P&C Insurance: The Missing Link in Wealthy Family Financial Plans

In this episode of the “Building Your Wealth Bridge” podcast, George C McCabe, C.P.A, welcomes Kate and Charlie for an in-depth discussion on McCabe’s new property & casualty insurance partnership and why personal risk management has become an increasingly important part of protecting family wealth.George shares the origin story behind the partnership, explaining how growing client concerns around rising insurance costs, natural disasters, inadequate coverage, and evolving liability risks led the firm to explore this area more deeply. Kate then walks listeners through the behind-the-scenes process McCabe undertook to identify the right partner. One that is capable of serving clients across a broad range of wealth levels while delivering the high-touch service McCabe values.The conversation also explores how Charlie and his team approach personal insurance planning, why independent brokerage matters, and how proper policy design can help families protect against the catastrophic risks that can threaten an otherwise strong financial plan. From umbrella coverage and trust titling to multi-state properties and emerging lifestyle risks, the episode highlights why personal insurance can no longer be treated as a “set it and forget it” decision.The conversation includes a detailed discussion on the following topics:• Why McCabe Added a Property & Casualty Resource: How client questions around rising premiums, natural disasters, broker responsiveness, and liability exposure led McCabe to seek a specialized insurance partner.• The Partner Selection Process: Kate explains how McCabe evaluated whether to handle this work in-house, why outsourcing made more sense, and how a detailed RFP and interview process led to the selection of Charlie’s firm.• Independent vs. Captive Insurance Models: A discussion of the differences between brokers who represent one carrier versus independent advisers who can evaluate multiple companies and advocate for the client in both pricing and claims situations.• Why Insurance Needs Change as Wealth Grows: How increases in net worth can create new liability concerns, why many families may be underinsured, and why umbrella coverage often becomes more important over time.• The Importance of Annual Reviews: Why insurance should evolve as life changes—whether that means buying a home, adding trusts or LLCs, relocating to another state, renovating a property, or taking on new risks like home businesses or short-term rentals.• Today’s Personal Insurance Challenges: Charlie explains how inflation, severe weather, rebuilding costs, social inflation, and litigation trends have made personal insurance more nuanced and more important to review proactively.As always, please send our team any questions or topics you’d like us to cover in a future episode.We hope this finds you well.George is a Registered Representative of and securities offered through Cetera Wealth Services, LLC, member FINRA/SIPC. Advisory Services offered through AdvisorNet Wealth Partners, a Registered Investment Adviser. Cetera Wealth Services, LLC, AdvisorNet, and McCabe & Associates are not affiliated companies.Cetera Wealth Services LLC, exclusively provides investment products and services through its representatives. Although Cetera does not  provide tax or legal advice, or supervise tax, accounting or legal services, Cetera representative may offer these services through their independent outside business. This information is not intended as tax or legal advice. Kate Norris and Charlie Phillips are not affiliated or registered with Cetera Wealth Services, LLC. Any information provided by Kate and Charlie is in no way related to Cetera Wealth Services, LLC or its registered representatives.