The Perfect RIA The Importance of Risk Management in Financial Planning With Justin Smith
Oct 23, 2025
In this engaging discussion, Justin Smith, a life insurance and risk-management specialist, collaborates with Matthew Jarvis to emphasize the vital role of open conversations about risk management in financial planning. They delve into strategies for initiating discussions around sensitive topics like disability and estate planning, encouraging advisors to use simple visual aids for client communication. Justin also highlights the importance of annual policy reviews and pre-underwriting to secure the best options in complex scenarios, ensuring clients' needs are continuously met.
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Draw Coverage Gaps In Real Numbers
- Draw needs visually with real numbers to make coverage gaps obvious to clients.
- Practice your drawing and know the numbers beforehand so the meeting flows confidently.
Practice Your Live Illustrations
- Practice your on-paper illustration dozens of times before using it with clients.
- Keep the exact numbers on a notepad off to the side so you don't make arithmetic errors live.
Outsource Policy Reviews To Specialists
- If you lack bandwidth or licensing, partner with a life-insurance expert and send them the policy.
- Let the specialist review in-force illustrations and report back whether to keep or replace the policy.