Why don’t all clients want to talk about protection? What does protection as an overarching concept cover? Do we have a psychological bias towards talking about the good stuff; the plans, accumulating wealth, helping children and grandchildren. Insuring our cars, homes, even our mobile phones has become standard practice, but an alarming number of adults do not have enough life insurance cover [1]. So why avoid getting into the dark corners of what can go wrong within a financial plan and protect that too?
Our mission at Saltus is to improve our clients’ relationship with their wealth. To do this we work on identifying what is intrinsically important to them and what sort of lifestyle they want now, and in the future. Then we build a plan to show them what their financial future looks like and help them manage their assets in line with this plan.
This is all well and good, but what if the worst happens and someone passes away? Or, what if one of the household members gets so ill that they cannot work and needs someone to look after them? Often when we have these conversations with clients, we get verbal acknowledgement they understand the importance on protecting against such events. But all too often taking the required actions is not seen as an immediate priority, and our clients want to revisit it as part of a later review.
