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By Kurt Thoennessen, CAPI
5
66 ratings
The podcast currently has 32 episodes available.
According to some sources, social engineering is used in 98% of cyber attacks, while others say it's involved in 70–90% of successful attacks. Social engineering is a critical part of an attack that uses manipulation or tricks to coerce victims into sharing sensitive information. Attackers may pretend to be a known person or legitimate entity, or use other tactics like impersonating a brand, using current events, or offering something the victim wants or needs. Social engineering can occur through email, phone, face-to-face, or the web.
In this episode of the Private Client Risk & Resilience podcast Kurt Thoennessen begins with introductions of the guests, Bill Roth and Anwar Visram, who share their extensive backgrounds in entrepreneurship and cybersecurity, respectively. Anwar emphasizes his experience in building cyber defense plans for high net worth families, while Bill highlights his expertise in visual thinking and experience design.
Kurt and his guests delve into the complexities of cybersecurity for affluent families, discussing the growing threat landscape and the importance of proactive risk management. They highlight the need for high net worth families to adopt comprehensive cybersecurity strategies, which include regular education, simulation exercises, and clear rules of engagement. The conversation also touches on the unique challenges faced by high net worth individuals, such as the increasing attack surface due to multiple generations and the involvement of numerous advisors and staff.
Highlights:
Conclusion: Bill Roth and Anwar Visram provide valuable insights into the evolving landscape of cybersecurity for high net worth families. Their innovative approach, combining human-centered strategies with advanced training methods, offers a comprehensive solution to protect against the growing threat of cyber attacks.
Thank You and Resources: A heartfelt thank you to Bill Roth and Anwar Visram for sharing their expertise and experiences. For more information about Hard Target, visit hardtarget.ai. Connect with Bill and Anwar on LinkedIn to stay updated on their latest content and initiatives.
Thank you for listening to this episode of the Private Client Risk & Resilience podcast. Stay tuned for future episodes as we continue to explore innovative solutions for protecting high net worth individuals and their families.
In this episode of the Private Client Risk & Resilience podcast, host Kurt Thoennessen, a high net worth insurance specialist and CEO of RiskRevu, is joined by Ron Fiamma, President of Treadwell Fine Art, an insurance carrier specializing in high value fine art and collectibles insurance. The discussion dives deep into the world of high net worth insurance, exploring the risks, challenges, and opportunities associated with protecting valuable collections.
Summary: The episode begins with Ron Fiamma sharing his unconventional journey into the insurance industry, starting from his early career on Wall Street to his eventual transition into fine art and high value collectibles insurance. He highlights his experiences at AIG Private Client Group and the entrepreneurial spirit that led him to co-found Treadwell. Throughout the conversation, Ron emphasizes the importance of understanding and managing the unique risks associated with high value collections, from fine art to couture and collector automobiles.
The discussion covers a range of topics, including the critical role of proactive risk management, the challenges of aggregation in high-risk areas, and the development of specialized insurance products to meet the needs of affluent clients. Ron also shares insights into the vetting process for vendors and the importance of maintaining up-to-date inventory systems for valuable collections.
Highlights:
Conclusion: Ron Fiamma's extensive experience and insights into the high-net-worth insurance space provided a wealth of knowledge for listeners. His emphasis on proactive risk management, innovative product development, and the importance of client relationships highlighted the complexities and opportunities within this niche market.
Thank You and Resources: A heartfelt thank you to Ron Fiamma for sharing his expertise and experiences. For more information about Treadwell Fine Art, visit Treadwell.co. Additional resources and vendor recommendations can be obtained by reaching out to Ron directly at [email protected].
Thank you for listening, and stay tuned for future episodes exploring new and innovative approaches to risk management for high-net-worth clients.
