Asset Protection for High-Net-Worth Individuals

How is asset management different for high-net-worth earners than for those who are still in the accumulation phase?

The difference is not much on how the assets are managed but on how they are protected. Usually, a high-net-worth individual will has more complex tax issues. Therefore, an investment manager should spend time focusing on tax strategies. For example, if an individual is winding down business activities and shifting to retirement mode, tax strategies can typically be used to mitigate taxes. Whereas, if someone is just starting out, the strategies they should utilize will be different. Additionally, since most umbrella insurance policies usually have a limit of $5 million dollars, the focus should also be on property and casualty. Estate planning can be used to help a high-net-worth individual understand how to pass on assets to the next generation with the lowest possible tax impact. More unique needs come with a high-net-worth value. For clients in this category, their asset management plan should focus mostly on asset protection.

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Casey Smith
President, Wiser Wealth Management

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By Published On: February 10, 2023

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