Proper Risk Management with Darren Newell & Jason Newcomer
Proper Risk Management Show Notes
What are the basic fundamentals of financial planning? What is the foundation of a good, solid financial plan? The answer is simple: it’s proper risk management. However, risk management isn’t just about money management and your exposure to the market–it goes far deeper than that.
Joining me to talk about this are Jason Newcomer and Darren Newell. Jason is a CERTIFIED FINANCIAL PLANNER™ and the Director of Centralized Finance Planning at Barber Financial Group, and Darren is an insurance agent at Midwest Professional Insurance.
In today’s conversation, we talk about how to view risk management across different age ranges. We also discuss how financial advisors and insurance agents often fail to help their clients mitigate risk, and how to take a holistic look at your risk exposure and best protect yourself right now.
In this podcast interview, you’ll learn:
- Why proper risk management is much more than just assessing risk in your portfolio and downturns in the stock market.
- Why so many people discover they’re underinsured or have the wrong insurance when something bad happens.
- What it means to have captive insurance coverage–and how a bad agent can convince you to insure assets that don’t really exist.
- How retirees partaking in the gig economy create additional risk–and how to protect against it.
- Why insurance companies so aggressively look for fraud.
- “A lot of the risk is in protecting the future” – Jason Newcomer
- “Every single year, I call to ask: What’s going on in your life? What’s changed?” – Darren Newell
[00:00:07] Dean Barber: Hello, I’m Dean Barber, founder & CEO of Barber Financial Group, your host of the Guided Retirement Show. Today, we are going to be talking about the very basic fundamentals of financial planning and the foundation of a good, solid financial plan, and that is proper risk management. Joining me today will be Jason Newcomer, CERTIFIED FINANCIAL PLANNER™ and also Director of Centralized Financial Planning at Barber Financial Group along with Darren Newell. He is an insurance agent with Midwest Professional Insurance. Enjoy my conversation with Jason Newcomer and Darren Newell.
[00:00:53] Dean Barber: Gentlemen, we’re here today to talk about risk management. So, Darren, first of all, welcome. Good to have you here.
[00:00:59] Darren Newell: Hey, thanks a lot, Dean. Appreciate it.
[00:01:00] Dean Barber: You’ve met Jason?
[00:01:01] Jason Newcomer: Yeah. Good to be back.
[00:01:02] Dean Barber: It’s always good to see you.
[00:01:03] Jason Newcomer: Yeah.
[00:01:03] Dean Barber: You and I talk on a regular basis, Darren. You and I see each other quite a bit. We all have this common theme of what we do. I’ll call it a holistic approach to wealth management. And a big part of wealth management is risk management, and how do we mitigate risk in our lives? And I know when some people hear the term risk management, and Jason, I’ll go specifically to you for this one. They think risk management is how I manage the risk in my portfolio, because most people think that wealth management is all about money management, because that’s what our industry has done. It’s trained people to think, well, wealth management, that means investment management, but it’s far beyond that, isn’t it?
[00:01:52] Jason Newcomer: Yeah, it is. I mean, you’re right. People think when they think of financial planning, I think, initially, your focus is on the investments because that’s kind of the engine that drives the plan forward, but that really is just a part of the overall plan. The plan doesn’t work if it’s just solely focused on investments.
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[00:02:09] Dean Barber: Alright. So from a CERTIFIED FINANCIAL PLANNER™ Professional’s perspective, Jason, talk about risk management. How do you view risk management? And how should the individual consumer out there view risk management? If you want to do it and break it up in age groups for us, you can, because I think that risk management to the 25-year-old means something different than risk management to the 60-year-old.
[00:02:36] Jason Newcomer: I think so. There are all sorts of different types of risks that are out there. When you talk about risk management from a retiree’s perspective, I think your mind goes to downturns in the stock market, how’s that going to impact their investment portfolio and their future income security. It might include an early death, maybe a death of a spouse or something like that, loss of income. It could include a health event, long-term care, say something like that.
