We all know that risk management is one of the core tenants of financial planning. Traditional planning means that you discuss life, health, P&C and other types of risk management techniques and strategies with your clients with the intention of preserving their assets. However, are you addressing all financial risks?
In today’s post, Allie Carey makes some great points on using cyber security as a discussion point for your upcoming planning meetings. By incorporating cyber protection discussions into your mailings, conversations and marketing, you are setting yourself apart and helping your clients. Please enjoy Allie’s post -- John

Cybersecurity is constantly in the news. Many large institutions over the past few years have been attacked (Target, Marriott, and Capital One) and have had to help their customers deal with the fallout. But financial advisors are positioned to help clients lower their risk to cyber attacks. Asset protection is an important part of any conversation with clients. Traditionally this conversation includes topics like asset allocation and insurance. Today this conversation needs to include cybersecurity. 

computer keyboardDespite the headlines and maybe even personal experience, most consumers still don’t appreciate the risk of and vulnerability to cyberattacks. The goal of these attacks is to gain access to accounts and steal the funds. The majority of investors take the approach of, “it won’t happen to me” when in fact it can. These attacks are common and can be devastating. 

I see this as a major opportunity to offer value to clients and thereby improve their client experience. Here are a few different services we, as advisors, can offer. 

  1. Email Security Education: Email is vulnerable to cyberattacks and has become a primary target by cybercriminals. Information that a cybercriminal can obtain from an email account is immense. For example, it would be simple to figure out someone’s birthday, address, trusted advisors and maybe even user name and passwords. There are reliable sources, such as the FBI, we can reference to help educate our clients. Here’s a great piece from the FBI. Weaving these points into our client onboarding process and client review meetings isn’t a lot of work, but can provide a lot of value. 
  2. Identity Theft Service: I have seen some financial advisors offer this to their clients. These advisors have teamed up with partners such as LifeLock to provide identity theft protection. LifeLock offers different levels of protection, such as stolen funds coverage, credit alerts, and dark web monitoring. Adding an identity security check to a client review agenda can continuously reinforce the importance of the protection. 

Cyber criminals are using the oldest trick in the book: deception. They are skilled in their craft and it is not surprising that they have a high success rate. A cybersecurity service is something that can provide value to all clients with minimal effort and help improve your firm’s client experience.  

Contact Allie: LinkedIn | Twitter


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