Author: Ryan Waite, CRM, CIC
Ryan is a licensed Neckerman Insurance agent specializing in business, personal and life insurance.
If you’re reading this, you’re likely a financial advisor who prides themselves on providing high net worth families and individuals with a secure financial plan. You’re their trusted advisor and they come to you for guidance on more than just their finances. But are you risking their financial future by ignoring the risk management of their lifestyle?
You’re working with folks who may own multiple homes, expensive vehicles, an extensive wine and fine art collection, and many other assets they’ve accumulated during their rise to the top. They often started with much less and worked hard to get where they are now. In the many hours they worked over the years, chances are they didn’t take time to do a comprehensive review of their risk portfolio. They may have outgrown their current insurance carrier and now have gaping holes in their insurance coverage. By asking a few additional questions during their annual review, your client is reminded how important it is to protect what they are building with you.
Here are a few questions to get your clients thinking about their protection. Feel free to make them your own; use 1 or all 8 of these questions.
- Do you employ any household/domestic staff? If so, you may want to consider talking to your agent about Employment Practices Liability.
- Is any of your owned property in a trust or LLC?
- Does your current homeowners insurance policy guarantee to cover the cost to rebuild your home, no matter the cost?
- If you have a home in wildfire territory, does your insurance policy offer you free protection through the Wildfire Defense Systems?
- Has your insurance agent recently discussed proper limits for your Personal Umbrella Liability policy, including Excess Uninsured & Underinsured Motorist Liability?
- When was the last time you did a full review of your insurance portfolio? This may include your home(s), autos, jewelry, collections like wine and fine arts, toys (watercrafts, ATVs, snowmobiles, exhibition cars), and appropriate personal umbrella liability limits.
- Are you (or your spouse, if applicable) on any Boards, whether they be for profit or not-for profit?
- Does your current homeowners insurance policy adequately protect you from losses due to hydrostatic pressure, sewer & sump pump backup, and flood?
Not all insurance carriers are created equal. There are only a few insurance carriers that can truly handle the needs of one of your high net worth clients. If your client is not with one of those specialty carriers, they may get a funny look if they ask their homeowners insurance agent about adding Employment Practices Liability, Hydrostatic Pressure, Flood, Guaranteed Home Replacement Cost, and free protection through the Wildfire Defense Systems.
I’ll leave you with a quote I heard at a Personal Risk Manager class that might hit home for financial advisors:
“Remember that insurance premiums never bankrupted a client, but uninsured losses can and will!”
About Ryan Waite
A native of Madison, Ryan graduated from the University of Wisconsin-Madison with a degree in Psychology and minors in Business and Criminal Justice. He started his career as a retirement plan manager at Kelly Financial in Madison.
Ryan joined Neckerman Insurance Services in 2010, specializing in business and personal insurance. He has earned the Certified Risk Manager (CRM) and Certified Insurance Counselor (CIC) designations which are nationally recognized as important credentials for insurance agents, benefiting his agency and clients. He is now pursuing the new Certified Personal Risk Manager (CPRM) designation to further serve his high net worth personal insurance clients.
Ryan is an active part of the Madison community, currently serving on the Board of Directors of CATCH (Community Around The Children’s Hospital). In addition, he has sat on committees with the Middleton Chamber of Commerce, 4 years on the Board of Dane Buy Local, and is also a member of Downtown Madison, Inc., Wisconsin Technology Council, Atlas Providers and Madison Area Connectors.
In his free time, Ryan enjoys spending time with his family (wife and two young daughters), attending Wisconsin sporting events, traveling and playing sports. Ryan ran his first—and only, according to him—marathon in October of 2013, the Chicago Marathon.