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Risk Management

Insurance Needs Analysis

Protect Yourself. Protect Your Family.

It is our belief that both Insurance and Investments are important pieces to your financial plan, but should not be combined into one expensive product.  Therefore, we will never sell you a product or be paid a commission for any insurance advice that we provide.  Instead we will take an objective look at your needs and determine the best course of action for you. This includes life, disability, long-term care, identity theft, liability and even home & auto insurance. Then we put you in touch with the right people who can provide you with the right insurance plan based on your needs; not those of the advisor. 

Term Insurance Versus Permanent Life

It is our belief that the low cost of term insurance outweighs any of the "benefits" typically used to describe whole life or permanent life policies.  In most circumstances the money that you save on premiums can be invested to yield a greater return then you could ever achieve in a permanent life policy.

In our experience we have seen that the size of the potential commission, inherent in most permanent insurance products, is often large enough to cloud the objectivity and create unfortunate conflicts of interest. Transparency therefore, is often very poor when it comes to showing the overall cost of the insurance product. To avoid this we take a different approach. We are knowledgeable about all the different types of insurance products but will only advise you on the best insurance for your needs and situation.  Then you we will help you secure the insurance through our professional network or help you work with your personal insurance agent to obtain the right coverage. 

Don't Get Insurance Advice from An Insurance Salesman

If you ask an insurance salesmen if you need more insurance their answer is inevitably going to be yes.  This is because they have an incentive to sell you that insurance.  Phillip James does not sell insurance and as part of your financial plan, we perform an insurance needs analysis. This takes an objective approach to insurance because we are not compensated by selling you the end product, the insurance.  With this analysis you will know exactly how much and what kind of insurance to purchase. Then you can confidently go to your insurance agent to purchase only what you need.  We can also recommend an agent who will not push you into products you do not need.

Complete Risk Profile

Your portfolio represent a lifetime of savings. We make sure to invest this in a way that fully aligned with your risk profile. This means we will analyse your Risk Demand (the amount of risk you need to take to have a successful plan), your Risk Capacity (Your ability to take risk based on objective cash flow needs - just looking at the math), need, and Risk Tolerance (your desire to take risk - the sleep-at-night factor). Combined these factors make up your complete risk profile. We can then use this to properly align your portfolio with your financial plan giving you the best chance to meet your goals.

What Value Does Phillip James Financial Add?

  • Objective Analysis of your Risk and Insurance Needs

  • Properly Protect Your Family and Assets

  • Utilize the "Right" Type of Insurance for Your Situation

  • Understand Insurance Policy Including Total Costs