Financial Planning Association of Maryland

The FPA of Maryland is pleased to provide its members with access to industry-leading risk advisory services through HUB International and PURE Insurance. This suite of services assures that your financial planning stays on track and is not derailed by unforeseen or unplanned losses.

Top Questions To Protect A Financial Plan

Decades of hard work and years of planning can be irreparably harmed for failure to account for the largest risk to a balance sheet– unprotected liability suits. Fortunately, through careful estate planning to protect assets and insurance planning to shield them, we can mitigate most risk.

Here are a few questions to ask which will lead you to the basic blocking & tackling of planning a liability strategy: 

  1. What is the value of the tangible asset base (homes, art & jewelry, cars, boats, etc)?
  2. What is the value of the intangible assets  (stocks, brokerage accounts, fractional ownership, business valuations, etc)?
  3. Which assets are qualified and subject to creditor protections?
  4. What are the estimated future earnings?
  5. How much out-of-pocket expense will your client absorb to defend their reputation, their family, and their legacy?

Adding up these numbers will serve as a proxy for total loss exposure.

Private Client Insurance Is More Art Than Science

Certainly, much care has to be taken to assure that decisions are based in statistical fact but risk management is more about understanding risk exposure and appetite for addressing than it is a mathematical formula. A good risk adviser will ask the right questions and make strong recommendations based on client feedback, case study, and historical experience.

 

TOP CLIENT QUESTIONS ABOUT INSURANCE

While every family is unique, most insurance planning begins with similar questions because most families are never exposed to high-level risk management advice. Here is a snippet of common questions we often address:

    What is an umbrella policy?
    How much umbrella coverage do I need?
    Isn’t flood part of my homeowners policy?
    Why would my board work affect my personal life?
    I’ve been with my insurer for X years, won’t they just cover this anyway?


Fortunately, with some basic due-diligence and careful listening to a person’s needs, finding a solution and explaining its value is a simple exercise. Be sure to engage a good adviser with experience, market relationships, and breadth of reach to assist.

Umbrella Thoughts

Click to visit HUB’s personal umbrella page and review their thoughts on approaching protection for you and your clients

LIABILITY PLANNING GUIDE

Click to view privateRISK‘s guide to planning for successful families

Liability Program

Click to download PURE’s liability presentation and learn about their capabilities & solutions

Umbrella Estimator

PURE offers a quick tool to determine estimated umbrella liability needs.

Estimate Limits

Risk Management

Property & Casualty Insurance

The backbone of any financial plan, RISK MANAGEMENT & INSURANCE BROKERAGE service is available to assure programs have no coverage gaps which may cause negative liquidity.

Market analysis and premium benchmarking further assure assets are efficiently deployed.

Contact Robert Raymond to begin planning.

Robert.Raymond@HUBInternational.com
484-344-4555

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