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Risk Management Strategies

From a financial stand point, risk management is the process of analyzing your financial decisions in terms of possible losses and taking steps to protect your assets. Risk management includes making choices about which investment strategies are used, choosing stable companies to buy stock instead of investing in start-ups or purchasing insurance policies to protect your financial position. The team at Trapp Financial will assess your protection needs. Before undergoing a risk assessment clients may be over or under insured. This is why this aspect of a risk management strategy is important for your financial situation.

Risk Assessment Strategies

In personal finances, a risk management plan looks at many different factors to assess your financial risks:

  • Age - as you get closer to retirement, you may want to be less risky.
  • Insurance - having too little insurance can put you at risk for financial loss.
  • Retirement goals - how you want to live in retirement can help you decide what risks are acceptable.
  • Financial picture - this looks at whether you could be a target for a lawsuit and what you have to lose.

Plan For the Future by Protecting Your Financial Status

Risk monitoring is part of a good risk management plan. Your situation may change over time. As you build a family or business, your risks may change. Work with a professional financial planner to holistically understand your financial position and to take steps to get where you want to be. Contact Trapp Financial through our online contact form or call our office at 630-467-1121.

Trapp Financial and LPL Financial do not provide legal or tax advice. Please consult your legal or tax representative regarding your specific situation.