If you’re talking about a younger person, though, the focus on risk management might be on, I’m starting a family. I’m recently married. I want to make sure that I’m protecting my family in case something happens to me. So, I’m looking at term life insurance or disability insurance. That’s where a lot of the risk is protecting the future.
[00:03:21] Dean Barber: You know, it’s interesting, and I noticed that you didn’t mention anything about property casualty. Is that because you don’t like Darren?
[00:03:28] Jason Newcomer: It’s nothing personal.
[00:03:30] Darren Newell: None taken.
[00:03:31] Dean Barber: But okay, seriously, though, Darren, that happens all the time. Now, people are required by law. If they have an automobile to insure that automobile. Why is that?
[00:03:42] Darren Newell: Why? Because they have to, I mean, in order to drive a car, to get a loan, the loan company requires you to have insurance because there’s got to be someone payable because they’re actually the last payee on that vehicle. And then, there’s also liability. The state requires liability limits, personal injury protection limits. You just have to have that. It’s a state requirement.
[00:04:07] Dean Barber: So, in your world, that’s your risk management.
[00:04:11] Darren Newell: Yes, it is. I mean, he made something very– what he said about liability limits and risk is, especially younger people think, well, I have full coverage. What does that mean? You could have full coverage, but your liability limits only be $25,000, $50,000. And if you break that down, that means if you got in an accident and you hurt someone, then only that first-person vehicle that you’re hurt gets $25,000 up to $50,000 for everyone else in the vehicle. Well, we know today, there’s litigation, there’s medical expenses. If you exceed that $25,000, $50,000, then the rest of that is out of pocket. And being fully covered, there’s a lot more to be said about that.
[00:04:53] Dean Barber: So, what you’re saying is the risk there, if they have those minimum requirements that are required by law, they’re exposed in the event that they have an accident and somebody is injured because they’ve got those limits of coverage, and if they exceed those limits of coverage, then they’re going to go after that person’s assets, and what else?
[00:05:12] Darren Newell: Future earnings.
[00:05:13] Dean Barber: And that’s a big deal.
[00:05:14] Darren Newell: Yeah, it is a very big deal.
[00:05:16] Dean Barber: So, Jason, I know that whenever you’re completing your financial plans for people, you’re actually reviewing the property casualty insurances. I think that has got to be weird for somebody to come in. Here’s Jason Newcomer, CERTIFIED FINANCIAL PLANNER™, and I’m thinking I’m going to go in and talk to him about how I’m going to become wealthy and how I’m going to stay independently wealthy or whatever. Jason’s asking me for my declaration pages for my property casualty insurance. They got to be thinking, what is this guy? I mean, he’s not a property casualty guy. What kind of reactions do you get from people when you look at that or when you ask him for that?
[00:05:55] Jason Newcomer: Yeah. Why do you need to know that? Why do you need to know if I’m paying for that type of policy or this type of policy? I think a big part of our job as financial planners at the end of the day is to not only help to build the initial financial plan, but then to kind of come in and be the one that says, “Well, how can I break this?” Like, what could potentially go wrong that sent this thing off the rails? Like, where’s the risk?
And some of it’s obviously out of our control, out of our clients’ control, that relates to the economy or the stock market, but let’s focus on the things that we can control. What happens if someone gets sick, right? Or what happens if there is an auto accident? We had a really bad winter this past year. What happens if your car is responsible for a five-car pileup on the highway? It’s something totally, very obviously a rare occurrence, but something that could devastate someone financially. And all the effort and hours that we’ve spent talking about budgeting and tax projections and financial planning for the next 30 years…
[00:06:54] Dean Barber: The winter.
[00:06:55] Jason Newcomer: Yeah, gone in a split second.
[00:06:58] Dean Barber: And people can have insurance, but they can have the wrong insurance or the wrong amount of insurance, and one of the things that I think, Jason, from a financial planning perspective is most financial planners don’t take the time to review the property casualty coverages that people have, because there’s nothing in it for you.
[00:07:22] Jason Newcomer: Yeah, I think more and more, it’s just kind of a check-the-box CYA. We asked the client, did they have property and casualty insurance? Did they have umbrella liability insurance? They said yes. Okay, check it. Let’s move on, but that’s maybe the extent of the work, but really, we’re more interested in, well, let’s see the type of coverage that you have, the policy limits on your coverage.
