In an educational workshop on Monday, Sept. 12, 2011, Kevin Lynch, Assistant Professor of Insurance at the American College, gave attendees information on providing clients with comprehensive financial plans.
Lynch said that the missing piece in many financial plans is insurance planning and risk management. In every comprehensive financial plan, the following insurance solutions should be reviewed with clients, even if the advisor does not sell the benefit: life, health, disability, long-term-care, automobile, property and casualty and umbrella liability.
According to Lynch, the single most overlooked insurance recommendation by advisors is long-term-care. Close contenders include disability income insurance and property and casualty insurance.
“You don’t have to become an authority on the products you don’t sell,” Lynch said. Instead, he recommends being the best you can be for your clients by either climbing the learning curve to acquire the knowledge you lack, or coordinating with financial services professionals for insurance expertise.