New York, NY, January 17, 2018 --(PR.com
)-- The list of risks family offices face is long and continues to grow with every new generation.
MarketCurrents Wealth Management released its 2nd annual Risk and Insurance edition, which centered on risks that family offices face (even the not –so- obvious) and the insurance solutions that are available to them.
Given the advancement of family offices as well as the threats they face, providers have been quick to adapt and re-adapt their products and services to ensure safety measures are in place.
Wendy Connett, Editorial Director at MarketCurrents commented, “Each family office has a unique risk profile which becomes more complex with every new generation.”
Risk management includes much more than protecting investments and business assets. Wealthy families also face exposure to a variety of personal liabilities as well as being a prime target for crime and fraud.
Technology continues to create a whole new set of ever expanding potential perils. This edition continued to look at the relatively recent introduction of cyber insurance and what it covers. The digital footprint that is being left, including through the rise of social media usage, can cause a myriad of problems. These comprise reputational as well as identity and security theft. Luckily, these are all covered by some insurance providers.
The ongoing trend among family offices to invest directly in operating companies and real estate requires rigorous due diligence. This is no easy task for family offices new to direct investing. MarketCurrents delves into the very specific insurance-related risks they face. Most experts agreed that cybersecurity is a chief threat this year.
Because not all risks may be obvious to families of significant wealth, we identify what shouldn’t be overlooked and why.
“This report is a good follow-on from last year’s edition. It provides family offices an overview of threats that are lurking. Fortunately, insurance providers have been adapting at an extraordinary level to provide adequate coverage. This should continue to be an on-going conversation with their clients,” says Sumehr Sondhi, the magazine’s Publisher.
Insurance can also play a role in estate planning. With the largest transfer of wealth in history underway to next generation, Millennials, much is at stake.
MarketCurrents will release its 2nd annual Estate and Succession Planning Edition in February.
The report is available on www.marketcurrentswealthmanagement.com