Best-in-class Insurance Brokers: A Checklist
Does your insurance broker:
- Have a dedicated practice that is both significant and strategic for high wealth individuals?
- Meet with you annually (or more frequently, if desired)?
- Have a senior advisor and service team assigned to your account?
- Conduct a regular review of the following:
- Major financial changes including liquidity events and/or new wealth
- Changing life events; stages of each family member
- Newly-acquired valuables; sold valuables
- Current valuation for replacement costs of property, possessions, and valuables
- Liability limits adequacy
- Lifestyle, passions, social and philanthropic activities of family members
- Non-profit board membership
- Legal structure of tangible asset ownership
- Private services, staff changes and concerns
- Cyber, home and personal security
A best-in-class insurance broker should:
- Propose changes to your program aligning with your family’s changing needs
- Periodically test the insurer marketplace for new coverage and pricing options
- Provide choices in your insurance and risk management program, including group options
- Be transparent with compensation received on your account
- Educate your family on trends, emerging exposures and solutions, risk avoidance/reduction methods
