Family Offices / Advisor Resources
Family Offices
If you run a family office, you’re well aware of the need for 24/7, white-gloved service for elite clients and their families. As a boutique, private-client services firm, we partner with family offices to deliver superior long-term client care. Through high-touch, immediate responses, we help coordinate every facet of an affluent lifestyle—including emergency interventions.
Whether you’re a large single-family (SFO), or multi-family office (MFO), you also know that wealth preservation and growth are primary drivers. We’re keenly suited to advise you on protecting wealth, and managing risk, given our holistic approach to organizing family assets through robust custom insurance. Likewise, as a natural part of our private-client services, we offer Distinguished Risk Solutions for the ultra high net worth.
Group Rates
We partner with virtually all SFO and MFO professionals to provide full-service, outsourced, personal risk-management solutions. When possible, we can leverage a family-office client base, by consolidating multiple risks under a single carrier. This helps, say, MFOs maximize broad coverage terms at the best possible pricing for many clients. Because of this buying power, our carriers will deliver the highest limits they’re willing to offer.
How We Add Value
To help our family-office clients demystify the insurance world, we assess current insurance programs, and provide detailed policy reviews. To keep clients up to date, we conduct quarterly calls to make sure nothing has slipped through the cracks. We also provide an annual Stewardship Report, which summarizes the prior year’s events. The document explores coverages, premiums and limits, goals set, and met. We’ll also refine your risk-management program for the coming year. Finally, the Report recaps all claims activity, home inspections, appraisals, and risk assessment, while showing any changes in limits, terms, conditions year over year, so clients are clear at the time of renewal.
Due Diligence
At MSGPLA, we also aggressively support risk transference through other methods in addition to insurance policies. As a critical first step, before we investigate insurance markets, and secure policy quotes for your clients, we spend a great deal of time reviewing key third-party contracts, policies, and agreements. These can include, say, construction agreements for new builds or renovations, yacht charters, and domestic staffing agreements. We consider existing contractual commitments so we can best analyze and transfer risk. We perform this due diligence to make sure your clients are fully informed as to their exposures.
Support includes:
- Policy review and critique of existing programs
- Quarterly calls
- Annual Stewardship Reports
- Renewal reviews
We’re aware that family-office clientele have unique financial needs relative to other affluent individuals. Consider our additional coverages and services:
- Not-for-profit director-and-officer liability
- Employment-practices liability
- Background checks on domestic staff
- Kidnap and ransom
- Travel insurance
- Cyber crime
Advisor Resources
We understand the needs of the world’s elite. As do you. To help you prepare, we provide certain tools that can help you manage even the most complex life scenarios. Your clients can then live their lives with more comfort and less worry.
Business Managers & CPAs
Like managers and CPAs, we have a talent for managing, and mitigating, risk. As veteran insurance experts, we can assist in that piece of your client’s financial matrix. Our deep carrier relationships also insure your clients get the maximum coverage limits at the best prices. Best of all, we’re experts in rare exposures that many carriers won’t address. Explore our personal risk-management process here.
Financial Advisors
We routinely partner with advisors so they’re responsive and informed, and can secure the best P&C coverage for their clients. Recent studies suggest a majority of clients want their financial advisors to quarterback their finances holistically—which now includes managing property-and-casualty (P&C) insurance. Questions you can ask during financial check-ups include: Do you have appropriate home insurance? Do you have an umbrella policy? As veteran insurance brokers, we partner with advisors so they’re smart with their clients and secure the best P&C coverage.
Trust/Estate Attorneys
It’s often overlooked. Yet, establishing a trust can have serious insurance implications. Issues that often rise: Who’s insured under a policy? What legal entitles own an asset? Which entities might receive a claims-payment check? Are assets in probate properly protected? As an estates attorney, you might be looking at a client’s life insurance to fund a tax bill for a deceased person. The many scenarios, often complex and atypical, compel a focus on appropriate insurance coverage.
Real-Estate Transactions
For luxury real-estate brokers, closing attorneys, and mortgage brokers, as you know, an uninsured asset at closing means no closing will happen. Our many relationships with leading insurance firms mean we can, for instance, secure terms, and provide coverage for foreign nationals buying apartments in New York, Los Angeles, or Miami who don’t have social-security numbers. Likewise, high-risk properties pose a unique challenge for coverage, pricing, and one’s ability to close. As specialists in these areas, we can help you determine appropriate coverage.
Life happens.
Give us a call to learn about coverage terms and limits, competitive premiums, and more.