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Insurance is a necessary part of financial planning. While it is one of those things that many people overlook, it helps you protect yourself from unexpected situations that can cripple your finances. In addition to providing a sense of protection and security, insurance can also be used as a tool for financial stability.
In this episode, Craig talks with Al Lorenzi, Principal and Co-Founder at The LRM Group. In a discussion with financial advisors about insurance solutions in the RIA world, Al realized there wasn't really a model that is tailored specifically for RIAs. With a strong belief that insurance is the foundation of any solid financial plan, he created an independent insurance consulting firm that supports RIAs in developing insurance-based estate, business, and wealth protection strategies.
Al talks with Craig about why insurance should be incorporated in financial planning, how he structures a holistic financial plan, and what advice he can give to financial service professionals.
Key Takeaways
- [01:35] - What motivated Al to establish the LRM Group.
- [02:27] - Why insurance is the foundation of any solid financial plan.
- [03:26] - What sets LRM apart from other financial advisory firms.
- [07:31] - Al's holistic approach to financial planning.
- [09:11] - How Al has helped clients and advisors.
- [13:32] - What independent advisors need to know about pricing and services.
- [15:37] - What's next for the LRM Group.
- [17:51] - Al’s advice to financial service professionals.
Quotes
[02:27] - "Insurance is really the foundation of any solid financial plan. People earn an income, and if you add it up over a 30-year working career, that income is really going to fuel all their financial goals in their lives. And if they don't have insurance to protect that income, it's fragile and it could fall apart. So any solid financial plan should have some good risk management as a piece of that." - Al Lorenzi
[04:39] - "One of the things that we bring to the table for advisors is 100% of our business comes from RIAs. We bring a different mindset to that relationship because the RIA is our client. Our business model is to serve RIAs and their clients." - Al Lorenzi
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