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Impact Advisors Group | Duxbury Massachusetts | Warrington Pennsylvania
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What Happens If You're Not There Tomorrow?

What Happens If You're Not There Tomorrow?

Author: Brandon Jordan, CFP®, CHFC®, CEPA®, CVGA®, CLU®, MSA | CEO of Impact Advisors Group

I’ve spent a considerable amount of time working with successful business owners, real estate investors, and families who have worked incredibly hard to build meaningful wealth. They’ve built businesses, purchased properties, accumulated investments, raised families, and made countless sacrifices along the way.

For most of them, the results are impressive.  However, I’ve noticed something interesting.

The more successful we become financially, the more complicated our financial lives often become.

  • Multiple businesses.
  • Investment properties.
  • Retirement accounts.
  • Trusts.
  • Insurance policies.
  • Partnerships.
  • Debt.
  • Taxes.
  • And sometimes, a collection of passwords that only ONE person knows!

We spend decades learning how to build and manage all of it.  But how much time do we spend preparing someone else to manage it if we suddenly can’t?

In other words, what happens if you’re not there tomorrow?

I realize that’s not exactly an uplifting question. And no, I’m NOT suggesting we spend our days worrying about the worst-case scenario. I am however suggesting that we spend a little more time preparing for it because that day is coming!!!

Imagine a 55-year-old business owner who has spent the last 25 years building a successful company. He owns several investment properties, has accumulated a substantial investment portfolio, and has provided a wonderful lifestyle for his family.

On paper, his family is financially secure. Then something unexpected happens.

Maybe it’s an accident. Maybe it’s a serious illness. Maybe he’s suddenly unable to make financial decisions for an extended period of time.

His wife now finds herself responsible for a financial life that he has spent decades building.

  • Does she know where all the accounts are?
  • Does she understand how the business operates?
  • Who makes decisions if he can’t?
  • Where are the estate planning documents?
  • Is there enough liquidity to meet the family’s obligations without being forced to sell something at the wrong time?
  • And perhaps most importantly… Does she know WHO to call?

Here’s the uncomfortable reality.

Having a $10 million net worth doesn’t necessarily mean your family is financially prepared.

Wealth and preparedness are NOT the same thing!!

As financial advisors, most clients recognize that we spend a tremendous amount of time helping them to accumulate wealth, manage risk, minimize unnecessary taxes, and make prudent financial decisions.

This is important and IMPACTful, but IAG believes there’s another responsibility that deserves just as much attention as it’s equally IMPACTful.

We need to help our clients prepare the people who will eventually be responsible for the wealth they’ve created.

That preparation involves much more than having a will or trust sitting in a filing cabinet.

  • It means having the right conversations BEFORE they’re necessary.
  • It means making sure your spouse understands the family’s financial picture.
  • It means having appropriate insurance, estate planning documents, and contingency plans in place.
  • It means developing a succession plan so your business can continue operating without you.
  • It means ensuring there’s enough liquidity that your family isn’t forced to make difficult financial decisions during an already difficult emotional season.
  • It also means organizing your financial life so the people you love aren’t left trying to solve a puzzle without the picture on the box.

That’s stewardship, too.

I often think about the sacrifices business owners make for their families. The long hours. The missed dinners. The financial risks. The years of reinvesting in the business instead of taking money home. Most of those sacrifices are made with incredibly good intentions.

We want to provide. We want to create opportunities. We want our spouses and children to enjoy a level of security & prosperity that perhaps we didn’t have growing up.

But there’s an important distinction between providing wealth for our families and preparing our families for wealth.

One is about accumulation.

The other is about responsibility.

And BOTH matter.

Here’s a question I’d encourage every business owner, spouse, and parent to consider:

If you were unable to make financial decisions tomorrow, would your family inherit confidence…or confusion?

The goal isn’t to eliminate every risk. That’s impossible.  The goal is to eliminate as many unnecessary surprises as we reasonably can because one of the greatest gifts we can provide the people we love isn’t simply financial security…

It’s peace of mind.

  • Peace of mind that there’s a plan.
  • Peace of mind that someone knows what to do.
  • Peace of mind that the business, investments, and financial decisions we’ve spent decades managing won’t suddenly become an overwhelming burden.

If you’re not confident your family would know what to do tomorrow, perhaps that’s a conversation worth having TODAY.

And if you’d like help making sure the people you love are prepared, we’d welcome that conversation.

The purpose of wealth isn’t simply to increase our standard of living. It’s to increase our capacity to live an IMPACTful life.

Impact Advisors Group LLC (“[IAG]”) is a registered investment advisor offering advisory services in the State of Massachusetts and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The information on this site is not intended as tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. This information should not be relied upon as the sole factor in an investment making decision. Past performance is no indication of future results. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any recommendations made will be profitable or equal any performance noted on this site. The information on this site is provided “AS IS” and without warranties of any kind either express or implied. To the fullest extent permissible pursuant to applicable laws, Impact Advisors Group disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability, non-infringement, and suitability for a particular purpose. IAG does not warrant that the information on this site will be free from error. Your use of the information is at your sole risk. Under no circumstances shall IAG be liable for any direct, indirect, special or consequential damages that result from the use of, or the inability to use, the information provided on this site, even if IAG or a IAG authorized representative has been advised of the possibility of such damages. Information contained on this site should not be considered a solicitation to buy, an offer to sell, or a recommendation of any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful or unauthorized.

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