the Securities and Exchange Commission. Additional information about Beacon Capital Management is also available on the SEC’s website at www.adviserinfo.sec.gov under CRD number 120641. Beacon Capital Management only transacts business in states where it is properly registered or excluded or exempted from registration requirements.

Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments or investment strategies.

Sammons Financial® is the marketing name for Sammons® Financial Group, Inc.’s member companies, including Beacon Capital ManagementSM.

 

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