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Risk Management

What is Risk Management?

Life can be unpredictable, so it’s important to lessen financial impact from unexpected events. Your Allegheny financial advisor will assess how much risk you can handle and suggest ways to protect you and your family if the unexpected happens.

Questions About Risk Management?

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Investment Risk Management

Managing investment risk is vital during market fluctuations. A long-term strategy that is diversified, monitored, and adjusted when prudent should help reduce risk and may enhance returns. Our financial advisors create balanced portfolios, so that you’re taking on the right amount of risk for your goals.

Risk Management Tools

Asset Diversification

Diversifying your assets is one of the most effective ways to manage investment risk. By spreading investments across asset classes, you reduce your exposure to market volatility. Your Allegheny advisor can design a portfolio strategy tailored to your goals and risk tolerance.

Life Insurance

An unexpected death can be a life-altering experience for family members left behind. Life insurance provides the peace of mind that comes from knowing that their financial security is assured. Your Allegheny advisor can recommend the type of life insurance policy that meets your specific needs.

Disability Insurance

Disability insurance offers income protection in the event of illness or injury. Your Allegheny advisor can help evaluate your needs and determine the right amount of coverage.

Long-Term Care Planning

Most people over age 65 will require some form of long-term care. Without planning, the costs can quickly erode your savings. Long-term care insurance helps preserve your assets and can reduce the burden on your loved ones. Our advisors can help you explore your options.

FAQ

Every financial decision — whether by an individual, organization, or business — involves risks. Financial risk management is the process of identifying, analyzing, and taking precautionary steps to reduce or avoid those risks as they relate to your family and your financial goals.

Usually, the term “financial risk management” is associated with big corporations. But risk management is equally vital in personal finances and is a key component of individual investor goals.

Disability insurance replaces a portion of an employee’s income when they can’t work because of an illness, injury, or disability. On average, disability insurance covers up to 60% of an employee’s earnings.

This type of policy covers basic, long-term services, and support for daily needs due to a chronic illness, disability, or condition such as Alzheimer’s disease. While health care insurance or Medicare helps pay for immediate medical expenses, long-term care insurance helps to pay for personal or custodial care for necessities such as bathing, dressing, or eating.

Life insurance protects loved ones or dependents you leave behind upon your death. There are two basic types of life insurance to consider. Term insurance is similar to “renting.” You have the life insurance for a certain period, and then it expires. Term insurance provides for a short-term, temporary, or specific need. Permanent insurance is like “owning,” as the life insurance builds up cash value that may allow you to retain the policy for the long term even after you stop paying premiums into it.

Whether you are single, married, have children, or own a business, life insurance supports your family or those who depend on you if an unforeseen circumstance should arise. Some of the benefits of life insurance include: a means to pay for funeral costs, pay off debt, estate taxes, or any final expenses; income replacement; a legacy to leave for your family or charity. As a part of a financial plan, your financial advisor can help you determine your life insurance needs, the type of insurance that is best for your situation, and related costs.

There are many factors to consider when determining the amount of insurance coverage you will need, such as your life stage, circumstances, and the standard of living your family will want after you are gone. You will also need to determine your family’s income needs and whether other resources are available (such as social security benefits) to fund those needs. A financial advisor can conduct a thorough analysis of your situation and assess how much insurance you will need as part of your risk management plan.

It’s time to plan with purpose.

Connect with a trusted advisor to build a strategy that supports your goals now—and in the future.

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