Revisit Risk Planning
Now is a good time to take a closer look at the protection side of your financial plan. While much of the year’s focus often centers on investments, tax strategies, and estate planning, risk management can play an essential role in preserving long term wealth.
Why This Review Matters
For many affluent households, risk management can be one of the most overlooked parts of financial planning. Over time, changes in home value, income, business ownership, or lifestyle can leave important gaps in protection. A review this fall can help identify areas where an update may be needed.
Consider reviewing:
- Umbrella liability coverage: Make sure your limits reflect your current net worth and exposure.
- Home and auto policies: Check that deductibles, replacement cost coverage, and liability limits are still appropriate.
- Life insurance: Confirm that your coverage aligns with your estate or philanthropic goals.
- Disability and long-term care: Evaluate whether you have enough protection from potential income loss or care expenses.
Even small updates can provide more peace of mind and help to ensure your plan evolves alongside your success.
Integrating Protection into the Bigger Picture
Risk management should not be treated as a stand-alone topic. Coordinating your coverage with your investment, tax, and estate strategies helps create a more resilient financial foundation. Reviewing policies within the context of your overall plan help to ensure that everything works together, from liability limits to liquidity and future cash flow needs.
For high-net-worth families, this coordination can reveal efficiencies and align protection with both current lifestyle and future goals.
Final Thought
The year’s financial picture is becoming clearer, and there is still time to make strategic adjustments before year end. Taking a fresh look at your risk planning can help you protect what you have built and position your wealth for the future.
Ready to learn more? Get started by
requesting a complimentary initial consultation whenever it’s convenient for you.
Read more articles by Ryan Johnson