1 July 2024

A Guide to Personal and Business Risk Planning

Uncertainty is a constant.

Whether it’s economic shifts, health concerns, or unexpected life events, the unpredictability of the future underscores the importance of risk planning. Risk planning is not about fearing the future; it's about being prepared for it. By strategically managing risks, both personal and business, you can safeguard your financial stability and peace of mind.

Understanding Risk Planning

Risk planning involves identifying potential risks and developing strategies to mitigate their impact. These risks can range from personal issues like illness or job loss to business challenges such as market volatility or loss of a key employee. The goal is to create a comprehensive plan that addresses these risks proactively, ensuring that you are prepared for any eventuality.

The Importance of Personal Risk Planning

1. Personal Insurance Advice & Review

2. Asset Protection & Structures

The Importance of Business Risk Planning

1. Business Key Person Risk Advice & Management

  • For business owners, the loss of a key person can be devastating. Key person insurance is designed to protect your business by providing financial support in the event of the death or incapacitation of a crucial employee. This ensures continuity and stability during challenging times.

2. Shareholder Protection Advice

  • Shareholder protection insurance is another critical component. It provides financial security to the remaining shareholders by funding the purchase of the deceased shareholder’s interest. This prevents external parties from gaining control of the business and ensures that the company remains in the hands of those who are best positioned to run it.

Steps to Effective Risk Planning

1. Identify Risks

  • The first step in risk planning is identifying potential risks. This involves assessing both personal and business aspects of your life and pinpointing areas of vulnerability. A thorough risk assessment helps you understand the scope of potential threats.

2. Develop a Strategy

  • Once risks are identified, the next step is developing a strategy to mitigate them. This includes selecting appropriate insurance policies, setting up asset protection structures, and creating contingency plans for various scenarios.

3. Consult with Experts

  • Risk planning is a complex field that requires specialised knowledge. Consulting with experts ensures that your risk management strategies are comprehensive and tailored to your unique situation. Financial advisers, insurance brokers and legal professionals can provide valuable insights and guidance.

4. Regular Reviews and Updates

  • Life is dynamic, and so are the risks you face. Regular reviews and updates to your risk management plan ensure that it remains relevant and effective. As your personal and business circumstances change, so too should your risk strategies.


Philip Hall, Head of Financial Planning , Senior Adviser.

Freedom = Travel and Beach Time.

Phil is an experienced planner who enjoys working with clients to meet their financial goals now and into the future. Having previously been a teacher, Phil educates and guides clients; enabling them to make informed decisions to build, protect and manage wealth through a broad range of financial strategies.

Phil grew up in Hobart, but has worked and travelled widely overseas and interstate prior to returning and settling in Tasmania. He commenced working in the Financial Services industry in 2002 and has completed an Advanced Diploma in Financial Planning, several specialist courses in ASX listed products, SMSF, margin lending and is a Certified Financial Planner®. Phil enjoys travel, getting outdoors and spending time at the beach with his family.


Masters of Financial Planning, Bachelor of Education (Honours), CFP®, LinkedIn