Are Your Valuables Protected Against Potential Loss?
At Northland we believe that the Wealth Planning Process should be a holistic approach. For that reason, we are continually looking for new areas where we can add value. As part of our analysis of a family’s financial well-being we typically perform an insurance review. For most firms this is focused on life and disability insurance. However, over a lifetime we will accumulate a variety of assets, some of which carry significant value. Therefore, as part of our insurance review we are now including analysis and recommendations on home, auto, liability and personal property insurance.
To effectively provide the insight our clients require, we seek out companies that shares the same values as we do here at Northland and specialize in serving affluent clients with their insurance needs.
Most would argue that obtaining insurance coverage is a simple task that can be completed on-line or over the telephone. This does hold true, however the question becomes are you getting the coverage that you actually require. Often times the policy that you receive through this process comes with a number of caveats written in the small print of the policy later sent to you in the mail. These documents often find their way into one’s personal files without a full review. Fast forward to when you need to make a claim and surprisingly it is much more difficult to receive what you thought you had been paying for all those years.
Now if you put into place the same due diligence processes used to select investments, your insurance planning would take on a much different look. A full in-depth analysis of your asset base by insurance specialists with experience on both the claims and company sides of the business would seem much more prudent. By quantifying in advance the financial loss potential you face as well as fully documenting the loss prevention measures in place, you can avoid the often uncomfortable experience of justifying your loss at time of claim.
Similar to an investment portfolio, your insurance portfolio requires regular review with an unbiased perspective. Families’ needs change over time, therefore on-going management with a focus on service should be the hallmark of your insurance professional. As with any industry, there are varying degrees of service available from call centers to Private Client Services. At Northland Wealth we are utilizing the services of companies that have access to all the proven insurance carriers who specialize in insuring the affluent client and they will source the best carrier and negotiate powerfully on your behalf.
“Often the sensitive needs of High Net Worth individuals and families are not met. Multiple exposures exist such as having several homes and autos (perhaps even internationally), fine art collections and a diverse array of personal exposures” says Lyndsay MacDonald, Account Executive at Jones Brown Private Client Services. With a multitude of insurable risks, a family’s best interests are met when they utilize the expertise and competence of a single broker which creates a customized, comprehensive insurance program that will address all of the family’s insurance needs.
Ensuring our clients are provided solutions that take into consideration all aspects of their financial life is the foundation of our Wealth Planning Process. If you wish to investigate how a comprehensive Wealth Plan can better serve you, please contact our office.