Some advisors work hard to properly allocate the assets of high-net-worth clients, only to find that an underinsured loss destroys considerable wealth.
“If they don’t have enough insurance at the time of the loss, it’s going to eat up what they’ve placed in their portfolios,” says Diane Borden, head of the private client group at San Francisco-based insurance brokerage firm Woodruff-Sawyer & Company. Borden frequently works with financial planners.
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