The 2019 Private Client Power Brokers
Jacqueline Altschul, Account Executive Lead, Alliant Insurance Services
By building deep relationships with her clients and their families, Jacqueline Altschul adds value by often anticipating risk before they do.
While reviewing coverage for a billionaire client from Japan, she noticed he hadn’t appraised his art collection in five years.
A new appraisal was completed, revealing the collection was valued at $145 million, significantly more than the insured value of $37 million.
Another client who manages more than $3 billion in assets for private families and has worked with Altschul for 20 years said she is extremely knowledgeable in both business and personal lines. She helped his clients secure policies for high-value art, apartments, and jewelry, in addition to excess liability umbrellas.
“She understands all of the business and personal aspects. Corporations, LLC, sub chapter S, she does it all. She’ll get you the $10 million or the $25 million excess policies as well,” he said.
A personal assistant to a high net worth individual with extensive real estate holdings has been working with Altschul since 1998. She credits her growing knowledge in the insurance industry to the broker’s willingness to explain everything.
During annual reviews, Altschul never tries to upsell, even when that comes at the expense of a commission, she said. When a client recently purchased a waterfront property, Altschul was able to have the existing excess flood coverage grandfathered in and transferred to her client, a move that saved $100,000 in premiums.
Kerry Bostwick, Senior Account Executive, Aon
For many high net worth individuals, having a single point of contact for all personal property and casualty needs can eliminate many headaches. Kerry Bostwick’s mission is to do just that by consulting with clients to negotiate the best pricing and coverage with everything under her guidance.
“She’s like my own personal risk manager,” said the executive assistant to a CEO and high net worth individual with multiple properties and assets scattered across the country. “If it wasn’t for her, I’d be in big trouble.”
The client said Bostwick tells her how things should be insured, offers options and then explains things in detail. When she first started working with Bostwick, they audited the account and found missing pieces, holes and gaps in coverage that should have been covered all along, she said.
They developed such a strong relationship on the executive’s personal coverage that he eventually asked her to also take over his business needs.
Another client, a family office wealth manager, said Bostwick has developed creative risk solutions for everything from property to jewelry collections and artwork.
In one example, Bostwick found a program that combined flood coverage among disparate families and family members on the Florida coast that provided a cost-effective and unique basket of coverage.
“I’d never seen anything like it before … She has been extraordinarily creative in helping us achieve a very efficient and cost-effective program for the various families,” he said.
Traci Crimm, Senior Account Executive, Aon
The solutions Traci Crimm delivers for her private clients tend toward the dramatic. In one instance, a panicked client woke her with the news that their finished basement was flooded.
The family was traveling and the client feared for her two cats and whether they would survice the flood. In the very early hours of the morning, Crimm made a beeline for the home.
She got there before the water restoration company got there, let them in and set about rescuing the cats, also moving whatever valuables she could out of harm’s way. She was able to secure both cats and feed them as the house was restored.
Another client was in Italy, about to rev up one of his collector vehicles for a road rally. But he didn’t have a “Green Card” (international certificate of insurance) and he was going to be shut out if he didn’t get one within the hour.
Crimm was still 20 minutes from the office. She pulled off the side of the road, powered up her laptop and got to work. Working like a fiend, and pleading for assistance at every turn, she was able to get her contacts at AIG to issue her a policy and a green card for the client, who was still sitting at the gate. She got it done and the client was off motoring into the Italian landscape.
One client had requested a broker change on his account. He switched to Traci Crimm. And he is very happy he did. “She has exceeded all expectations. She’s doing what you would expect, but it’s beyond that. It’s great service, she is very responsive,” the client said.
In other words, she’s a Power Broker®.
Betsy Ellis Clement, Vice President, Gillis, Ellis & Baker Inc.
Perched below sea level and prone to flooding and hurricanes, New Orleans can be a pricey place for insurance, especially for high net worth individuals.
Identifying a growing need for private client services in the area, Betsy Clement spearheaded the creation of the Personal Life Program at Gillis, Ellis & Baker. She aims to build policies to protect the lifestyles of high net worth clients while minimizing cost through an advanced understanding of underwriting processes at the top carriers.
Two years ago, an executive at a major tech firm started working with Clement when he moved his personal policies to PURE.
Clement helped him increase coverage and address other potential liability issues, in addition to identifying exposure in other financial investments and securing D&O coverage as he and his wife sit on multiple boards.
“She offered a holistic approach to coverage … she’s very proactive in having a knowledge of the types of concerns and issues that high net worth individuals would have,” he said.
When the client’s home was burglarized only six months after transferring the policy, he said Clement was very responsive in bringing in subject matter experts to work with police and to resolve the claim. After the event, she also worked with the insurer to recommend cameras and make recommendations on vendors and placement.
“Her responsiveness to that event was very remarkable and went above and beyond the coverage itself,” he said.
Kashif Khan, Senior Client Advisor, Assistant Vice President, Marsh
Marsh Private Client Services’ Kashif Khan has often been described as “client obsessed” and is known for being consistently accessible, responsive and proactive on serving his clients’ needs.
The retired CEO of a $5 billion public company, who has sat on multiple corporate boards, said Khan has served him well with his complex needs. With four kids, seven cars, multiple homes in Santa Barbara, Los Angeles and Colorado, and nearly a dozen separate policies, he needed to consolidate.
“I had all this stuff spread out all over the place. Kashif put together the whole package with two companies … He really knows how to use his firm and the right suppliers,” he said.
The CEO said Khan “watches out for what’s best for the client,” not just what’s good for him or the insurance companies. He ultimately referred two other people, his brother and another retired CEO, to Khan.
“Everyone is good at selling you something. No one’s very good at actually doing it, making it happen and responding as you go along. He’s very good with that,” he said.
Another client, a partner in an RIA and comprehensive advisory firm that manages $700 million, noted Khan’s “initiative to get things done.” In one recent example, he put together a proposal and implemented a plan for a client with different ownership entities, multiple houses, vehicles and watercraft in three states.
“He does not come across like he’s trying to sell them something, which is extremely important to these clients. They do not want to be sold,” he said.
Sheneen Nicholson, Assistant Vice President, Alliant Insurance Services
Sheneen Nicholson believes continuing education for herself, and her clients, is the key to helping high net worth individuals gauge risk and sort through complex policies.
She regularly attends seminars and risk management groups and stays up to date with the latest federal updates through agencies such as FEMA.
“There are policies I don’t even understand, and she had a great book prepared. We went over what we could do better, found some deductibles that needed to be increased and lowered some premiums,” a client said.
Nicholson found a creative solution for another client by working with underwriters to deliver a tailored program for a $100 million jewelry collection. She restructured the policy, taking into consideration the specifics of the location and security provided, a move that ultimately saved the client 40 percent annually on premiums.
An assistant to a professional athlete who has multiple properties and vehicles said Nicholson has a “magic combination” of knowledge, efficiency and responsiveness while always anticipating her boss’s future needs.
When his home was broken into, Nicholson walked the assistant through the entire process from beginning to end to file and settle the claim.
“I know she has his back. She extends compassion and in-depth knowledge … I truly could not have done this without her,” she said.