The Top 5 Questions Wealth Managers Ask Me About Inventories and Asset Management

As a relocation expert, organizing guru, and—ahem—professional Chaos Whisperer, I’m often asked by wealth managers how to best manage their high-net-worth clients’ tangible assets, especially during times of transition. Over the years, I’ve had countless conversations about inventories, appraisals, and the importance of proper planning—especially when it comes to life events like moving, illness, or end-of-life matters. It’s always a pleasure to share insights that can help wealth managers ensure their clients’ assets are properly protected. Below are the top five questions I get asked most often—I hope this sparks a conversation with your family or team of financial advisors.

1. What do you mean by “life transition” or “life event”?

A life transition refers to any significant change that affects a client’s circumstances, such as the death of a family member (whether expected or unexpected), senior downsizing, a job transfer, or major health events. Each of these transitions presents unique challenges for clients, particularly when it comes to managing their tangible assets. These events can disrupt the flow of day-to-day life, making it even more important to ensure assets are properly organized, valued, and protected.

2. Do you think my clients need an inventory even if they’re not relocating or renovating?

Absolutely. Everyone needs an inventory of their tangible assets, even if they’re not planning a relocation or renovation. Knowing what your clients own is essential for insurance purposes and their overall protection. For example, if your clients have caregivers coming in and out of their home, would they want to know what items were in the house before the caregivers arrived? Keeping a detailed inventory helps provide peace of mind, protects valuable items, and ensures accountability in case of loss, damage, or theft.

3. So, if my clients’ appraisals are 10 years old, they’re already out-of-date?

Not necessarily. However, we strongly recommend appraisals be updated every 5 years. Over time, the value of assets—especially art, jewelry, or antiques—can fluctuate significantly. Regular appraisals help ensure that the insurance coverage and asset values reflect their current worth, minimizing the risk of underinsurance or overvaluation.

4. Do you really think my clients are underinsured?

Yes, in my thirty years as a professional organizer and move manager, I can assure you that most of my high-net-worth clients are underinsured by at least 30%. It’s a common issue that often goes unnoticed, especially when clients assume their coverage is sufficient. A detailed inventory and regular appraisals help identify gaps in coverage and ensure clients are adequately protected.

5. How can I help my clients prepare for a life crisis? How can I help plan for end-of-life events?

For wealth managers, it’s crucial to help clients plan for unforeseen crises and end-of-life events. By starting your conversation with an up-to-date inventory, you can ensure that all of their tangible assets have been recorded, valued, and protected. Preparing for life crises may involve organizing their estate, ensuring proper insurance coverage, or planning for the transfer of assets before death. By proactively addressing these concerns, you can help your clients navigate these challenging times with greater ease and security.