Let’s look at your net worth and your future earnings. As Darren alluded to earlier, the wage garnishment with a lawsuit or something like that and be financially devastating so that liability insurance, we talk about, well, million dollars, $2 million of coverage, maybe that’s appropriate for someone who’s got a million dollars or $2 million of assets, but what about the person who’s just graduated from medical school and has $250,000 of student loan debt? There’s still a huge need for that insurance.
[00:08:13] Darren Newell: There is, absolutely.
[00:08:14] Dean Barber: Tell us more, Darren.
[00:08:15] Darren Newell: Well, just what he said, with someone with that kind of potential earnings coming up to have that umbrella, and if God forbid, they are working that midnight shift to 6 a.m. They’re tired in the morning. They run through stoplights and take out a family going to school and cause a lot of injuries. And, of course, there’s going to be litigation.
And, of course, they say, “Wow, this guy’s a doctor.” He doesn’t have an umbrella policy because typically a lawyer sees an umbrella policy and they kind of shut it down after that because they know that’s what they can get, but I would say with a doctor, I would go a little higher than a million dollars because that future earning for a young doctor is exponential and that could be taken away from him all the way to the time that he retires. So, I would highly recommend that.
[00:09:06] Dean Barber: If it was taken away from me I’d never be able to…
00:09:09] Jason Newcomer: I don’t know if I want that doctor at 75 either.
[00:09:11] Dean Barber: Yeah. So, Darren, from your perspective as a property casualty agent, someone looks at risk management more from a holistic point of view and really diving into the coverages and asking a lot of questions, talk to me about some of the things that you see that maybe surprise you when you start reviewing coverages that people have today.
[00:09:39] Darren Newell: I think that the biggest surprise to me is the liability limits. And they don’t have an umbrella. At 45 years old, they’ve got two kids driving. That to me, just scares me because those kids are part of that policy. And we all know kids aren’t the best drivers. I mean, that’s the reason why their premiums are the highest.
[00:09:56] Dean Barber: Can you break it down for our listeners and our viewers on YouTube? What do you mean when you talk about an umbrella policy? Talk to us about what that does and why you think it’s critical and then the cost.
[00:10:08] Darren Newell: Sure. The umbrella policy. So, typically, you have your underlying limits, which in order to get an umbrella policy with most insurance companies, you have to have what I call 250, 500. That’s $250,000 for the first person in the vehicle up to $500,000 for everyone else in the vehicle that’s been injured. So, after that, if those limits have been exceeded, that’s when the umbrella policy kicks in, so that’s for lawyers, litigation, any medical bills, all of that.
[00:10:34] Dean Barber: And so, your umbrella policies are typically, what, a million dollars?
[00:10:37] Darren Newell: A million dollars is typically the average, depending on the household. If it’s just husband and wife, they’re anywhere from $175 to $225 dollars a year. And if you’ve got two kids, they can get up to around $400 a year.
[00:10:51] Dean Barber: But that’s really inexpensive to get that extra million dollars of coverage. Okay, so you explain that out for an automobile, how does that work on a personal property, a home…
[00:11:01] Darren Newell: Umbrella’s the same.
[00:11:02] Dean Barber: A renter’s policy or something like that?
[00:11:04] Darren Newell: Yeah, an umbrella covers everything that is underneath that policy. So, that’s your home, that’s your auto, everyone that’s insured there as well. So, for a great example, someone has a pool. If you don’t have an umbrella policy…
[00:11:17] Dean Barber: Yeah, I have a pool.
[00:11:17] Darren Newell: Yeah. If you don’t have an umbrella policy, you need one immediately. And the worst kind of accidents happen in pools. And so, that typically on a home, $300,000 is what I would recommend to have on liability coverage. So, you can go all the way up to a million, but then you can also add that umbrella on top of that. And that’s extremely…
[00:11:37] Dean Barber: Is the same umbrella policy that goes on the car the same umbrella policy that goes on the home?
