Anyone who has ever been caught without a safety net can attest to the importance of protecting your most valuable assets. John F. Kennedy famously said, "Its time to fix the roof when the sun is still shining". When it comes to protecting an asset like a house, it's great to be proactive, but what about your your other major assets? Have you been proactive to protect them? When we consider our assets, we often fail to consider our most valuable asset of all: Ourselves. Contrary to what we have been taught, your biggest asset isn't a vehicle, or a house, or even a business that you might own; it's YOU.
We go to all sort of lengths to protect and mitigate risk for these other assets, while often overlooking the risk of not being able to pay for a mortgage, making vehicle payments, or not being able to provide for our families should the unthinkable happen. These topics aren't always easy to discuss, but having the right plan in place can prevent an even more grave situation should our families be left unprepared for the worst-case scenario. Working with a Financial Advisor can help.
In speaking with clients, I have often asked what they think of when they hear the term "Financial Advisor"; Almost all responded with, "Someone who helps with investments and retirement". While not untrue, our roles as Financial Advisors can add a lot of value to your portfolio by preparing our clients for the possibilities many people never think to consider. Our jobs is to ensure you have the peace of mind knowing you have evaluated the different options to ensure your loved ones are taken care of.
One of the ways a financial advisor can do that is to help educate clients and have the difficult conversations with clients about the "what-ifs", and how you can protect yourself and your family in the event that you are no longer able to provide for them.
A financial advisor can also add value to the young and carefree. In the hubris of our youth, many young people might not see a need for insurance, especially if they are single and don't have any dependents. While not necessarily an unreasonable argument, many millennials can attest to the struggles of debt, student loans, and an uncertain job market. Helping to prepare oneself in case unfortunate circumstances, such as of job loss, serious illness, or disability, can help you cover expenses until the tide changes. No matter what stage you are at in your life, it can be beneficial to have someone work with you to help you achieve any goals you might have and educate you on options on how to do it.
If your sun is still shining, you are healthy, are gainfully employed and have acquired assets, now might be the time to sit down with a financial advisor and look at options to protect everything you have worked so hard to build, including yourself.
Author: Chris Boyle is a Financial Advisor with almost 10 year's experience working with families and business owners-alike. To schedule an information session with Chris to learn more about how a Financial Advisor can help you, please feel free to contact him at 780 966 5084, or at chris@oaktreews.ca