WEALTH MANAGERS

Insurance agents, like financial advisors, are not created equally.  When managing clients with a net worth in excess of $5 million, specialized expertise is required to effectively address their complex personal risk management needs.

Most, if not all, of your clients will have a pre-existing relationship for their property and casualty insurance.  However, our experience has shown that many successful people unwittingly outgrow their coverage and can be severely under-protected.  In fact, you will find that 75-85% of your clients are insured with middle market carriers meaning that they are vastly underinsured.  If this is the case, your clients are leaving assets exposed in the event of a lawsuit meaning a potential commission drop for you.

You don’t have to be an insurance specialist to help your clients assess their insurance choices.  Let us be your subject matter expert and craft a program that will protect your clients’ assets and your commission structure.  Following are factors to consider when evaluating an insurance broker:

  • Captive vs. Independent Agents: a critical distinction.  Captive (direct) agents represent only the company for whom they work.  Conversely, independent agents and brokers have access to multiple insurance companies and are capable of “shopping around” for coverage.  We work for your client.
  • Properly addressing vulnerabilities.  We will start with a comprehensive needs assessment based on information gathered from personal discussions.  In addition to physical assets, other factors can contribute to personal risk such as family circumstances, travel frequency, passions or hobbies.  It is our job to consider these factors and design a customized insurance program with robust solutions for your clients.
  • Proper coverage.  Despite what popular advertisements tell us, insurance value is not driven solely by the size of the annual premium.  Your clients must also consider the hidden costs of an uncovered claim, out-of-pocket expenses, lost time and frustration.  We will look beyond just premium and offer solutions that truly address the special circumstances they face.  This will give your client the right coverage at the right price.
  • Proactive outreach.  An agent should reach out to clients at least once a year to determine any lifestyle changes that may prompt a change in insurance.  Families with substantial wealth may need reviews conducted semi-annually or quarterly depending on their lifestyle or buying habits.  If your clients are not frequently presented with options on how to address their insurance needs, it may be time for a change.