[00:11:42] Darren Newell: It is, but you think, well, I had an accident this year and I broke into that umbrella policy, that umbrella policy is covering also on the home as well. It’s just not one limit. So, if you have an accident over in the car, you have an accident over in the house, you get a million for the house, you get a million for the auto. It’s not up to me.
[00:12:01] Dean Barber: And so, it’s a per occurrence for everything.
[00:12:03] Darren Newell: Yeah.
[00:12:04] Dean Barber: And it’s not a lifetime limit or something like that could be done.
[00:12:07] Darren Newell: No, it’s not at all. Every year, it renews. And typically, if you don’t have a million-dollar umbrella policy for a few years, you can’t just come in and ask for a $3 million policy, we’ve got to start at 1 or 2. And with good insurance history, that’s when you can start adding it up to $3 to $5 million dollars, but $5 million is typically the highest they’ll go.
[00:12:27] Dean Barber: Jason, let me ask you the same thing. From a financial planner’s perspective, when you’re gathering documents and you begin to review the property casualty insurance, what’s your biggest aha? What do you think people are missing?
[00:12:40] Jason Newcomer: Yeah, I think for me, when you start asking someone for their insurance policies and declaration pages and yet, the question comes up, well, when’s the last time you looked at your coverage? When’s the last time you assessed whether or not your coverage was adequate or whether or not you were getting maybe the best deal on your premium or something like that? And oftentimes, it’s well, I can’t remember the last time we looked at that, or looked at it five years ago and nothing was close. So, I haven’t looked at it since. And we were talking offline about that.
[00:13:09] Darren Newell: Yeah, it’s very interesting. So, I just had a client who’s been with a captive insurance agent for probably the last 15 years.
[00:13:17] Dean Barber: Explain captive. Don’t use things that are…
[00:13:20] Darren Newell: I don’t want to get us in trouble, but it’s…
[00:13:23] Dean Barber: It’s somebody that sells insurance for a specific company and that’s all they can do.
[00:13:26] Darren Newell: Exactly, that’s all they can do. So, like, for me, as a broker, I’ve got seven to really ten different carriers, but typically, I use about seven for the most part in this market where I get to shop for you, take it out to the market, and see what’s going on and try to get you the best rate, but if you’re with that captive, let’s say, for the last 15 years, typically, they’re going to add 3% of value onto your home every single year.
Now, I don’t think the housing market increases that way. I mean, it has this year, but for the most part, in five to ten years, your house is already overvalued. So, I had someone come in the other day, and they’ve been with this company for 15 years. Their house was valued or insured at $800,000. Really, it’s a $550,000 home. So, they’re paying $350,000 more.
[00:14:16] Dean Barber: They’re insuring it $350,000 asset that doesn’t exist.
[00:14:18] Darren Newell: It doesn’t exist. And so…
[00:14:20] Dean Barber: That would be like somebody driving a little Volkswagen, and they got the insurance on a BMW.
[00:14:26] Darren Newell: Exactly, yeah. So, what’s great about being a broker and having someone like myself is I review it every single year. A captive agent is not going to review it every year because most often, you should really expect your insurance premiums to go up to about 3% to 7% a year. They don’t want to call you and say, “Hey, guess what, you’re going up 10% this year,” because you’re going to start shopping. So, they just won’t call you. My job, and I have the luxury to say, “Yes, your insurance is going up 10% this year,” but this company over here is actually going to save you a few hundred dollars a year with the same coverage, so.
[00:15:04] Jason Newcomer: I want to ask you a question, if I can, about the gig economy, because we work with a lot of retirees that they’re leaving, maybe a high-stress job, but they’re not ready to sit at home and do nothing all day. So, those people might be interested in just staying social, whether it’s a drive-in for a rideshare company or something like that. Maybe they’ve got a second home that they want to rent out on Airbnb and they think, well, I’ll just do this and not really think too much about it, but can you talk about the things that they need to be aware of in terms of either their insurance coverage or changes that they need to be making to these policies?
