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Risk Management

“Risk is like fire: If controlled it will help you; if uncontrolled it will rise up and destroy you.” 

Theodore Roosevelt

Know the risks and plan accordingly

Identifying the inherent risks in your pursuit of financial freedom is imperative. Sometimes missing a landmine can be more valuable than hitting the jackpot. Managing the risks that threaten your potential for success can help you in the pursuit of your financial goals.

At Elevánt Wealth, we can help you identify and prepare for the non-investment-related risks that can derail your life or financial well-being.

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A Case Study: Risk Management

John and his beautiful wife Sara made every effort in their early years to make sound financial decisions. One of these financial efforts included purchasing life insurance on both John and Sara to help protect each other and their family in the event of a tragedy. As they progressed through their marriage, John jumped at the opportunity to start his own business in his field with a friend and long-time co-worker and their success in the business came quickly. As their business and family grew, John and Sara made sure to stay on top of their life insurance needs including increasing their coverage as needed as well as adding protection within John’s business partnership by drafting a buy/sell agreement funded by life insurance. This was designed to facilitate the buyout of either partner’s position in the company in the event of a premature death or disability. Unfortunately, that planning proved its value when John was killed suddenly in a work-related accident. As tragic as John’s death was, the financial concern was lifted for both the business in its need to buy Sara out of her inherited ownership, and Sara’s ability to move forward with the life John intended for her because John and Sara had considered and mitigated the risks within their financial life as it pertains to premature death.

This is a hypothetical case study that is intended to illustrate products and services available through Waddell & Reed.  It does not necessarily represent the experience of other clients.  The information and strategies presented are not appropriate for every investor.  Individual clients should review with their Financial Advisor the terms, conditions, and risks involved with specific products and services.

Insurance products are offered through insurance companies with which Waddell & Reed has sales arrangements.

Through our financial planning process, we provide a comprehensive insurance review that examines risk from all these angles:

            Survivorship: Protecting those you love in the event of premature death

            Income: Ensuring ongoing income if you become too sick or injured to work

            Long-Term Care: Protecting you from the cost and emotions of end of life care

            Estate: Funding the cost of estate settlement

            Property & Casualty*: Protecting your most valuable physical assets

            Liability*: For your actions or association

            Healthcare*: Balancing quality, cost and specific need

*Provided by your existing property & casualty insurance agent and/or health insurance agent, with whom we can work in order to determine how these fit into your overall plan.

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