This paper highlights the complex risks faced by multi-generational families and demonstrates how proper risk management can successfully protect their wealth for future generations.
While everyone is at risk when it comes to hackers and online thieves, the wealthy are specifically targeted, and increasingly by aggressive and well-organized individuals. The good news is there is a lot you can do to protect yourself and your family. It won't take much time - most of the effort involves simple, common-sense steps - and the return on this investment, in terms of increased security and peace of mind, will be huge.
The paper discusses how many advisors and high net worth clients view life insurance as an expense as opposed to a dynamic asset that requires constant monitoring, analysis and periodic decision-making to give it the best opportunity to perform as it was intended. Included are some case examples of real life situations and once read can provide a guide to assist advisors and their clients in monitoring a misunderstood asset on their balance sheet.
Family offices are complicated because of the scope of services they deliver, the high number and complexity of entities they oversee and the staff they must manage. These complexities can open the door to liability. Employing consistent policies and procedures, establishing an annual entity review process, maximizing protection provided by indemnification and buying insurance are all tools to help manage the risks associated with management and professional liability.
With bonds providing so little yield in today's market, should life insurance be viewed as an investment? Whether or not you view insurance as an "asset class," permanent life insurance is definitely an asset, and it can help investors achieve their long-term financial goals. Thoughtful coordination of insurance and investments can provide more combined benefits than either asset can deliver on its own. And since having a life insurance policy can affect a client's willingness to take risk, it should be part of the investment conversation.
Natural and criminal disasters affecting the HNW community have amplified the need for individuals and families to fortify their homes and make safer choices that demand advance preparation. The ultimate goal after a disaster is to return to normal life as quickly as possible. Planning ahead and knowing what steps you need to take will help limit your risk and minimize vulnerability.
With more people investing more money in art and fine collectibles, whether for purely aesthetic or for strategic
Family business owners begin their adventures balancing two priorities: keeping the business as an integral part of an ever-expanding family and creating a profitable, sustainable organization. In the end, family is the guiding force behind the company’s success; maximizing value for the next generation is sometimes more important than maximizing economic value in the present. Creating the right legal foundation will allow owners to put family first when it matters most.
It is frequently suggested that that family offices should mimic institutions and adopt an institutionally disciplined and process-oriented approach when managing their investment portfolios. Through a process-oriented approach, institutions and family offices can be more effective and produce more efficient long-term results.
No Lapse Guarantee (NLG) policies, or policies with NLG riders are attractive to some insureds. The premise behind these policies is that as long as the premium is paid on time each year, the death benefit is guaranteed. Thus, many insureds, advisors, and trustees are under the impression that these policies do not require ongoing review. This is an incorrect notion.