[00:15:37] Darren Newell: Oh, sure, yeah. If you’re doing a rideshare, please tell your insurance agent immediately, because, I mean, God forbid, if something were to happen, and that insurance agent finds out that you had that Uber sign in your car, they’re going to deny you, or they’ll cover the claim, but then they’re going to drop you. So, just by letting your insurance agent know, it is going to increase your premium. And same thing with a second home that you want to Vrbo or Airbnb, you need to change that type of coverage from a homeowner’s policy to a landlord policy, and depending on how often you’re going to rent it, is obviously going to change some of the rates. If you’re going to rent it 181 days of the year or you’re going to rent it 365 days of the year, just really all depends, but typically–
Actually, I had someone do that the other day and it really only increased their premium by $100. So, it just really depends. But again, it’s covering yourself in that risk mitigation or almost elimination by staying up on your policy. That’s why it’s important to review. That’s why every single year I call, what’s going on in your life? What has changed? Have you got a new roof? Because if you’ve got a new roof and you didn’t tell me, that’s going to lower your premium quite a bit. Are you running out that like home? That’s going to change. And if something were to happen down there and like, that guest says, yeah, I slipped and fell or cut myself because that stair wasn’t repaired properly, like, well, the policy doesn’t say that you were renting that house out. That’s a big deal.
[00:17:10] Dean Barber: What if you just have somebody that is a family member that you let stay in the place for a weekend?
[00:17:16] Darren Newell: That’s covered. You’re not charging them, you’re not making any money on it. That’s totally fine.
[00:17:20] Dean Barber: Yeah, I just want to make sure. I got to make sure that’s covered. So, this risk management piece, I know that nobody ever buys insurance hoping to file a claim, right? Now, the only one that I can say that I’ve ever heard somebody say that they were ready to file a claim on was a new roof. This roof is going to need to be replaced in five years, and I wish I’d have a hailstorm, but I’ve never heard somebody say, man, I got this health insurance policy, I can’t wait to get sick.
Or I got this life insurance policy, I can’t wait to die. I got this brand-new car and I got a good car insurance, I can’t wait to crash this thing and get into the insurance company’s pockets, but one of the things that I know frustrates me and probably every person in America is that any time you have an insurance claim, the insurance company almost always wants to fight you. They almost always want to investigate. They’ve got a lot of questions. So, Darren. Why? Is it fraud in…
[00:18:25] Darren Newell: There is a lot of fraud. There’s a lot of fraud. I’m sure, even if you’ve had this happen in your neighborhood where someone knocks on your door, a roofing company that you’ve never heard of before, you probably can’t even find them on the BBB that is saying “Hey, a hail storm came through last week, I’d love to take a look at your roof”, and they get up there and they say, “Yeah, there’s hail damage,” but really, maybe there wasn’t a cat code. And a cat code is a catastrophe code that is labeled, like last week, those high winds that came through with all that rain, that was a cat code.
And so, there are legitimate claims going on out there right now because of that, but there are companies out there trying to prey on the people that don’t know, you and I can’t stand on the ground.
[00:19:06] Dean Barber: Is it the companies that are preying on that? Or is it the consumer that files fraudulent claims?
[00:19:13] Darren Newell: Kind of both. Absolutely. The biggest fraudulent claim is jewelry. The $20,000 ring that just went somewhere. We have no idea what happened to it. That happens all the time. Rates are going to go up after that because insurance companies…
[00:19:32] Dean Barber: Your son stole it. So, it’s in a pawn shop.
[00:19:33] Darren Newell: Exactly, but, yeah, take a look at who your carrier is as well. If they’re an A plus, they’re a better rated company, they’re going to come out and they’re going to take care of the claim. Every one of my carriers is an A-plus carrier, and I rarely had any pushback whatsoever. They want to get it taken care of, get your house back to normal, get your car back to normal and get you back to living normally because the longer you’re not in your house, the more money they’re going to pay. They want to get through this just as bad as you do because they don’t want to pay any more money than they absolutely have to, so.
[00:20:12] Dean Barber: Jason, have you ever run into any examples of people that didn’t have the right kind of coverage, something happened, and now they got big problems?
