In our firm, we look for alternatives to insurance products in our application of risk management in a client’s personal financial plan. That being said, risk management on many occasions will require insurance products.
They play a crucial role in an integrated personal financial plan. It involves identifying potential risks that could threaten an individual’s financial stability and implementing strategies to manage these risks effectively through various insurance products. This process includes evaluating the need for different types of insurance coverage, such as health, life, disability, long-term care, and property and casualty insurance.
By obtaining appropriate insurance, individuals can safeguard themselves and their families from significant financial losses caused by unforeseen events like illness, accidents, or natural disasters. Effective risk management through insurance ensures that a financial plan remains robust and capable of supporting long-term objectives, even in the face of life’s uncertainties.
Managing Risk with Insurance Products is a mini-course that can be taken individually or as part of the AICPA’s Course Risk Management & Insurance Planning. The Risk Management & Insurance Planning Course provides comprehensive training designed to help CPAs and financial professionals navigate the complexities of insurance risk management.
Detailed guidance is offered in selecting the most effective methods for addressing various risks to prevent catastrophic financial losses. Through practical examples and real-life scenarios, participants will gain valuable insights into the risk management process. This includes understanding basic concepts such as hazard and peril, as well as applying the six steps in the risk management process to personal financial planning.
Additionally, this Course explores the legal aspects of insurance contracts, including fundamental principles like indemnity, offer and acceptance, consideration, competent parties, and legal purpose. Participants will also delve into the regulatory environment, which covers professional responsibilities, compensation methods, and insurance company ratings. Various types of insurance contracts are examined, including annuities, life insurance, disability insurance, long-term care insurance, and property and casualty insurance.
The Risk Management & Insurance Planning Course is led by industry expert Thomas Tillery, CFP®, AEP® (Distinguished), CLU®, ChFC®, CRPC®, LUTCF®. Tom is vice president and CCO of Paraklete® Financial, Inc. Paraklete offers integrated fee-for-service personal financial planning and virtual family office services, focusing on providing expert advice without engaging in asset management or product sales.
Their extensive experience and insights have empowered thousands of professionals to understand complex risk scenarios and develop effective strategies to manage them. Their expertise makes them invaluable resources for anyone looking to enhance their knowledge of risk management and personal financial planning.
Highlights of Risk Management & Insurance Planning include thorough coverage of various risk types and management strategies, practical insights through real-world examples and case studies, and expert instruction from Thomas Tillery. Participants can earn 12.5 hours of Continuing Professional Education (CPE) credits.
For more information and to enroll in the course, visit the AICPA-CIMA course page at: https://www.aicpa-cima.com/cpe-learning/course/risk-management-and-insurance-planning-certificate-program
Tax laws directly impact an individual’s personal financial plan. At Paraklete® Financial we work with CPA’s as part of our client’s collaborative team of advisers. The collaborative team is essential to the personal financial planning process. For more information, please visit us at https://www.parakletefinancial.com
The views expressed are those of the author as of the date noted, are subject to change based on market and other various conditions. Material discussed is meant to provide general information and it is not to be construed as specific investment, tax, or legal advice. Keep in mind that current and historical facts may not be indicative of future results. The information contained in our presentations have been compiled from third party sources and is believed to be reliable; however, accuracy is not guaranteed.
