Identify and mitigate risks
Risk management is the identification, evaluation, and prioritization of risks followed by coordinated and economical application of resources to minimize, monitor, and control the probability or impact of unfortunate events or to maximize the realization of opportunities.
An important piece of any financial plan involves risk management. Risk management does not only apply to traditional investment vehicles such as stock and bonds. Risk management applies in many facets of our financial plan. What happens if a breadwinner passes away? What if someone becomes disabled? What would happen to my hard earned money should I need long term care assistance?
It is through the financial planning process that we help identify the unique risks to a clients financial scenario which we can then take steps, once identified to address and mitigate.
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