During the World Cup in Germany in 2006, pickpockets identified wealthy Americans by the tennis shoes they wore. In certain Latin American cities, one wrong turn can put tourists in a life-and-death situation. As more wealthy boomers retire and travel, how do they know the shoes – and neighborhoods – to avoid?
Jim Fiske, vice president with Chubb & Sons and national marketing manager with Chubb Personal Insurance, says that a true wealth management platform should include more than numbers. Wealthy individuals have unique needs that expose them to risks they rarely think about. And it’s the reason Chubb offers client consulting services designed to keep them safe in all aspects of their lives.
“Property/Casualty coverage is an area outside the area of expertise of most financial advisors, but it’s really a backstop for the financial plan,” Fiske says. “The wealthier the clients, the more complicated it gets. For example, wealthy families often have servants (not butlers, so much) but nannies, caretakers, gardeners. This means they are now employers and their exposures should almost be treated like a corporation. But they should also be customized enough to the individual’s unique situation.”