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Chief strategy officer for BMP Wealth: James Ramsey asks is your family financially fit?

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When not busy providing wealth management advice, James Ramsey (front and centre, above) is busy coaching the Lantau Beach Warriors club he founded in 2014. James is a former rugby coach and athlete, and he provides free coaching and training through the club. Of his motivation, he says, “I have seen the toll that Hong Kong work schedules can take on people and their families. It’s mostly men who are guilty of having too many beers after stressful working days and this can quickly lead to health problems.”

In the same way that James helps members of the Lantau Beach Warriors club protect their health, he also helps families protect their wealth. His overall goal is to help as many people as possible get both physically and financially fit.

James focuses on what he calls ‘family protection.’ In addition to estate planning, life insurance, health Insurance, wills and trusts, his top tip is to make sure spouses know how to access the family’s bank accounts and that they know what they would need to do if their spouse or partner passed away or was incapacitated through ill health or an accident.

When sitting down with a family, James starts with questions like: Would your spouse be able to get into the bank accounts immediately? Does your spouse have the passwords and logins? How would your spouse claim on any life insurance policies? How long would it take to get the money? Do you have assets in different jurisdictions and do you therefore have wills in those different jurisdictions to make sure that probate could be carried out as quickly as possible for the sake of your family?

As a father of three daughters, James makes it a priority to advise his clients on how to get their family affairs in order. “It’s heart-breaking when families are broken by death or serious ill health and left with no idea how to handle their affairs,” he says. “Dealing with bereavement is hard by itself but if you are left having to deal with complicated financial affairs, then despair can set in very quickly.”

James has found that linking finance to fitness helps demystify it for families, making money matters more accessible and easier to talk about. “Most people find talking about finance quite boring,” he says. “People associate finance with having to invest money and are then nervous about investment performance. We are bombarded with news telling us the world is in crisis. People are put off.

“But I manage a number of my Warriors’ finances, and I have found that getting them physically fit, has actually made it easier to also get them financially fit,” he continues. “Working with them in the training sessions helps me find and understand their priorities – both physically and financially. By training together, the Lantau Beach Warriors improve their health and also do their families a huge favour by living longer and healthier lives.”


Contact

• BMP Wealth, www.bmpwealth.com
• Lantau Beach Warriors, 9543 0700

If you have any questions, email [email protected]


 

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