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Assessing risk for clients is part of a financial advisor’s job, but are they forgetting about the everyday risks that aren’t directly related to their investments? The whole purpose of having a wealth manager or advisor is to focus on the client’s entire financial well-being. This includes any possible risks that may be associated outside of their portfolio.

Most clients don’t even realize what risks they may have. One primary focus is the risk their dependent children may have on them. If you are responsible for your child and he/she gets into trouble, it could end up costing you a bundle.

More and more advisors are trying to focus on any risks that could financial upset clients such as identity theft, lawsuit by a third party and even damage to physical assets. The more wealthy the client, the more possible risk they could incur.