Barron's Advisor Tom Ruggie: What Financial Advisors Should Know About Collectibles
Feb 18, 2025
Tom Ruggie, Founder and CEO of Destiny Family Office, shares insights on the growing importance of collectibles in high net worth portfolios. He discusses how financial advisors can enhance client value by including collection management in comprehensive financial planning. Ruggie dives into the crucial aspects of valuation, insurance, and tax implications, urging advisors to adopt a holistic approach. Personal anecdotes about chasing collectibles, like the elusive 1952 Topps baseball card set, highlight the passion and challenges of collectors, bringing an emotional dimension to asset management.
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Collectibles as an Asset Class
- Collectibles are transitioning into a recognized asset class.
- A major auction house has upcoming auctions for various items, including sports memorabilia, comics, and art.
Advising on Collectibles
- Financial advisors should address collectibles in client portfolios.
- Consider valuation, insurance, storage, and succession planning for these assets.
Tom's Collectible Journey
- Tom Ruggie's personal experience led him to focus on collectibles.
- He realized he was leaving a potential mess for his family if something happened to him.