Do you remember this from school? Primum non nocere is a Latin phrase that means “First, do no harm.” The phrase is sometimes recorded as primum nil nocere. It’s one of the principal precepts that all medical students are taught in medical school and is a fundamental principle for emergency medical services around the world.

Many of you are probably familiar with a few dental professionals who are well-intended, but may not live up to this standard of prudence.

The same is found in financial services. I wish that more financial professionals would adopt this philosophy. Many insurance companies and investment institutions develop financial products and perpetuate philosophies that put their clients in a worse position than they would have been in had they done nothing at all.

Just because a financial product is available, doesn’t mean it’s beneficial. It’s important to make decisions in the context of your financial plan. Investments made out of the context of your plan are accidents waiting to happen. If you screw something up today, it’s going to get worse later.