KNOW THE CLIENT – KNOW THE PRODUCT

Asset protection needs to consider insurance, which is critical in managing risk. There is great variation in policies, definitions, and premiums between companies. Before taking out cover, clients must know every aspect of the policies; how they work, correct policy ownership is in place, and that it underpins their asset protection program.  

LICENSED ADVISORS

Advisors must hold licences to give advice on insurance and financial issues. This licensing requirement prevents anyone who does not hold a licence to give any advice on insurance, financial planning and superannuation. Accountants and agents, who are not licensed, cannot give advice on these issues.

Financial Advisors must carry out a full risk analysis of clients’ personal situation before making any recommendation or giving any advice otherwise, they breach the Corporations Act 2001. They must “Know the Client and Know the Product.”

PANEL

Behan Legal has a panel of licensed advisors that advise on financial issues, investments, and insurances. These advisors can interview clients in conjunction with the legal advisors and prepare comprehensive reports that assess personal financial risks, existing insurances, recommendations, and options available in the market providing analysis based on cost and quality, so clients can compare the differences.  

PROTECTION

The diagram in the document titled “Protection Modules” shows which advisors should work together to strengthen the client’s asset protection program.  

NEED MORE INFORMATION

Behan Legal advises and assists clients on these important issues. For an appointment, call 03 9646 0344.