Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Financial Planning > Trusts and Estates

Shop Talk

Your article was successfully shared with the contacts you provided.

When the going gets tough, America’s most affluent shoppers are expected to go shopping. This year, retailers will be counting on the wealthy more then ever to rescue them from a blue holiday.

According to market research firm Harrison Group, households with incomes below $75,000 expect to cut holiday spending 7.6%. Meanwhile, three-quarters of those with six-figure incomes (and median income of $225,000) are expected to spend as much or more than last year. Whether visiting a mall or a Web site, those with the most to spend must remember the added risks that come with year-end shopping–and the heightened danger those risks pose for them.

A luxury car parked in a mall lot, for example, is temptation enough for opportunistic crooks. Yet many overloaded shoppers in the midst of an all-day outing will make matters worse by using their car’s backseat to store purchases. If the vehicle is a Mercedes or other high-end car, and the rear-window view showcases bags from Nordstrom and Saks, it’s only a matter of time before its alarm system is strenuously tested. Rather than invite that kind of attention, wealthy shoppers should take a car with a spacious trunk, and use it exclusively.

Similarly, when using the Internet to research items they are thinking of purchasing (as seven in 10 Americans now do), the wealthy should consider the possibility that spyware is tracking their every move. If a PC hasn’t been updated with the latest security safeguards, there’s no knowing who may be monitoring activity in hopes of stealing personal information, and with it, the user’s identity. When buying online, all purchases (and thus all exposure) should be confined to a single credit card. It’s also wise to use different passwords for each site and change them regularly.

Andrew McElwee is EVP of Chubb & Son and COO of Chubb Personal Insurance.

Read more Managing the Risk articles and blog posts

LLC Compliance: Having the Conversation December 10, 2009 A set-it-and-forget-it attitude among LLC members is understandable. But passive as the LLC may be in its operation, compared to alternatives, it’s hardly without governance requirements. How to Avoid a Different Kind of Proxy Fight December 08, 2009 Many parents may not have realized that should the unthinkable befall their adult children, they may not be able to freely consult doctors on their condition and care options. This isn’t Plato’s “Leisure Class” November 06, 2009 Many younger people (and a few older ones) have been culturally conditioned to not only say something, but to include regrettable photos and video Majoring in Risk Reduction September 14, 2009 Wealth managers who’ve readied clients financially for sending a child to college face an even harder task: Helping them prepare for the increased risks their kids will be shouldering away at school….
Drivers’ Ed June 30, 2009 Exotic cars–sometimes called “super” cars–are rare and magnificent. They outperform ordinary cars in terms of styling, precision, power and price. …
Playing It Safer May 19, 2009 Being “the one who dies with the most toys” isn’t quite the measure of success it once was. One can give credit to these hard times for the healthy change. …
The Emperor’s New Swimsuit April 28, 2009 Amid today’s receding economic waters, such indecent exposure isn’t exclusive to those who risked wealth on supposedly can’t-lose investment opportunities. …
‘My Fair Lady’ of Means April 01, 2009 Wealth managers–the overwhelming majority of whom are male–still have much to learn about catering to the modern woman of means. …
Wired for Trouble March 01, 2009 Technology that does more harm than good is a familiar sci-fi theme. For people who can afford the best, however, truth often proves scarier than fiction. …
When Home is Where the Employees Are February 01, 2009 For most people, the twin challenges of managing professional and personal risk are separate and distinct. Clients who rely strongly on domestic help are not most people, however. …


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.