Managing Risk & Importance of sucession planning
Being a financial planner, I always believe in risk management as the foundation for an effective financial plan. Anything that can’t be afford to be lost, should be protected. Else, one would end up with a dent on the financial assets or savings. Thus, risk management gains prominence. Risk management provides financial security via financial strategies, tools and services. The idea is to reduce large financial losses in case of unplanned events. A comprehensive risk management strategy would include personal, property and liability risks. The risks can be effectively managed using three important tools: insurance, emergency funds and succession planning. …