Insuring high-net-worth individuals is a terrific business, with strong long-term financial performance and interesting, rewarding work. If you're succeeding in this business, your network of referral sources includes members of the wealth management community, including registered investment advisors (RIAs), family office advisors and private bankers. Referrals from this community are coveted. I've met dozens of them, and they describe how the best agents and brokers differentiate themselves.

Consider estates and asset protection“

As families increasingly focus on asset protection concerns, we see them using limited liability companies (LLCs) to separate liability associated with tangible assets from other kinds of property,” said Kevin Luchetta, CFP Wealth Advisor with Pioneer Financial of Northwestern Mutual Wealth Management Co. LLCs can own homes, yachts and other assets to keep potential liability from their other assets. These entities are listed as additional named insureds. One client had an estate plan, with homes owned by LLCs, which are actually owned by other LLCs. “During our initial review, the homeowners' policy he shared with me had no additional named insureds. That was one of the first things we addressed so now the technical owner and occupant are properly listed.”