This post originally appeared on WealthManagement.com.
The high net worth (HNW) and ultra high net worth (UHNW) population continues to grow, with a global UHNW population at a record high of 211,275, according to The Wealth-X and UBS World Ultra Wealth Report 2014.
Greater wealth offers these individuals more investments opportunities and heightened discretionary income, resulting in a web of assets, staff and advisors. But the flip side of every asset is liability.
If your client’s portfolio includes multiple residences, luxury goods and services, priceless collectibles or personal staff, insurance simply doesn’t cut it.