As wealth grows, so too does accumulation of high-value assets such as fine art, jewelry, valuable collections, residential structures and luxury items like airplanes and boats. Owners take great pride and pleasure in these tangible assets, which can represent everything from business success to planned investment diversification to a cherished family legacy.
Such tangible property holdings, however, are often associated with high levels of complexity and risk. For instance, expensive properties in picturesque settings can be especially susceptible to violent weather, natural disasters and unforeseeable calamities. Unfortunately, those with the most to protect often are not fully aware of their increased exposures.
In this context, the definition of “asset protection” should be expanded to consider the consequences of prized assets being lost, stolen, damaged or destroyed. Important questions must be asked: Who will be responsible for mitigating these exposures? Is insurance coverage suitable or do unintended coverage gaps exist? How would the physical loss of such assets affect the owner’s wealth management or family legacy objectives?
An owner’s accumulation of high-value tangible assets in multiple categories and distant locations makes understanding and reporting relevant details to advisors a complex task. Documenting and cataloging these assets and securely storing the resulting digital catalog for private, confidential access facilitates real-time collaboration with family and professional advisors, and supports crucial Family Office and wealth management activities.
Proactive risk management demands that valuable assets be documented and cataloged before a catastrophe or criminal event can inflict substantial damage or loss. The owner can then focus on what matters most: comforting family members, rebuilding or repairing their damaged home, and saving, recovering, restoring or replacing their valued possessions.
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About Archival Property Solutions, LLC
Archival Property Solutions documents and catalogs the tangible assets of high-net-worth owners for their personal viewing pleasure and support of crucial Family Office and wealth management activities. Clients who have substantial and complex holdings in multiple locations can now keep their catalog of non-financial assets stored securely for private, confidential access via computer, tablet or phone. When maintained with current information, this confidential digital catalog can keep owners and their trusted advisors better informed, enabling them to stay current with professional service objectives and to plan for, protect against, cope with and recover from life’s unexpected events.
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