In managing a high-net-worth individual’s investment, tax and estate planning needs—not to mention their legal and philanthropic matters—family offices serve a vital purpose. Unfortunately, as many family offices don’t offer insurance and risk management consulting services, high-net-worth individuals could unknowingly face out-of-pocket financial exposure.
If your family office doesn’t offer this expanded service, the solution is to find a specialized agent or broker with expertise in serving high-net-worth individuals to provide an unbiased look at your policies. The most common findings? Duplicative or inadequate coverages, incorrect pricing and policies that do not fully address the unique nature or high values of your real estate or personal property.
For more information about how to protect yourself, check out this article from Investment Advisor.