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Wealth management is more than just investment advice – it includes all aspects of a client’s financial life.

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Understanding Financial Risk Management: Are You at Risk?

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  • Understanding Financial Risk Management: Are You at Risk?

by | Dec 21, 2020

We live in an unpredictable world. On a day to day, you never know when tragedy or disaster can strike, uprooting your life and putting you in a place of instability. The instability you worked so very hard to avoid. Financial risk management helps soften the blow when life hits back hard.

It helps create a plan of action when life’s surprises and uncertainty comes to rear its ugly head.  In this article, we are going to explain what financial risk management is, why it’s important and how you know it’s time to get some risk management of your own.

We will also touch on a few other important points along the way, walking you through the whole process.

So, let’s get started.

What is Meant by Financial Risk Management?

In the simplest of terms, financial risk management is the task of identifying, controlling and evaluating threats to a client’s business, organization, or financial earnings. Now, these threats or risks can arise from an array of circumstances.

Some sources can include:

  • Pandemics
  • Financial uncertainties
  • Legal liabilities
  • Income taxes
  • Inflation
  • Natural disasters
  • Accidents
  • Claims from creditors
  • Other costs

Every Business, organization, and individual can experience an unexpected and perilous event that can cause your business to be seriously affected, maybe even shut down, or put your livelihood in jeopardy in some way because of the event.

Financial risk management gives you the opportunity to prepare for life’s unexpected incidences and helps to minimize the expenses and turmoil that can occur and gets you squared away just in case that happens.

Why is Financial Risk Management Important?

By being proactive and setting up a financial risk management plan you’re considering the potential variants of risk that can materialize before they manifest themselves. This can save you money and protect your future later on.

Financial risk management is also very important because it takes some worry out of your life, you know longer need to walk around wondering if one bad accident will destroy everything you worked so hard to build.

It also protects your family and all parties involved as you will have the proper amount of insurance to help if and when a serious situation arises.

How do I Know When I Need Financial Risk Management?

When it comes to risk management there are several risks that can take you by surprise, and it can be hard to identify what risks to pay attention too. Ultimately you want to speak with a professional in financial risk management that has seen just about everything.  The advisors here at Virtus Wealth Management would be happy to discuss this with you.

Situations like the ones listed above and: 

  1. Market fluctuation
  2. Fees

And much more

This is where Virtus Wealth Management really shines. We are a premium wealth management team, but more on us later.

For now, try to remember that financial risk management plans are made to protect everything from your personal finances, to the fortune 500 company you’re building from the ground up. And ask yourself what will I lose if I don’t have a financial risk management plan?

Some other strategies to explore are:

  • Building an emergency fund
  • Learning more about insurance policies that protect you and your assets
  • Diversifying your income sources
  • Learn more about investments

These are just a few other avenues to consider when it comes to financial risk management. Consulting a professional here at Virtus Wealth Management that specializes in this is extremely important, which leads us to our next point.

Who Can I Trust to Help Me with Financial Risk Management?

Virtus Wealth Management understands the common mistakes people make with risk management and that falls under two areas:

  1. Being over-insured
  2. Being under-insured

We use a personal business model and a customized plan that helps build efficiency in your risk management plan. We have one clear goal in mind, and that is to protect your wealth and prevent it from plummeting from:

  • Income-taxes
  • Inflation
  • Claims

And several other areas that deteriorate wealth from unexpected events.

We use specific wealth management tools to make sure you’re covered from all facets of financial risk management. Some policies we help with are:

  • Umbrella insurance
  • Disability
  • Life
  • Property and casualty
  • Long-term care

Here at Virtus Wealth Management we take a holistic approach when working with clients. And help with more than just investments, we have been trusted for decades to coordinate and unify our client’s financial lives.

We have developed a process that allows us to see your situation from the big picture and then drill down to access all the facts that will affect your unique situation. This creates laser precision personalized to you.

If you are looking to create a financial risk management plan Virtus Wealth Management can be reached at (817) 717-3812.

Steps in Setting It Up?

Virtus Wealth Management does not over complicate things, we follow clear and precise ways of helping clients. When it comes to financial risk management, we focus on protecting your wealth. We developed the Connect Wealth Process™ which includes:

  1. Connecting with you, getting to know you and your life, your family and your goals
  2. Finding out about your insurance and focusing on if you have too much or not enough.
  3. Asset protection
  4. Tax planning
  5. Estate planning
  6. Game Plan

These steps are very important in preventing a huge headache in the future if disaster strikes. Here at Virtus Wealth Management we care and have maintained a trusted reputation because of how we help and also the way we help.

Summary and Next Steps

So, what have we learned?

  • You learned what financial risk management is.
  • You learned why it’s so important
  • You learned how you can tell when you may need financial risk management
  • You also learned that Virtus Wealth Management is the team to trust for your risk management needs.

Now it’s up to you to ask yourself if you’re prepared? Is your life protected from an unlikely event such as COVID-19 in our unpredictable world?

Let Virtus Wealth Management  walk you through the simple steps of protecting your assets, and making sure you’re ready and confidently protected with a financial risk management plan. Lastly, it’s up to you to understand your risks and how you protect yourself from them, let the professionals at Virtus Wealth Management be your guide.


The information provided here is for general information only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision.

 

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