Quora Answer: Do the Rich Always Have Financial Consultants?

The following is my answer to a Quora question: “Do rich people always have financial consultants?” 

The wealthier the person is, the more assets they have to manage, the greater the likelihood that they will have financial consultants, not just one.  This is in addition to asset managers, accountants and investment bankers.  One of the jobs of a financial consultant is to manage the client’s insurance portfolio, himself, his business, his key business associates and his family.  There are different categories of liability protection, different levels of assignment and ownership of policies, and all the attendant consequences of such policies.  The last would be claims management and follow-up, the use of certain policies for tax avoidance and as financial instruments in their own right.  That is a lot of work.