[00:20:25] Jason Newcomer: Any example I can think of, thankfully, was caught before anything bad happened. I don’t know if it’s just I’m the luckiest person in the world because they came to me, nothing bad happened, but oftentimes those things come up in these reviews that we have with clients. Let’s take a look. It’s been a year or two since we’ve looked at your property and casualty insurance, maybe your policy limits. And like Darren said, just have open lines of communication, I think, between the client, the trusted advisor, the insurance agent, everyone’s talking together and all on the same page and everything’s out there in the open. You can really minimize the chances of something going off the rails.
[00:21:02] Darren Newell: I have a really good example that I had. It’s now an insurer of mine, but came to me and said, “Will you take a look at my policies?” And I took a look at the policies, started to get to know him, like, what goes on at your house. Well, I’ve got two kids. I live on five acres of land. We’ve got some four-wheelers, some quads. And I was looking at his liability limits. Like, you don’t have enough. You really don’t have enough. And lo and behold, about six months later, someone flipped an ATV.
Now granted, it didn’t go over the liability limits, but it’s an example of what could have happened. And if he didn’t have that umbrella and something worse would have happened, he would not have been covered. Now, obviously, that family has an umbrella, and their liability limits are a lot higher, but yeah, it takes someone actually cares to want to sit down and talk to you and find out what’s really going on in your life and educate you of really the risks that are out there.
[00:22:00] Dean Barber: So, one of the things that we always look for as fiduciaries, Jason, is abuse in our industry. As fiduciaries, our job is to always make sure that we put our client’s interests ahead of our own and that we compensate it from our clients and not from product manufacturers or anything like that. And so, Darren, I got to know in the property casualty insurance space, are there agents who you think maybe not intentionally, but they’re not fully representing, I guess what I’m asking for is there abuse from the insurance agent side out there that consumers need to be aware of? And what would you look out for?
[00:22:45] Darren Newell: What I would look out for is an agent that doesn’t call you every single year and has your best interests in mind. I mean, again, you go back to those captive agents, that $800,000 house that they’re paying $5,000 a year on, I just dropped their premium down to $2,000. And they have adequate coverage. I added…
[00:23:08] Dean Barber: That’s a decent family vacation that they’re unable to take because they’re not sending the money off the insurance company unnecessarily.
[00:23:14] Darren Newell: Yeah, exactly. Again, those captive agents, they have no reason to call you. So, when those rates go up, they just hope you don’t call them and ask them why. Part of my job is to call them up and let them know what’s going on and take care of them.
[00:23:28] Dean Barber: Have you ever seen any abuse in that area, Jason?
[00:23:31] Jason Newcomer: Oh, I’m sure I have. Yeah, absolutely. I mean, just in any industry, any time there’s sales involved, sometimes there’s going to be conflicts of interest, but there truly are people that are out there working for you and your best interests.
[00:23:45] Dean Barber: Darren, okay, from a property casualty perspective, talk to our listeners a little bit about the importance of coordinating that property casualty insurance with the overall financial plan. In other words, working with the CERTIFIED FINANCIAL PLANNER™ Professionals that we have here at Barber Financial Group and the way that the clients are able to say, “Oh, we’re looking at everything. And we’re not just buying insurance because we’ve been told we should buy insurance. We actually understand why it’s there.” So, what’s that experience like for you and for the clients that you get to interact with that are also part of Barber Financial Group?
[00:24:24] Darren Newell: I think there’s a lot of aha’s, just what I was talking about earlier on that $800,000 house. That was someone from here, that wow. And I haven’t reviewed it. And it’s nice to get a review. It’s nice to be able to talk to someone once a year to find out what’s going on in their life. Again, things change in your life all the time. And if you’re not having an open dialog with your insurance agent, something may have changed, you may have told them you’re not covered. So, I think it’s very important and it’s really been a lot of fun. And it’s usually a very great conversation about insurance. And typically, believe it or not, we usually say a little bit of money, which is even more fun conversation, so.
