Business Transformation | 08.12.26
A Complete Financial Plan Must Include Your Vegetables
by: Robert Mittel
Imagine sitting down to a beautifully prepared dinner. The steak is cooked perfectly. The mashed potatoes are creamy and seasoned just right. The presentation is flawless, but something is missing. There are no vegetables. Sure, the meal may still be satisfying — but no nutritionist would call it complete.
The same can be said for far too many financial plans. Today's financial advisors excel at helping clients accumulate wealth. They build diversified investment portfolios, allocate assets, manage risk through diversification, recommend retirement income strategies, and discuss tax efficiency and estate planning.
Yet one critical ingredient is too often left off the plate — protection. Life insurance, disability income insurance, long-term care planning, Medicare planning, property and casualty policies — including umbrella liability coverages and business protection. These are not optional side dishes; they are essential components of a comprehensive financial plan. Unfortunately, too many financial plans stop once the investments have been selected. You need the veggies!
Walk into almost any financial institution and you'll hear discussions about asset allocation, investment performance, retirement projections, market volatility, tax strategies, etc.
Many advisors still view insurance as a separate conversation — something handled by another department, another advisor or another day. The problem is that "another day" often never comes.
Every investment strategy assumes one thing: That the client will be able to reach their financial goals. But life has other ideas — unexpected death, a disabling illness, a long-term care event, lawsuit or major property loss. Without appropriate protection, years or decades of careful investing can be undone almost overnight. Insurance isn't designed to compete with investments; it’s designed to protect them. Protection products preserve the financial plan when life doesn't follow the spreadsheet.
The Wealth Transfer Opportunity
Over the next two decades, trillions of dollars will move between generations. Advisors are focused on helping families preserve and transfer wealth — but wealth transfer isn't simply about passing assets efficiently — it's about ensuring families remain financially secure when life changes unexpectedly. Protection planning strengthens every other recommendation an advisor makes. A retirement income plan is stronger with guaranteed protection against catastrophic healthcare costs. An estate plan is stronger when liquidity exists through life insurance. An investment strategy is stronger when disability income protection preserves the client's ability to continue saving.
Why Does Protection Still Get Overlooked?
Several factors continue to keep protection planning on the sidelines or lack confidence discussing insurance or fear appearing sales oriented — or just pass on it, unfortunately. Ironically, clients don't distinguish between investments and insurance. They simply expect their trusted advisor to help them prepare for whatever life may bring.
A Fiduciary Mindset Means Looking at the Whole Picture
Financial planning has evolved dramatically over the past twenty years. Today’s advisors are expected to be planners, coaches, educators and trusted partners — not just investment managers. That evolution requires expanding the definition of comprehensive advice. Clients deserve conversations about income protection, family protection, healthcare costs, longevity risk, liability exposure, business continuity and legacy planning. These discussions are not separate from financial planning. They are financial planning. And these are the vegetables that need to be included!
Protection planning doesn't require replacing an investment-first approach. It simply requires broadening it so every annual review should include questions such as:
- Has your life insurance kept pace with your family's needs?
- What happens financially if you cannot work tomorrow?
- How would a long-term care event affect your retirement?
- Have your beneficiaries or estate planning objectives changed?
- Are your property, liability and umbrella coverages still appropriate?
- Have you experienced any major life events that change your protection needs?
These conversations often uncover significant planning opportunities while strengthening client relationships and reinforcing the advisor's role as a trusted fiduciary. Don't forget the vegetables — the best meals are balanced, and so are the best financial plans. Investments help clients build wealth. Protection helps them keep it.
As an industry, we've become exceptionally good at serving the meat and potatoes — it's time we remembered to serve the vegetables.