Why Is The Father Still The Financial Role Model?
Why Is The Father Still The Financial Role Model?
The start of the summer months also brings the celebration of the Father’s Day holiday, a day on which people around the world reflect on all that dads do for their families. For more than seventy million fathers in the United States, countless responsibilities are assumed, especially when it comes to the well-being of their family. Although approximately 48.8% of households today consist of two-income families1, financial leadership is still more often perceived as a father’s role than a mother’s2. Not only can fathers and husbands be looked to for being strong role models that provide the day-to-day significant mental and emotional support for their families, but they can also take on vast financial responsibilities as well.
As years continue to quickly pass by for busy parents, it is of utmost importance for the well-being of the family to document where all financial assets and points of contact are located in the event that something unexpected should occur. For example, if something were to happen to Dad, would those left behind know whom to contact to get financials and estate documents in order? Because the SSG Executive Advisory team knows that financials can often be a bit complex, we have created (and those of us that are dads on the team have completed) IID documents. Inspired by one of our clients, the IID is an acronym for “If I Die” (yes, he is a bit of an optimist)!
The IID is a comprehensive document which includes all important points of contact, financial accounts, insurance policies (personal and group), outside investments, property information, etc. It is important to note that the effort to compile all this information may be laborious, but once completed, tremendously valuable. Also at this time, we recommend personal Financial Net Worth statements to be updated, as well as a document containing passwords for all significant log-in names. Ultimately, close members of the family should be aware of where this critical documentation is located to ease their stresses on the financial front “if” the time comes that Dad is no longer around.
Because we at SSG Executive Advisory Group are always attentive to our clients' needs, we believe this documentation is of utmost importance to have families easily prepared for what may come. In fact, we have prepared an IID template document, as well as a passwords sheet within an all-inclusive folder for our clients to help get this process started. We look forward to helping each client of ours remain organized and fiscally responsible for those you love and will, eventually, leave behind.
If you are interested in learning more about or obtaining our IID document, please contact us - we are always willing to help!
1 https://www.bls.gov/news.release/famee.nr0.htm
2 https://www.pewsocialtrends.org/2013/06/14/the-new-american-father/
Opinions expressed are those of the author and are not necessarily those of Raymond James. All opinions are as of this date and are subject to change without notice. Any information provided is for informational purposes only and does not constitute a recommendation.
