Protect What Matters Most
A comprehensive financial plan isn't only about pursuing growth. It's also about understanding what could potentially disrupt the financial future you're working toward.
Risk management is the process of identifying financial risks, considering which risks you may be able to manage yourself and determining which risks may be appropriate to transfer through insurance or other strategies.
Ascend Financial Partners helps individuals and families throughout Northeast Ohio consider risk as part of their broader financial plan.
What Are You Trying to Protect?
Risk can take many forms.
Your income. Your family. Your assets. Your business. Your retirement plans.
The right approach depends on your circumstances, which is why risk management should be personal rather than based on a standard checklist.
Questions We Help You Consider
- What financial risks could have the greatest impact on your family?
- Which risks can you reasonably manage yourself?
- Which risks might be appropriate to transfer?
- Does your existing insurance coverage still reflect your circumstances?
- How could a major unexpected event affect your financial plan?
- How should protection strategies change as your life evolves?
Risk Management Is About Balance
The goal isn't to eliminate every possible risk. That's neither practical nor necessarily appropriate.
Instead, we help you consider where protection may be important and how those decisions fit into the rest of your financial strategy.
That can include reviewing income protection, life insurance and other areas of financial risk depending on your circumstances.
How Risk Management Fits Into Your Financial Plan
Life
Insurance
Life insurance can be considered as part of a broader strategy for protecting family and financial obligations.
Estate Strategies
Protection planning can also connect with estate and legacy considerations.
Retirement Planning
Risk-management decisions can be especially relevant as you approach retirement and begin relying more heavily on accumulated assets.
Portfolio Management
Investment risk and other financial risks can be considered together as part of a broader strategy.
Risk Management in Northeast Ohio
Ascend Financial Partners works with individuals and families throughout Northeast Ohio, including Akron and Summit County. We take time to understand your circumstances before discussing how different protection strategies may fit into your financial plan.
Frequently Asked Questions
What is financial risk management?
- Financial risk management involves identifying potential financial risks and considering strategies for managing or transferring those risks.
What types of risks should I consider?
- The appropriate considerations depend on your circumstances and can include income, family, assets, insurance needs and other financial obligations.
Does risk management mean buying more insurance?
- Not necessarily. The goal is to understand which risks may need to be addressed and determine what strategies may be appropriate.
How often should insurance coverage be reviewed?
- Coverage can be worth reviewing when major life circumstances change, such as marriage, divorce, children, a new business, changing income or retirement.
How does risk management fit into retirement planning?
- Protecting income and assets can become an important consideration as you transition from earning income to relying more heavily on accumulated resources.