How to develop the risk management plan that responds when you need it


“The devil is in the detail”. This is an old saying relating to legal documents. It can also apply to the analysis required to establish your risks, develop a proper plan and then implement solutions so that the plan responds when most needed.

The Risk STRESS TEST

This is a system that was developed 10 years ago at WISEplanning to help everyday Kiwis to cut through the insurance and risk management jargon so they could understand what they have in place, how useful these current arrangements were and what adjustments were required.

This puts clients in control of the whole process with the assistance of experienced advice to help make decision-making easy.

BRUTAL FACT: We call it a “blind spot”. Many people have little or no understanding about what risks they are exposed to, the consequences of poor planning in this area and how to put together an efficient risk management plan that can respond when required. Worse, some have strong defense barriers up and don’t want to talk about it either.

The process

  • Gather the facts: The Risk STRESS TEST questionnaire is completed
  • Analyse the facts: WISEplanning analyse the information, prepare a plan and send a full report to the client outlining the risk management plan.
  • The Concise Report: The report details specific risks and recommendations to limit damage along with how the recommendations were arrived at. Where existing arrangements are unsuitable, adjustments are outlined including research and analysis from an independent research house for maximum transparency and easy decision making. That way our clients feel confident about making adjustments and are keen to implement a proper plan that is well matched to their specific circumstances.
  • Meeting to discuss The Concise Report: The adviser steps the client through the report, provides advice where useful and answers questions. The client instructs the adviser as to what adjustments they want to the plan.
  • Recommendations updated and sent to client: The adviser will review the analysis, accessing independent research and analysis as required, update the risk management plan, send to clients and follow up.
  • Adjustments finalized: Clients discuss, liaising with the adviser as required and final instructions sent back to the advisor including authorization to set up the new plan.
  • The risk management plan set up and finalized: The adviser follows through with setting up the plan as per clients instructions, liaising with any insurance / financial institutions and the client as required. The adviser will also negotiate with any insurance / financial institutions as required, keeping the client up to date along the way.
  • Review process is set up: The adviser has responsibility for follow up and review (usually annually). The adviser is available to assist should a serious event emerge offering help and advice as required.

Financial security and confidence

When one member of the family falls seriously ill, it usually impacts on the whole family.

A well thought through risk management plan shelters the whole family from a serious health event, especially if it is mum or dad who falls ill.

With a sound risk management plan our clients and their families can hold onto their financial position during serious illness and protect sometimes, decades of financial progress.

TIP: having a proper risk management plan means that everyone can focus on convalescing and recovery – NOT the stress of not enough money as well.

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Peter Flannery

“Helping everyday Kiwis who expect more … to live their lives the way they want”

 

Peter was raised on the family farm in Kamahi, near Edendale in Southland. He is an investor, business owner and a first generation financial advisor, having entered financial services in 1983 in Southland.

 

Peter now lives in Christchurch with his family. His hobbies include family time, spending time with friends, exercise, reading a good novel and time on the deck at the bach.

 

Peter founded WISEplanning in 1987. His 500 clients live across New Zealand and a few overseas. The ongoing expansion of WISEplanning now includes offices in Invercargill, Christchurch (HQ) and Auckland.

 

Peter is known among his clients for challenging common practice and conventional methodology.

 

He argues “People tend to follow the crowd, which is interesting, because most people are both time poor and money poor, so why follow them?”

 

He is known to many around New Zealand as one of few to warn in 2004 of the coming global financial crisis (The GFC) that suddenly erupted in 2008. His views were considered controversial at the time. Peter credits Warren Buffett and his partner Charlie Munger for his most useful learning’s about investing.

 

Peter believes education continues throughout life. Some highlights from his recent continuing education include:

 

• The formal Financial Adviser training through Massey University in Palmerston North,

 

• The Entrepreneurial Coaching program through The Strategic Coach in Vancouver, Canada,

 

• The Business Owner/Manager Program through The Icehouse in New Zealand,

 

• The Peak Performance Program through Glazer Kennedy, Baltimore, USA

 

• The High Performance Program through The Elite Professionals Program in New Zealand

 

• The Experts Academy through Brendon Burchard, Sydney, Australia

 

• The Millionaire Mentor Program through Scott Harris, The Gold Coast, Australia.

 

As an investor, he is regularly researching markets and analysing potential investment opportunities and likes to point out to anyone who will listen that discipline around the investment method is key to success.

 

Peter has developed programs and tools that help everyday kiwis who expect more out of life to succeed sooner.

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Miriam Woon

Miriam has been with the WISEplanning team for a few years, bringing with her enthusiasm and extensive customer service skills to the role.

 

She emigrated to New Zealand from the Netherlands and spent her teenage years in the Bay of Plenty before moving to Auckland to begin her studies in Travel and Tourism. Employment in the Tourism industry eventually led Miriam to start her “8 year OE”. Whilst managing ski chalets in the French Alps, she met her future husband. They moved to Cardiff for a few years before moving to Canterbury in 2008, and now works remotely from Nelson.

 

Miriam is the Operations Manager for WISEplanning’s clients. Her passion has always been to work closely with individuals to help them improve their work and life skills.

 

Miriam enjoys spending time with her two sons, husband, family and friends. She has a passion for running, skiing, photography, exercise, reading and really enjoys dealing with people.

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Sean Yang

Sean is the Portfolio Coordinator for Clients at WISEplanning and brings his enthusiasm, professionalism and well developed customer service skills to the role. Sean was born in Beijing, China and obtained his Bachelor Degree in Economics (majored in Statistics) in China and Graduated Diploma in Accounting and Finance at University of Canterbury.

 

Sean has worked in the finance sector specialising in Investment Advisory for more than 10 years. He is experienced in dealing with clients’ queries and providing support to Financial Advisors.

 

He is an organised person with a strong customer focus. Sean enjoys spending time with his two daughters, wife, family and friends. He has a passion for sports such as soccer, badminton and swimming and really enjoys dealing with people.

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Theo Zbijowski

Theo Zbijowski is the Financial Paraplanner at WISEplanning who brings his friendly and enthusiastic attitude to the role.

Theo graduated from the University of Canterbury with a Bachelor of Commerce majoring in Accounting and Finance in 2016.

Now that he has completed his degree, he is looking to continue to develop his skills and knowledge of the industry by becoming a Financial Adviser.

He is a conscientious person who maintains a strong work ethic as well as a professional attitude. Theo enjoys spending his time playing sports such as squash, tennis and table tennis; while also enjoying the company of his friends and family.

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Kim MacKenzie

Kim has been with WISEplanning since mid 2016 and is our Client Services Specialist. She brings enthusiasm for customer service, professionalism, good time management and efficiencies to the role.

 

Kim and her husband have been based in Christchurch for over 20 years and originated from Central Otago where they both grew up. They have three teenagers so Kim know’s first hand how busy managing life, money, kids and family can be.

 

Kim enjoy’s spending time with family and friends, should do more exercise than she does and recently brought a bach where her family and friends are now creating time spent memories that she hopes will carry her kids through to adulthood.

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