Wealthy families are increasingly turning to valuable collections–fine art, wine, jewelry and antiques–for investment diversification as well as aesthetic enjoyment. But, these families and their advisors don't always manage the physical risks to these items with the same rigor they employ when managing financial investment risk, leading to a “blind spot” in their overall asset protection plans. Families can only sufficiently protect their wealth if they and their wealth advisors have a comprehensive view of their valuables, matched by a robust insurance and loss prevention program. Here are seven steps that wealth advisors can help their clients take to manage the complex and evolving set of risks associated with this increasingly important asset class.
