Personal Risk Management

 

 

 

 

 

 

 

 

 

Asset Protection/Liability

Insurance Analysis, Audits, Reviews

Life, LTC, DI

A fundamental part of financial planning includes insurance, which involves the identification, analysis, and management of a client's risk exposures. The purpose of managing risk is to protect a client's assets and income against unexpected losses. Types of risk include personal risks of property and liability losses, medical care expenses, premature loss of life, loss of income due to disability and liquidation of the estate due to long term care needs. Because of the potentially devastating financial consequences of these risks, they must be addressed in a comprehensive financial plan.

The four basic techniques of managing risk are 1) risk avoidance, 2) risk reduction, 3) risk retention, and 4) risk transfer. Our objective in analyzing risk is to identify possible exposures, evaluate their magnitude, and select which of the above methods is most appropriate in dealing with the identified risk.

For most of our clients, the insurance area will include a review of existing insurance policies for adequacy and cost effectiveness. Ownership and beneficiary designations of life insurance policies will also be reviewed to assure they are coordinated with the overall financial and estate plan.