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