Risk Management Mapping is a collaborative process in which all risks should be properly identified so that the client, through discussion and resolve oriented planning, can determine how best to manage each risk. As a result of the insurance industry’s failure to properly educate advisors with regard to insurance products, the client discussion regarding life insurance becomes focused on “product”, without an understanding of all associated elements of the risk that may be inherent in that product's design. Missing is the understanding of style functionality, full disclosure, time-line integration, and the process needed to provide unbiased and fully disclosed information so that the consumer can make the best informed choice. Not having the tools and capacity to provide an unbiased assessment of product risk will make it impossible to assess the compatibility of the product to the risk that is to be managed. Such an approach often results in (1) an inefficient use of capital due to high product costs, or (2) the failure to successfully mitigate the risk to be managed. Our mission is to fill this gaping “black hole” and to serve a need in the evolving Financial Planning / Fee-Advisory industry by providing standards of excellence and a process that complies with the principles of Stewardship and Fiduciary Responsibility. This approach allows the client to make the most informed and beneficial decision for their benefit.
To find out more, please visit www.feeadvisorsnetwork.com, or contact us directly at (586) 745-7037.