Learn more about the importance of risk management in personal financial planning with Scott Maples, ChSNC®, CLTC, RICP®. Disclosures: https://advisorspfg.com/licensing Transcript: WHY IS RISK MANAGEMENT IMPORTANT IN PERSONAL FINANCIAL PLANNING? If you think of the old sports saying offense sells tickets, but defense wins championships. I think it's applicable in financial planning as well. Life throws us curveballs and surprises. And without a defensive game plan to help mitigate the impact these risks can have on the outcome. Everything is simply left to chance. Risk management can help you plan better with a more informed understanding of risk, which can then allow you to make quicker decisions in real-time. WHY IS RISK MANAGEMENT AS IMPORTANT AS EVER? Well, we live in a rapidly changing world, and in order to truly be proactive with financial planning, it's imperative that we not only identify potential risks that could occur but that we put defensive strategies in place in advance in order to have the greatest probability of success. WHAT ARE SOME COMMON RISKS IN FINANCIAL PLANNING? Poor investment performance, an increased tax environment that can erode your savings and your income, outliving your savings, and out-of-pocket health care costs are just a few of the risks that exist. At PFG Advisors, a well-balanced and tailored, comprehensive financial plan includes a defensive strategy to help mitigate investment risk, tax risk, longevity, and health risks. It includes the proper balance of investments, insurance, and savings strategies. If you're interested in learning more about financial planning in our process, feel free to reach out to us at PFG Advisors! Visit our website: www.advisorspfg.com