An asset protection specialist works with individuals and businesses to prevent losses and make claims easier if they do occur. Depending on the nature of the services they provide, people in this field may have backgrounds in insurance, security consulting, or financial planning. If you work as an asset protection specialist and provide services like personal security or insurance sales, you may need a license in some areas. Such consultants may be required in a variety of situations.
One aspect of the job entails assisting clients in selecting insurance policies that are appropriate for their needs and preparing policy documentation. This can include a detailed asset inventory. The inventory can speed up the claims process in the event of a claim due to theft, fire, or other losses. This information is provided by the client to the insurance company, which can review it quickly and pay out on the claim. Identifying items that may require special insurance coverage, such as jewelry, can be part of the inventory-making process.
An asset protection specialist may be concerned about security in order to reduce the risk of a loss. This can include security system recommendations and installation, as well as personal security. Asset protection specialists can advise on store layout to reduce theft and patrol during business hours to identify suspicious customers in environments such as retail stores. Preventing losses can reduce the amount of time spent dealing with claims, court appearances, and other matters.
Financial planning and assistance are also available from some asset protection specialists. Individuals with personal wealth may want to take steps to grow and protect their assets so that they can save for retirement and other goals. Asset protection specialists can advise clients on the best financial products and assist them with estate planning to pass wealth on to the next generation, charitable causes, and other beneficiaries of a will or trust. These experts can also help you limit your tax liability and protect your assets in the event of a bankruptcy or other calamity.
The highly varied nature of this work necessitates the use of people with a wide range of skills. Asset protection services can be provided by accountants, attorneys, and insurance agents, among others. People interested in working in this field can enroll in training programs. With a degree or certificate, an asset protection specialist may be able to join a professional organization for networking and promotion opportunities.