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Newsletter

2009 5th Edition (Other Editions)

Protecting Your Nest Egg is Equally, if Not More Important than Growing It !

As financial planners, we are required to take exams, acquire licenses, and perform continuing education, with the primary objective of helping our clients :

  1. Protect wealth
  2. Save wealth
  3. Grow wealth

However, the harsh reality is that majority of our clients focus mostly on the growth component, and often overlooks the protection component. This can be very dangerous and damaging because this could cause severe financial hardship…or ruin to their lives.

When meeting with our clients, we found that unexpected events such as the following were usually overlooked.

On the other hand, when we ask them to provide us with in-depth details about their current investments, they can usually answer this question rather effectively (why they chose their advisor, what investments they own, their asset allocation, etc.).

Why is that so ?

We think the answer is very simple… most clients do not like to purchase, discuss, or be sold any forms of insurance. Most people view insurance as "throwing money down the drain". The perception and belief is usually that it will never happen to me! And because statistically speaking they might be correct, sometimes financial planners prefer to steer away from wealth protection and focus on the "fun stuff"…growing wealth… investments.

So what we've attempted to list below are some topics that we strongly feel must be discussed when creating a sound comprehensive plan for our clients :

Lawsuit Protection :

Disability Insurance :

Medical Insurance :

Wills and Trusts :

Life Insurance :

Although a large part of our job as financial planners is helping our clients save and grow wealth, it cannot begin and end there. Protecting our clients from unexpected events that could cause financial ruin can be just as important, if not more important, than growing wealth.

The harsh reality is that you can spend a lifetime doing a great job and accumulate wealth, or achieve what you believe to be a superior rate of return. However, should there be an unexpected event that was not planned for in advance, you can lose a lifetime of hard-earned wealth… and potentially cause a lifetime of financial pain.