Creating a Complete Wealth Protection Plan

Creating a Wealth Protection Plan should be a vital part of any affluent family's or high net worth individual's overall financial planning schedule. We have put together a list of everything you should know when it comes to creating a wealth protection plan for your assets. errors and omissions insurance

  • Assemble the right team of experts. Finding a proper team to help manage the risks that often come with investing in tangible assets is a top priority. A qualified list of experts for families and their wealth advisors should include:
  • Independent insurance agents or brokers who specialize in serving HNW clients, for example those found at Swingle Collins & Associates.
  • Loss prevention specialists often found at companies such as ACE, AIG, and Chubb.
  • Estate and tax planner, CPA and attorney.
  • Consider several qualified appraisers and then secure an accurate appraisal for valuable pieces. Appraisal industry associations like the American Society of Appraisers, Appraisers Association of America and International Society of Appraisers, provide guidance when it comes to selecting qualified appraisers for your assets. The benefit of considering more than one appraisal concurrently is that you can more than likely guarantee that your assets will be valued accurately, which is vital for the foundation of nearly every decision made concerning tangible assets.
  • In order to monitor price changes which affect your assets’ value and to track new transactions at the point-of-sale, adopt a tangible wealth management system. Consider new technologies such as Cloud based software which aid in the collection of tracking value, proof of authenticity and a schedule to update valuation. This will manage the records of your assets while eliminating the manual entry and adjustments.
  • Work with Swingle Collins & Associates insurance agents to find appropriate limits of coverage for general contents then add a schedule of expensive objects on a valuables policy. A valuables policy allows families to declare the value of each precious possession, or group of pieces, on the policy with no deductible. This is the best offer to fully protect ones valuables, for a homeowners policy has restrictions on coverage that a valuables policy will not have.
  • Refer to the services of a risk consultant to avert loss. Even if a property is adequately insured, the best way to prevent loss is to work with a professional risk consultant. These preventions may include updated inventory of property, evacuation planning, background screening of domestic staff and contractors, along with backup power supplies for environmental controls and security systems.
  • Determine a lifetime strategy for your valuables, including a succession plan. Whether you are planning on leaving your assets in a will, trust, museum, or an estate planning letter, you will need professionals with experience in the matter. Proper documentation and premeditated strategies are the best way to prepare for such an event.
  • Regularly discuss your tangible assets with your circle of advisors. Although you may not consider yourself to be a collector, anyone who owns jewelry, memorabilia, antiques, or art should ensure that their valuable items are accounted for during the wealth planning consultation process. Advisors need to be kept up to date about your assets, so that they will be unable to help abate risks and ensure protection.

Swingle, Collins & Associates specializes in Wealth Protection Plan with personal property and casualty insurance coverage in Dallas, Southlake, Highland Park, and Plano for affluent families and high net worth individuals. The descriptions of Wealth Protection Plan coverage listed on this website are brief and subject to the provisions, limitations, and exclusions that can only be expressed in your policy and related endorsements. For additional information of how Swingle, Collins & Associates can assist in meeting your coverage needs for property and casualty insurance please contact your dedicated risk manager to discuss the benefits and services of personal homeowners insurance coverage.

The information contained on this page is provided for informational and educational purposes only. It contains general information on insurance issues and may not reflect the most current developments in insurance coverage and is unlikely to apply in all factual scenarios. The information does not include all the terms, coverage, exclusions, limitations or conditions that may be contained in the actual insurance contract language. The policies themselves must be read for those details. Sample policy forms will be made available upon reasonable request.