Legacy Risk Solutions introduced the Family Enterprise Risk Management platform at a gathering of Family Office executives in Cleveland, OH February 4, 2009. Benefits of the FERM platform – Insurance premium and health insurance cost reduction; coverage gaps eliminated; independent supervision and open communication reduces potential for coverage gaps.
A Team Platform
The FERM platform is made up of a team of three independent finance professionals, including an investment risk manager, casualty risk manager and insurance professional. These professionals may come from the client’s existing group of advisers or be selectively added, as the need arises.
- FERM is an integrated platform to manage the financial, operational, strategic and regulatory risks of famailies and their business enterprises.
Mr. Butler defines his casualty risk manager role as follows:
- Objective cost and coverage benchmarking
- Creator and enforcer of “Best Practice” family risk management standards
- Coverage advocate for the client’s interests
Reasons the FERM Platform Works
- Team works together for common goal: Wealth Preservation
- Encourages controlled assumption of risk, including captives and risk retention groups
- Improves transparency of insurance transactions
Contact Ken Butler for more information about this new tool to reduce insurance and risk costs, kenblegacy@aol.com
