Our feelings and finances are often intertwined. As advisors, when we meet with clients, most of the time we spend more time discussing the personal side of finance than the dollars and cents.

Why do I need to think about my collection in terms of wealth management?

Numerous studies, including one operated by BMO Private Bank, have suggested that 10% to 25% of a family’s net worth can be comprised of art, jewelry or collectibles. This can be the result of a passionate hobby that is enjoyed throughout the course of one’s life or the result of an inheritance. Given the demand for rare artifacts of legitimate value, the price of these items can be astoundingly high.