Kurt Thoennessen, CAPI and David Shapiro of David Shapiro Fine Art discussed the intricacies of art valuations and investments, emphasizing the importance of accurate appraisals and navigating the complex art market. Thoennessen highlighted the role of technology in streamlining the appraisal process, while Shapiro shared his expertise as an art appraiser and advisor. Later, Thoennessen and Shapiro discussed building art collections, understanding the market, and navigating the complex art market. They emphasized the importance of following USPAP standards, charging differently for services, and evaluating the best market for selling art. Thoennessen and Shapiro also discussed the role of art advisors in guiding clients through the market and providing comprehensive understanding of the market.
Website - Davidshapirofineart.com
In this episode, Kurt Thoennessen, CAPI, Founder and CEO of RiskRevu, discusses with Richard Kerr, CEO of Novatae, various challenges and solutions within the high net worth insurance space. Topics range from overcoming the hard market, networking strategies, the significance of quality submissions to underwriters, and the importance of specialization in the insurance industry. Kerr also delves into the foundation and goals of the Council for Insuring Private Clients (CIPC) and shares insights on the upcoming conference.
Highlights:
For more information or to register for the CIPC conference, visit the Council for Insuring Private Clients website: https://privateclientcouncil.com/.
For more details about Novatae, visit their website: https://novatae.com/.
For more details about the CPRM designation visit: https://www.scic.com/programs/cprm/
In this enlightening episode of the "Private Client Risk & Resilience" podcast, host Kurt Thoennessen, CEO of RiskRevu, is joined by Joe Rossi, the CEO of Joe Flood Insurance Brokerage. They delve into the intricate world of flood insurance, highlighting the unique challenges and solutions facing owners of high value properties.
Key Highlights:
Whether you're an insurance agent seeking to refine your skills or someone looking to protect substantial wealth, this episode is packed with valuable insights and innovative strategies for navigating the complexities of flood risk insurance.
Resources:
https://www.joefloodinsurance.com/
In the latest episode of "Private Client Risk & Resilience," Kurt Thoennessen, CAPI, a Personal Risk Advisor at Ericson Insurance Advisors and CEO of RiskRevu, sat down with Giles Greenfield, CEO of Markham Private Client, for an in-depth exploration of the private client insurance market across the UK and the US.
Thoennessen kicked off the episode by introducing himself and expressing his enthusiasm about having Giles Greenfield as a guest, someone he met at the Private Risk Management Association Summit.
The conversation quickly delved into the nitty-gritty of the UK's private client insurance landscape. Greenfield provided valuable insights, drawing parallels and disparities between the UK and US markets. They discussed how international relationships among UK and US brokers significantly streamline communication, trust levels, and improve insurance program design for high net worth and ultra high net worth clients with properties interests in both countries.
A major focus of the discussion was the comparison in coverage and underwriting approaches between the two countries. The absence of umbrella liability policies in the UK, as noted by Giles, underscored the UK's less litigious nature compared to its US counterpart.
Both Thoennessen and Greenfield addressed pressing concerns brokers face in their respective regions, particularly the challenges surrounding escape of water incidents. These incidents, especially concerning historical or listed properties, were highlighted as significant hurdles for clients and insurers.
Overall, this podcast episode offers a comprehensive analysis of the private client insurance market. It not only emphasized the nuances between the UK and US markets but also underscored the pivotal role of international relationships. Furthermore, it shed light on the intricate challenges brokers encounter while addressing distinctive coverage issues in their respective regions.
Resources:
Markham Private Client - https://markhambrokers.com/
What is a listed building article - https://www.mansionglobal.com/library/listed-building
Wondeur AI - https://wondeur.ai/
Private Risk Management Association - https://www.privateriskmanagement.org/
In this information-packed episode, host Kurt Thoennessen and certified wildfire mitigation specialist, Mike Thayer provides invaluable insights on wildfire risks and prevention strategies. As wildfires continue to rise in severity across the Western U.S., homeowners must get prepared.
