Financial MAPS FAQ'S
Q:
What is the origin of "Financial MAPSSM?"
Q:
Is Financial MappingSM a form of Financial Planning?
Q: What is the origin of "Financial MAPSSM?"
A: Ferguson Financial Group uses a risk management approach to helping clients build wealth. This includes evaluating several types of risks:
- risks that could interrupt or destroy wealth accumulation potential during earning years
- risks that threaten already accumulated assets
- risks one's willing to take to increase earnings on capital which will ultimately take the place of labor.
This risk-management approach necessitates:
- a broad range of analysis skills,
- a thorough knowledge of risk financing tools (especially insurance products), and
- a thorough knowledge of risk reduction techniques, some of which are subject to state and national licensing and registration.
For this reason, we work with most clients on a team basis to help evaluate and manage all of the different types of risks in order to achieve individual wealth goals. We refer to this process as Financial MappingSM. When the knowledge and data are pulled together in visual formats, we refer to them as Financial MAPSSM.
Q: Is Financial MappingSM a form of Financial Planning?
A. No.
Financial MappingSM is not exclusively (or even primarily) used for making comprehensive financial plans. It is often used to help make everyday financial decisions - should I change my deductibles; should I insure my income, etc.
Just as road maps provide information useful in making travel decisions or plans, Financial MappingSM provides a way of looking at information that can be useful in creating a financial plan or making a specific financial decision.
Road maps don't dictate our routes. Rather, they increase our knowledge about what to expect. Road maps help us see options. They provide important visual references that help us create a travel plan.
Likewise, Financial MAPSSM don't dictate our financial decisions. Rather, they help get us in touch with our financial landscape, better understand our options and more clearly visualize our goals. Financial MAPSSM can assist us as we make individual decisions.
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