Five Steps To Protect High-Net-Worth Clients from High-Stakes Lawsuits
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Webcast Presentation
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Too many high net worth (HNW) families fail to protect their assets from personal liability lawsuits, which can take years to litigate and result in awards and settlements well in excess of $10 million. It’s why many wealth advisors consider personal liability risk to be one of the most neglected components of a total wealth protection plan.
This course explores the liability exposures of HNW families and presents a five-step plan for addressing them. It compares the perceptions HNW individuals have about liability risk with the realities they face. It reviews how wealth and a wealthy lifestyle lead to increased liability risk, and how jury composition and widespread legal doctrines such as joint and several liability further increase this risk. The course will detail these families’ growing concerns, which include financial loss, stress of protracted legal proceedings, and damage to their reputations and earning power.
The five-step plan explains how HNW families can shield themselves from these risks, including what types and amounts of insurance coverage are needed and how to recognize important coverage differences between policies. Finally, it suggests how and when wealth advisors can raise liability protection as an issue with their HNW clients to both strengthen client loyalty and better fulfill their fiduciary duty.
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