Tags: Budget, Risk Management, Free money, Financial Planning

Financial Planning: Risk Management & Insurance​

19 Aug, 2020

budget, free money, financial planning

 

The definition of risk management is the act of assessing your risks and planning for them ahead of time. Proper risk management mitigates risk that is preventable and not preventable. Risk management is an equalizer that through accurate analyses can help anyone get back to a stronger position and even thrive after an incident.

    No matter how old you are now, you are never too young or too old

    for success and going after what you want. 

    Financial security is within your reach at Boracchia Wiviott Wealth Partners

    Risk management comes into play when a peril, also known as a cause of damage, comes happens. The insurance industry insures clients against named or all perils, depending on the insurance company or policy you are considering.

     

    You can also self - insure. Protection from a wide range of sources is typically named peril, but there are a few types of policies and companies that offer coverage against all perils.

     

      asses your risks today

      Each business, individual and family faces their own personal and more common possibilities.

       

      Perils, or the destructive occasions that can cost monetary damages, can reach far and wide. As COVID-19 taught us, some things happen that you would never expect. Proper risk management prepares for the unexpected not just through insurance but safety drills and legal entity protections. Limiting damages is an important role of a risk manager.

       

      Preferably we plan for and manage the consequences of life before we face any unintended destructions. When all is accounted for, insurance has literally provided the financial lifeline over centuries that millions of people have needed.

       

      By insuring ourselves against what we can, prior to needing the payout, we have identified the maximum control over our lives. Lessoning outcomes from, or chances of, dangers, are steps that should be advised by all wealth managers along with proper insurance policies.

      Assess Your Risk Today! 

      Don’t get caught swimming down a river without a life vest

      Have our award winning financial planners properly evaluate your risk

       

      Is Risk Management for Me?

       

      Risk assessment is for everyone;  through preparation measures and insurance policy matters we are financially planning our best life.

       

      It is often the case though that the more wealthy someone is, the more they have to lose. So it is the wealthy who tend to take on the most amount of risk management planning and insurance for themselves and their businesses. Without insurance, an otherwise well thought through risk management plan can be fully blown through. Especially when you have worked hard for your wealth, we don't want  insurmountable pain.

       

      One of the significant advantages of risk management is that it saves money; and many losses are so great we would not be able to recover if it wasn't for the strength of the insurance company.

      A Risky Proposition

       

      All things considered, less risk implies fewer cases. No insurance however is a risky proposition and can have major consequences.

       

      Consider what life insurance can do - it can provide the entire human monetary value when that ability has been ceased due to sudden death or slow fatal illness. As we age our chance of risk by illness does to, but at every age unexpected illness, not an unforeseen accident, is the most common peril.

       

      Now taken another way, imagine a key breadwinner passed with no insurance or not enough, not enough is usualy the reality. Now a grieving family, in the midst of their volcano of pain has to move and make other life - changing no win decisions. So no insurance, or not properly evaluating your risks is a tisky proposition.

      Financial Planner vs Financial Advisor vs Insurance Agent or Broker

      • Importance of manage risk

      By updating your risk plan with a licensed professional; and considering the different likely dangers or occasions before they happen, you can secure their future for pennies on the dollar.

       

      We also want to maintain strategic distance from dangers, but we must be realistic. Plan for all you can and what you can't control, that could be catastrophic, insure against.

       

      You may be scratching your head at why you haven't heard about tisk management in this way prior t today's article. We have a blog post about the differences between a financial advisor and financial planner. When exploring risk management questions, you may also consider advice from a licensed insurance agent or broker.

       

      At Boracchia Wiviott Wealth Partners, an award winning wealth management firm in CA leading in stock market, real estate and cryptocurrency investments, we also have provided a solid foundation of insurance strategies for our clients. Not all financial advisors are insurance licensed, so be sure and check with your state insurance department to see if your advisor is.

       

      It's also relevant to ask if your insurance expert is an insurance broker or agent; he or she must be registered as either an insurance broker or an insurance agent to discuss and effect insurance for you. An insurance broker is most advisable because they legally work for their clients. An insurance agent ultimately is hired for the benefit of the insurance company.

      • Important Takeaways from your renowned risk management team:
        • Make a protected and secure workplace for all staff and clients.
        • Expand upon the strength of business activities and reduce liabilities
        • Plan with the experts, see our post here about financial advisors vs financial planners
        • Plan early and write down your plans
        • Revise your plans often to keep up with your best life!
      Insurance, Annuities  and Risk Management  Guidance

      End Note: Risk Management Processes and Strategies

       

      Identify,  Evaluate, Assess, Implement, Review, Observe, Share Your Approach with Loved Ones and Team Members, Consider Building Upon Your Savings and Risk Management.

       

      Visualize success and instead of just dreaming about it, plan.

       

      It is essential to comprehend the fundamental standards of risk and then begin saving and investing, in this order ideally.

       

      The final product is that you limit the effects of underlying dangers and catch the open doors for your wealth to flourish,  while safeguarding your life and finally building your income stream for what could be a very long life.

      If you need help assesing your company's financial risk or creating a plan that works for you in the long term, check Boracchia Wiviott Wealth Partners and our custom financial plans here!

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      Lea Wiviott Boracchia, Co-Founder, FinancialPlans.Info and InvestingProfits.Pro, both apart of the renowned Boracchia Wiviott Wealth Partners

      We are a registered investment advisory focused on accessible wealth planning for everyone. Our mission is to help women, men and people of all ages, races, locations, and anyone plan and secure their most successful future. We were originally established in 2005 by way of 3 firms before my husband Marc and I registered our independent advisory in California.

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      Lifestyle Experts and Financial Planners, $1mil + by 30, Trailblazer of Minorities & Women in Real Estate & Investing in the Stock Market. Mompreneur. Dadpreneur. Private wealth meets your favorite motivational speaker with actionable items you can make money online from efficiently! I look forward to connecting with more badass women and men, ;) to your your best life with us as your leaders to which are the best stocks to buy right now, Lea, Marc & Team

       

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