Security threats are more prevalent than ever and multi-family offices are being targeted in the most recent round of attacks. According to a recent study, only 9% of all respondents out of 55 family wealth firms were involved day to day in security risk management. Although up to 73% reported recent concerns associating incidents involving their clients.
A comprehensive asset protection planning approach should always be taken for any wealthy family that is concerned about protecting the wealth they have worked so hard to build. The most prevalent type of financial issue affecting wealthy families, according to the study was credit card fraud.
More than half of the respondents indicated that, at least one of their clients was a victim of credit card fraud in the previous year. Another unsuspecting and yet serious trend has to do with tax returns being hijacked. Given that there are many different ways that high net worth individuals can be targeted, including litigation or a spouse attempting to pursue personal assets as a stake in the divorce, it is extremely important for any high net worth individual to schedule consultation with an experienced asset protection planning attorney to talk over the benefits of advanced planning.