The high-net-worth market never provides a still-life subject matter, according to Eleanor Moore (pictured), the director of private clients for Broadway Insurance Brokers. It’s always evolving which is what makes it so critical for her and her team to stay awake to every change that’s happening in their clients’ lives.
“I speak to my clients a minimum of every three months to see what’s changed in the preceding three months and what’s coming up,” she said in a recent discussion with IB Talk. “Are they going to make any changes to the building itself? Are there any planned purchases? Are they [making] any significant travel plans?
“You always have to keep on top of that, so that the client is protected throughout the journey. And it’s not just one call at renewal. You really get to know that client, to understand them, and you become part of their trusted circle.”
Being part of that trusted circle ensures that Moore is highly aware of the top trends that are currently sweeping the private clients’ space. A Cheshire-based brokerage, Broadway has a number of clients who invest in watches or who have them as part of a collection. The prestige watch market has sky-rocketed in recent years, she said, and where people might have previously bought a watch at perhaps £35,000, to replace it today could cost over £200,000.
Moore identified two key issues that surround this evolution. Firstly, she said, there’s the consideration of making sure that the cover provided by the policy is able to provide a replacement in the event of a loss. But the second issue that’s facing Broadway’s clients is that they own items they have worked hard to attain but they’re scared to wear due to increases in thefts, mugging and aggravated burglaries.
“Cheshire is no stranger to those, unfortunately,” she said. “I was speaking to a client yesterday who was seriously considering selling his jewellery and watch collection because he’s so terrified of wearing it. What we try to do as a broker is to make sure that the client, yes is aware of the risks around them, and that they avoid sharing images of their prized possessions on social media.
“That’s particularly if they’re tagging themselves in somewhere, so they’re making it very apparent where they are and what they’re wearing. [And we make sure] they’re aware of the people who are around them - but the last thing we ever want to do is to encourage a client not to enjoy their possessions. It’s like having a Ferrari and not being able to drive it.”
It is by advising clients on trends, around crime, but also around purchasing trends and changes to the value of items that brokers can put them in a position where they have the greater level of knowledge needed to make informed decisions, she said. And that is a role she and her team at Broadway take very seriously.
