Having a Plan B

Written by: Tony Christensen, CFP®, CHFC®, Founding Partner

my family and I spent a weekend in Kanab to see the Balloon Festival and visit the surrounding parks. Unfortunately, the weather was stormy, as we experienced rain and even snow. After a weekend of family fun we had two choices to get back home:

  1. Go the long way back through Kanab, or
  2. Cut directly to Colorado City on a dirt road I’ve never travelled.

The park ranger advised, “I think you will make it, if you have four-wheel drive.” I must admit, the words “I think” were not the most comforting, but we accepted the challenge. Off we went, down a lonely, muddy road with the most impressive scenery. As we battled without cell service, I had many thoughts race through my head:

What if we get stuck?

What if I run out of window washing fluid?

The ultimate question on my mind was: who would rescue us?

I had only told the one ranger, and if he didn’t check on us, than who knows how long it would be before someone came through? My worries were mainly focused on how long my family and I would have to be stuck on this pretty, but isolated and stormy road. The road to financial independence is full of swamps, potholes, and beautiful views.

Having Help to Navigate With You

Having a financial advisor to help navigate this path is critical. What happens if your advisor isn’t around to rescue you with an accurate understanding of your location in life? Many of our clients have very complex situations and our intimate understanding of them is not easily replicated. On a weekly basis, we obtain new clients out of concern that the current advisor doesn’t have a Plan B for their very delicate situation. Plan B’s may be necessary for several reasons: A current advisor may retire, relocate, be away on vacation, or be dealing with health issues.

Having a Plan B

Good advisors create Plan B’s for their clients by having a financial group-associate advisors, having licensed staff, or bringing on partners. These are all strategies that our office implements and is aware of. Have you ever thought about who would take care of you if your Financial Advisor retired? If my clients cannot get a hold of me, they know they have multiple sources to contact to get what they need. As a firm, we discuss client details for this very purpose. It allows knowledge about a client to be shared, rather than tucked away in one advisors mind. Whatever the case may be, ask your advisor what their Plan B is.

This will ensure your safe and successful journey should you ever get stuck in the mud.

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