Key topics discussed:
As Mike emphasizes, wildfire readiness education and prevention work must expand outside California to other wildfire-prone states. All homeowners with natural vegetation exposure should proactively mitigate now, before threats grow. Advanced preparation is key to saving homes and making them insurable.
Resources:
Mike Thayer's linkedin - https://www.linkedin.com/in/michael-thayer-wms/
In this episode of the Private Client Risk and Resilience podcast, your host Kurt Thoennessen welcomes Judy Pearson from Nomadx, a trusted name in the world of trustee liability insurance. Judy shares her expertise on trustee liability exposure and complex wealth transfer vehicles, shedding light on an increasingly crucial topic in the realm of asset protection and estate planning. As clients seek advice on safeguarding their wealth through trusts and LLCs, Judy delves into the nuances of these structures, their responsibilities, and the fiduciary duties that come with them. You'll gain valuable insights into the need for specialized insurance solutions, the complexities of trustee roles, and the importance of cybersecurity preparedness in the trustee space. Listen in to explore this compelling discussion and discover how to address trustee liability with the right coverage and insights. To learn more about trustee liability and how to get in touch with Judy Pearson, visit the Nomadx website https://www.balanceuw.com/nomadx or reach out to Judy directly via email [email protected] or by phone (303-917-7776).
In this episode of the Private Client Risk and Resilience podcast, host Kurt Thoennessen discusses social inflation, nuclear verdicts, and their impact on the private client space. He is joined by special guest Chris Schon, a partner at the law firm Tyson and Mendes in San Diego, California.
Chris explains that social inflation refers to factors outside of traditional economic inflation that are causing the costs of insurance to rise. He emphasizes that the number one driver of nuclear verdicts is anger, which often results from anti-corporate sentiment and the perception that big corporations should be held accountable. Factors contributing to social inflation include:
The discussion also covers strategies for mitigating nuclear verdicts, including accepting responsibility, personalizing corporate clients or individuals, arguing pain and suffering, and demonstrating empathy to jurors.
Towards the end of the episode, they highlight the importance of considering higher policy limits, especially in states and regions with a greater risk of nuclear verdicts.
The episode provides valuable insights into the complex factors contributing to social inflation and nuclear verdicts in the private client space and offers practical advice for risk mitigation.
Resources:
https://www.tysonmendes.com/
https://www.tysonmendes.com/attorneys/christopher-schon/
https://www.tysonmendes.com/nuclear-verdicts/
In this engaging podcast, Kurt Thoennessen, CAPI, the host of the Private Client Risk and Resilience Podcast, invites Susan Schoenfeld, CEO and founder of Wealth Legacy Advisors, to explore the intricate world of family governance and communication within high-net-worth families. Kurt explains his role as a certified advisor in personal insurance, emphasizing the importance of addressing risks and challenges faced by wealthy clients. Susan, a self-proclaimed "recovering attorney" and CPA with an MBA, shares insights about her firm, Wealth Legacy Advisors, and its mission to guide ultra-high-net-worth families in navigating the human aspects of wealth.
The discussion delves into the concept of family governance, highlighting its role in shaping how affluent families make decisions, establish structures, and plan for future generations. Susan's real-world examples illustrate the significance of family governance in preventing potential conflicts and chaos as families grow and evolve. She describes various techniques, such as family councils and family assemblies, which provide frameworks for decision-making and representation within wealthy families.
The conversation emphasizes the critical role of effective communication in addressing complex issues related to wealth, legacy, and family dynamics. Susan and Kurt explore the challenges faced by affluent families, from raising children in an atmosphere of wealth to navigating philanthropy and addressing concerns about potential heirs' marriages and creditor claims.
Throughout the transcript, Susan underscores the value of addressing these "soft issues" in wealth management, demonstrating how caring about clients' holistic well-being fosters lasting relationships. This podcast transcript offers profound insights for advisors, highlighting the importance of focusing on the human aspects of wealth when assisting high-net-worth families in building legacies and maintaining family harmony.
The podcast currently has 32 episodes available.
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