[00:25:06] Dean Barber: Yeah, the whole 15 minutes, we can save you 15%. Marketing brilliance there, for sure. Alright, so what else do we need to know? What else do our listeners need to know about property casualty? Or Jason, is there something else that you’d like to expand on more on risk management beyond property casualty? I think this would be a good venue to do it.
[00:25:35] Jason Newcomer: I think that the biggest takeaway that I’ve got with this topic is to not be scared or hesitant or to actually take the time to go through and review this, or if you don’t want to do the legwork, I know of a lot of clients that have gone out and tried to do this on their own online on one of those search tools and usually, it’s not the same result as actually having an independent broker take a look at those things. And I’m sure you’ve seen that, too, but it’s a worthwhile endeavor. I mean, take the time, spend the time, and do the research.
[00:26:07] Dean Barber: You know, I think from my perspective and why I put the company together the way that I did and why we’ve got Darren in here looking at this is that I think if people can understand that when we’re looking at your insurance, we’re looking at it purely from a risk management standpoint, that there’s not reward for us as the financial planners in selling insurance.
We get nothing from anything that Darren does. But if that individual consumer can sit back and say, “I finally have an advocate that is somebody that’s truly looking out for me. They understand what my risks are. I’m just trying to insure those risks. I don’t have to fear that I’m being sold something.” That is probably the one thing that most consumers say is that insurance salesmen, they just want to sell. They just want to sell, sell, sell, sell, sell. And the industry did it to itself. So have you gotten that kind of feeling from some people?
[00:27:06] Darren Newell: I have, but in about five minutes, it goes away because I want to get to know them first. I want to have a relationship with them. It’s not wham-bam, get out after the next sale. For me, it’s getting to know them and making sure they’re properly covered. I mean, you and I had a conversation yesterday about an insurer on their liability limits, they were adequately covered, but uninsured or underinsured motorists, they were, I thought, a little under covered.
And that’s a question regardless if they decide to move over with me, they can at least call that other insurance person and say, “You know what, I’d like to increase this.” And I’ve had many conversations, just reviewing insurance with some of the clients from here is, I recommend doing this, or I think you’re really in the right spot, but maybe do something here. If you really have that great relationship that there’s a lot of people, like I grew up with my insurance agent, and well then, ask me to do this for you. And to me, that’s more valuable, is more valuable for you and you, the whole company. And eventually, they’ll probably tell someone about me and maybe I will get a sale, but that’s not the big thing.
[00:28:21] Dean Barber: Well, gentlemen, Jason and Darren, thanks for taking the time to spend with our listeners to The Guided Retirement Show, our viewers on YouTube. Great information. I would encourage anybody, obviously, that hasn’t gone through that thorough insurance review. Start with one of our CERTIFIED FINANCIAL PLANNER™ Professionals, Jason here is the director of Centralized Financial Planning at Barber Financial Group. Everything runs through his eyes. At the end of the day, that’ll get to Darren, where we’re really analyzing those policies and a lot of cases saving your money. The most important thing is making sure that you have that baseline of a financial plan and proper risk management across the board. So, I appreciate you both being here.
[00:29:06] Darren Newell: Dean, thank you very much. Appreciate it. Thanks, Jason.
[00:29:08] Dean Barber: If you’d like to schedule a complimentary consultation with one of our CERTIFIED FINANCIAL PLANNER™ Professionals to begin the process of making sure that you’re fully covered and adequately covered without the fear of being sold anything, check us out in the show notes for a complimentary consultation. If you’d like to reach out to Darren Newell directly, there will also be a link there to reach out to Darren Newell. As always, share this podcast with any of your friends and relatives who you think the content was pertinent for. Thanks for joining me.
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Investment advisory services offered through Barber Financial Group, Inc., an SEC Registered Investment Adviser.
The views expressed represent the opinion of Barber Financial Group an SEC Registered Investment Advisor. Information provided is for illustrative purposes only and does not constitute investment, tax, or legal advice. Barber Financial Group does not accept any liability for the use of the information discussed. Consult with a qualified financial, legal, or tax professional prior to taking any action.