When it comes to interesting and engaging financial topics, insurance and asset protection often rank near the bottom. Despite their relative banality, insurance and asset protection are vital in ensuring financial success by providing a security blanket for uncertainty. In this edition of Ask the CFPs, we will learn the ins and outs of various insurances as well as insights on asset protection and preparing for your child’s financial future.
Adam Cmejla has helped individuals and practice owners make educated and informed personal and professional financial decisions. Being a 3rd generation business owner, the husband of an OD, and a CERTIFIED FINANCIAL PLANNER, gives him a unique perspective that separates him and his firm from other advisory firms. He’s regularly published in optometry publications such as Review of Optometric Business and was named to Investopedia’s Top 100 Financial Advisors in 2019.
Natalie Hayes Schmook is the founder and owner of Hayes Wealth Advisors LLC, a financial planning and investment management service for employed optometrists, practice owners and their families. Natalie started her career in the Private Wealth Management division of SunTrust Bank in 2006 and earned her Certified Financial Planner™ designation in 2009. Natalie graduated with Honors from Rollins College in Winter Park, FL and also received her Masters of Business Administration there.
- Let’s talk about insurance. From a CFP’s perspective, what are the most needed insurances, ranked in order of importance?
- How should employed ODs and owner ODs approach malpractice insurance?
- Life insurance - what is your advice for ODs?
- Disability insurance - what is your advice for ODs?
- Brief discussion on homeowners and car insurance.
- Other insurance you would recommend obtaining? Any umbrella policies or add-ons that could be useful for ODs?
- For ODs the own rental property - do you recommend holding in an LLC or utilizing an umbrella policy and holding under the individual?
- General Asset protection discussion - what are some best practices that ODs can implement to protect their financial well being, whether it be from theft, temptation or poor decision making?
- For ODs with children, what is the best way to prepare them for their future financially?
- For ODs with children’s future education, what plans and methods of saving/investing do you recommend?
We hope you enjoy this panel discussion! Click below to listen/watch!