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Friday, December 6, 2013

10:30 a.m. - 11:15 p.m.
Track: Best Practices View Track


Bill Koleszar, Senior Vice President, Director of Marketing, Wealth Management & Commercial Banking, BBVA COMPASS

A typical high net worth individual hold 9.6% of their net worth in art and collectables, such as art, jewelry, wine, antique cars, etc. While many scoff at the estimated value of these assets when they appear on a personal financial statement, their monetary and emotional value to clients is very real and sometimes significant. For financial institutions to be holistic caretakers of their clients’ financial well-being, it is incumbent upon them to be aware of these assets and make sure that they are properly protected and accounted for in the client’s long-term plans. 

Marketers can help to drive these conversations by analyzing data, developing new programs, and executing external communications that help Wealth Management Relationship Managers engage with clients regarding their unmet needs in three key areas:

  • Insurance: Most homeowners' policies have strict coverage limits on art and collectables. However, several insurance carriers provide specialized coverage for these items. Marketers can helps educate clients about these coverage limits through related web content, social media, and other communications vehicles that prompt questions from clients and position Relationship Managers to uncover opportunities.
  • Liquidity: Enabling clients to use their collections as collateral to gain liquidity for other financial opportunities may also be possible in certain situations. Simply communicating the existence of these capabilities to existing clients, Marketers can provide the opportunity for Relationship Managers inventory a clients broader assets.
  • Wealth Transfer and Tax Planning: By communicating an appreciation for the emotional and financial value of art and collectables, Marketers can position Relationship Managers to discuss long-term planning and the eventual transfer of these assets to heirs or charitable institutions, thereby uncovering additional opportunities.

It is incumbent upon financial institutions to be caretakers of their clients’ total financial well-being – including art and collectables. In this regard, Marketers are well-positioned to identify individuals that have significant non-financial assets, develop programs that demonstrate institutional appreciation for these assets, and execute targeted communications  that can be an important catalyst discovering overlooked pockets of opportunity among a broad range of their wealth clients.

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