The Backup Plan-Why a Good Co-Pilot Matters

Last year, I had the opportunity to fly along with the U.S. Air Force on a training in-air refueling mission. What I thought would be a neat day ended up as one of my all-time favorite experiences.

Before taking off, we were able to see the lengthy checklist structure the pilots and crew use to ensure a safe and successful flight. Each crew member had their own important roles and of course, there were two pilots up front in the cockpit.

They shared that even the most highly trained pilots in the world do not fly alone. There is always a co-pilot. Not because the pilot isn’t capable, but because the stakes are too high to rely on a single set of eyes or skills, especially when conditions change. It is the point of planning: To be ready, but also have a backup plan.

Personal finance works the same way. In many households, one person acts as the “pilot” for all financial decisions. They manage the investments. They understand the accounts. They know where the passwords are. The other spouse trusts that things are being handled, and most of the time, that trust is well placed. Until it isn’t.

The biggest financial mistakes rarely come from bad intentions or poor intelligence. They come from moments of stress, distraction, or transition. A market downturn. A job change. A health issue. A death in the family. In those moments, decisions are often made quickly and alone. And once made, they’re hard to undo.

This is where a good advisor functions as a financial co-pilot.

A great advisor isn’t there to replace the pilot. They’re there to challenge assumptions, slow things down, and prevent unforced errors. Sometimes that means asking a question you haven’t considered. Sometimes it means saying, “Let’s not do anything yet.” Often, it means making sure today’s decision still fits the long-term plan.

But the backup plan matters even more when the pilot is suddenly gone.

When the spouse who handled the finances can no longer do so, the surviving spouse is often left with responsibility but little context. Accounts exist, but the purpose behind them is unclear. Documents are in place, but no one has explained how they work together. At exactly the wrong moment, complexity shows up.

A true backup plan means more than having statements and beneficiaries on file. It means someone else understands the full picture. Someone who knows not just where things are, but why they’re there, and what shouldn’t be changed under pressure.

It means continuity and stability when it matters most. A steady presence in the other seat can make sure one moment of turbulence doesn’t turn into a permanent mistake.

Getting to fly along and see how the U.S. Air Force runs a mission was a privilege. It was also a reminder: Every serious system has a backup. Our financial lives should too.

Chase Kerby, CFP®, AIF® is a Senior Advisor with Rather & Kittrell.  He is available at [email protected].