Financial Advisor Darcy Bergen of the Bergen Financial Group recently discussed the importance of risk management and insurance planning in preparing for retirement.
A financial advisor assists clients in developing a strategy to build their wealth over the long term while decreasing financial risk. They are experts at providing a “game plan” to help clients reach their financial goals. Financial advisors can help with debt management, budgeting, health, and long-term care planning, retirement and inheritance planning, tax and investment planning as well as risk management and insurance planning. Darcy Bergen CRFA is the managing partner and founder of Bergen Financial Group bergenfinancialgroup.com and has over thirty years of experience in the financial services industry.
Darcy Bergen DarcyBergenLinkedIn is both a Licensed Fiduciary (a fiduciary is an individual that is certified to handle another individual’s financial and personal matters on behalf of that individual’s goals and not by commissions) and a Certified Retirement Financial Advisor (CRFA).
Darcy Bergen who grew up in Canada and moved to Phoenix in the summer of 2000 now operates Bergen Financial Group which has a staff of six and includes eight financial advisors. Darcy has just completed four years as the co-host with his wife Heather of a radio program about safe money and keeping income safe.
Darcy Bergen recently explained that especially in the current health and economic environment it is extremely important to recognize that one’s life can drastically change overnight. This is why Darcy emphasizes the importance of having adequate insurance coverage as well as the best type of asset protection game plans in case of unforeseen disasters such as sudden or premature death, accidents, lawsuits, or major natural disasters such as earthquakes or hurricanes.
Darcy Bergen said that people who are affluent have special insurance needs as they may need to insure such luxury items as large estates, large boats and planes, fine art, jewelry, employees in the home, and even insurance against the risk of extortion. Oftentimes, the most competitive pricing and terms to accommodate the needs of a wealthy client may involve coordinating different types of insurance coverage with a number of different insurance brokers.
Financial advisors should have strong ties to many professionals in the insurance industry ensuring the most competitive pricing and terms while being sure to shield their client’s assets from all potential risks. They should make sure all personal and business insurance policies are coordinated with any work-related policies to ensure there are no gaps or redundancy in insurance coverage.
In addition, Darcy notes that financial advisors should coordinate all insurance policies with the estate plan that is in place and will also evaluate the titles of any assets to make sure that clients are protected in the event of a potential legal suit or claim. In addition, they will help to inform all involved family members of how these safeguards are structured to the benefit of the entire family money management.
Darcy Bergen explains that asset protection often is a matter of forming trusts to shield assets from potential creditors. In addition, limited liability corporations can be formed and certain assets can be placed with a spouse to avoid potential judgments. He also says that there are specialized insurance policies that can become effective when a judgment is in excess of the insurance policy limits. In addition, Darcy goes on to say that a good financial advisor will ensure that whatever happens your family will be protected.
Investment advisory and financial planning services offered through Simplicity Wealth, LLC, a Registered Investment Advisor. Sub-advisory services are provided by Advisory Alpha, LLC, a Registered Investment Advisor. Insurance, Consulting and Education services offered through Bergen Financial Group. Bergen Financial Group is a separate and unaffiliated entity from Simplicity Wealth and Advisory Alpha.