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Risk Management & Insurance

In-house expertise to manage risk as part of a holistic plan.

When most people think about insurance, they often think only about the survivor benefits of a policy. While certainly important, with careful planning and a team of knowledgeable risk management solution experts, insurance can do so much more. It can be used as a tool to accomplish strategic goals, enabling you to pass on more to the next generation, maximize your retirement income, or support the ongoing success of your business by attracting and retaining top talent.

At First Western Trust, our in-house planning experts are well-versed in risk management services, estate law, trusts, and tax planning – all of which allows us to create a holistic plan that supports your vision for your life.

Our Risk Management Process

Insurance has many different uses, and understanding the intricacies of each policy allows our team of experts to design creative risk management solutions that meet our clients’ specific needs. To help our clients make appropriate decisions, we follow a thorough process.

  1. First, we review your current plan and policies with you to determine any areas where your may have opportunities or gaps in coverage. This is both a quantitative and qualitative assessment, so we can be sure we have a complete understanding of your unique situation.
  2. Next, we create a conceptual design of an updated approach, one which addresses issues related to ownership, beneficiary designations, as well as premiums and how they will be paid.
  3. We then conduct a thorough product survey to determine which risk management solutions best meet your needs as we have outlined them together.
  4. Based on what we learn, we begin the underwriting process, submitting our findings to various leading companies to garner multiple offers.
  5. Finally, we provide ongoing policy support for you as a part of our holistic approach to your wealth management. This may be coordinated with your other advisors, including building a relationship between our trust experts and your tax advisors.

Through our ConnectView® approach, we incorporate insurance and risk management solutions into your overall wealth plan. In doing so, we help your family reach your goals for each dimension of your wealth:

  • Charitable giving tax strategies to leave a lasting impact on your favorite charity
  • Intergenerational and dynasty trusts to better support family members
  • Deferred-compensation plans to generate retirement savings
  • Irrevocable life insurance trusts to minimize estate taxes
  • Long-term care insurance to reduce the financial impact of illness

For businesses, we use insurance management and risk management services to support:

  • Executive recruitment and retention to attract the best talent
  • Business continuation and succession planning to help your business move forward
  • Key person insurance to protect your business from executive loss

Insurance Management

Once an insurance policy has been put in place, it’s easy to place it in your lockbox and forget about it. However, policies can grow outdated as circumstances change, interest rates fluctuate, and new priorities arise for you or your business. That’s why you need a team of insurance management experts who monitor the changing industry. Our team is committed to delivering regular reviews to ensure that our risk management services continue to help you achieve your overarching goals.

First Western Trust is proud to be an Owner-Firm of Lion Street, Inc., a leading national financial services company owned by fiercely independent financial advisors. Based in Austin, Texas, Lion Street comprises an elite network of firms who specialize in financial solutions for high-net-worth individuals, family offices, business owners and corporate clients. As an Owner-Firm, we gain favored access to insurance carriers and financial institutions, and the products and services they offer, enhancing our ability to meet the complex planning requirements of our clients.

What Clients Say about Our Risk Management & Insurance Solutions

“You can breathe a sigh of relief because you feel safe and cared for; that’s how my experience has been with First Western Trust. They are different than any banking relationship I’ve ever had. ” — Tom L.

Ready to learn more about how we can assist you with Risk Management and Insurance solutions? Let's have a conversation.

Investment and insurance products and services are:

  • Not a deposit
  • Not FDIC- insured, are not insured by any federal government agency
  • Not guaranteed by the bank and may go down in value.
  • First Western Trust Bank cannot provide tax advice. Please consult your tax advisor for guidance on how the information contained within may apply to your specific situation.