Tangible assets, such as fine art, wine, jewelry, antiques, sports memorabilia, classic cars and other valuables, have finally been recognized as an asset class in their own right. Yet high net worth individuals have too often neglected to manage and protect their treasures as carefully as they manage their financial investments or businesses. Now, individuals and families with substantial tangible assets have access to innovative technology and service solutions that make it significantly easier to track, value, protect and enjoy their assets.
The” blind spot” in managing assets – as well as the solutions coming into focus - are addressed in a new white paper released today by ACE Private Risk Services, the high net worth personal lines business of the ACE Group, and Trōv, a technology leader in helping people collect and benefit from the information about everything they own. The white paper, Breakthroughs in Managing Tangible Assets: Completing the Picture of Wealth , explores the issues surrounding tangible asset management and presents seven steps for addressing them. These issues include: determining value and authenticity, keeping proper documentation, maintaining adequate insurance, and optimizing estate and tax planning.
“Tracking the value of everything you own on a regular basis has long been too cumbersome for most people, but without that information to share with your advisors, you’re likely to make important decisions incorrectly,” said Gary Raphael, Senior Vice President, Risk Consulting, at ACE Private Risk Services. “For instance, in a survey ACE conducted among wealthy collectors, nearly 40 percent did not have all of their precious items insured against property loss with a valuables policy. Many also fail to employ proper loss prevention techniques to protect their collections. One family mentioned in our white paper had a $70 million painting hanging by a single nail. Fortunately, new technology is making the tracking process more manageable and allowing ACE to develop innovative services that will help clients and their advisors craft tailored protection at a reduced cost.”