Category: Insights

With all insurance, one wants to make sure that the essential levels and coverages are in place, not necessarily excessive levels and coverages. Excess liability insurance, commonly known as “umbrella” insurance, is somewhat of a misnomer and could easily be renamed “sleep at night coverage”. This coverage is a safeguard from which all individuals, whether considered high net worth or not, can benefit from and we have recommended adding an umbrella arrangement to many clients’ current insurance profiles. Most individuals consider themselves careful investors when it comes to considering risk. These same individuals typically have general property and liability policies, but not everyone has an umbrella policy. Umbrellas are reasonably priced and should be worth a second look. Umbrella policies can be offered and acquired through professional organizations (such as trade or business affiliations), your current place of employment and your current insurance carrier/broker.

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The investment management landscape continues to evolve and become more multifaceted with intricate investment options and solutions for investors. Yet, as the wealth management industry has become more complex, transparency – as it pertains to underlying investments, terms and fees – has rapidly declined. In 2008, stress and volatility in the markets tested the wealth management industry; many investors awoke to the harsh realization that their investments were not liquid or they could not immediately access their funds. These communication failures, and their sometimes severe consequences, left many distrusting their advisors and wealth managers. In a post-2008 and post-Madoff world, we believe that the need for transparency  is paramount. Wealth managers must be honest and open about your investments – whether it relates to fees, performance, or transaction and portfolio decisions. By focusing on and enhancing communication and the language and tools we use to work together, we strive to be better equipped in making smart decisions and establishing  appropriate asset allocations, taking into consideration your goals but more importantly, your risk budget.

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Chilton Trust’s Family Office Bulletin seeks to provide general commentary and guidelines on timely and relevant topics for clients and their families. While each situation is expected to vary based on each client’s individual situation and needs, the topics and discussion herein are intended to encourage thoughtful analysis. A Chilton Trust representative is always available if the observations or guidelines presented in this piece warrant additional attention and a follow up conversation regarding your particular circumstances or situation. Our mission is first and foremost to keep you informed and in a position where you can understand and evaluate your next steps.

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