How many ways does Your Financial Advisor bring resources to your financial health?
From the infamous movie, Office Space, do you ever find yourself asking your financial advisor, “What would you say you do around here?”
As the wealth management industry continues to pivot away from commission-based models, one can hope that your financial advisor is providing a wide array of services for your family. As a friend, and or, client of Quartz, you realize that we offer many family office services, either directly or indirectly, for our clients. One of those services involves coordinating property and casualty insurance reviews through professional alliances.
A recent study conducted by Oliver Wyman for Chubb, found that only 28% of advisors currently engage in this type of assistance for their clients. This is particularly troubling when you consider the large number of sudden wealth recipients who may have had a liquidity event resulting in a sizable net worth increase. Their risk of being underinsured is considerable.
Managing the wealth of your family takes consistent diligence provided by a team of professionals dedicated to your overall financial health.
If you are wondering what your advisor does for you, perhaps the answer is crystal clear, not enough.