Preserving the value of accumulated wealth is obviously a prime concern for high-net-worth individuals. Typically, this responsibility is outsourced to a wealth management firm that includes advisors making sophisticated recommendations on asset diversification, estate planning and taxes.
As part of their services, a growing number of wealth advisory firms also offer personal and asset risk management and insurance consultations by partnering with an independent insurance agent.
The goal of the partnership is to create a holistic risk management program that identifies known and unknown threats to the client's accumulated wealth. By developing a client risk profile, the agent can recommend how to mitigate and transfer the related financial exposures.
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