DRESNER FINANCIAL PLANNING
Financial Advisor to clergy and religious educators 

A Different Kind of Risk
What events could jeopardize your family's finances?  What could threaten your assets or your earning ability?  How have you prepared to handle those events if they should occur?  A personal risk management strategy is an integral part of your comprehensive personal financial plan.  It can help assure you that you are protecting the people you love and give you peace of mind.

Many people think a financial plan is only about investing and never develop a strategy for managing financial and personal risk.  Without a risk management strategy, you may be over-insured in some areas and under-insured in others.  You may be unaware of the risks to which you are exposed, or insuring risks that are more emotional than financial in nature.

With your financial advisor, you would identify those events which pose a financial risk to you or your family, identify gaps in your current risk management strategies, and determine the best way to manage the risks.  You would do this by deciding which risks you must do something about (don't risk more than you can afford to lose).  

You would decide how to handle those risks by considering the odds.  You would consider which actions make sense (don't risk a lot for a little).

There are four basic ways of managing risk: You could retain it, transfer it, reduce or control it, or remove it.  Each one can be appropriate depending on the frequency and severity of the risk.

After you have established your plans for managing risk, you must watch for changes that may require you to revise your strategies.  Changes that might require you to re-evaluate include: changes in the potential severity; changes in the probability or frequency; changes in the cost of insurance; changes in your willingness or ability to bear the risk.

If you start working with your financial advisor now on a comprehensive personal financial plan, it could be completed and in place in time for the beginning of the new century.  Now wouldn't that be something to celebrate?

Dresner Financial Planning Dresner@clergyplanning.com
2359 Salisbury Road Westbury, NY 11590
(888) 200-9670
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