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An asset protection specialist works with individuals and companies to prevent losses and facilitate claims in the event of a loss. People in this field can have backgrounds in insurance, security consulting, and financial planning, depending on the nature of the services they provide. In some regions, it is necessary to have a license to work as an asset protection specialist if the work involves services like personal security and insurance sales. People in a variety of settings may have a need for such consultants.
One aspect of the work involves helping clients select insurance policies appropriate to their needs, and creating documentation to go with the policy. This can include a detailed inventory of assets. In the event of a claim because of theft, fire, or other losses, the inventory can make the claims process much faster. Clients submit this information to the insurance company, which can quickly review it and pay out on the claim. The process of creating an inventory can include identifying items that may require special insurance coverage, like jewelry.
Security can be a concern for an asset protection specialist, to limit the risk of a loss. This can include the recommendation and installation of security systems, as well as personal security. In environments like retail stores, asset protection specialists can consult on the layout of the store to reduce theft, and also patrol during business hours to identify suspicious customers. Cutting down on losses in a preventative manner can limit the time spent dealing with claims, court appearances, and other matters.
Some asset protection specialists also offer financial planning and assistance. People with personal wealth may want to take steps to grow and protect their funds to have money available for retirement and other endeavors. The asset protection specialist can recommend the best financial products and may work with their clients on estate planning to pass wealth on to the next generation, charitable causes, and other beneficiaries of a will or trust. These consultants can also offer advice on limiting tax liability and shielding assets in bankruptcy and other events.
The highly varied nature of this work creates a need for people with many different skill sets. Accountants, attorneys, and insurance agents, among others, can offer asset protection services. Training programs are available for people interested in careers in this field. An asset protection specialist with a degree or certificate may be able to join a professional organization for networking and promotion opportunities.
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