A few weeks back I posted on the International Society of Appraisers (ISA) new member benefit, The Dealer Directory (click HERE for background), which is starting to move forward and from what I understand we are now processing over 20 dealer applications for the program. In that post I mentioned there would soon be new program offerings from ISA.
Last week ISA formally introduced the ISA Private Client Services program which was designed to specifically to train ISA members on how to work with and market their services specifically to high net worth individuals and their associates such as attorneys, family offices, wealth mangers, estate planners, financial planners, and bankers. After meeting the requirements and taking the two day seminar, ISA members will be able to promote themselves as part of the ISA Private Client Services program.
As appraisers expand their practices into other areas beyond straight USPAP compliant appraisals, moving into other areas of valuation services such as fine and decorative art consultations, brokering, security, logistics, collection management etc. we need to be prepared to work and interface with the HNWI client base and their financial planning professionals. The ISA Private Client Services program was developed to prepare and train ISA appraisers to work with these service providers in the most complete and professional manner.
Many appraisal and related organizations are expanding their programs and designation so their members can offer additional professional services, For example NAA has an estate specialists program and I understand ASA may soon be offering an Archives designation.
The market place is changing, and as appraisers we have to change and expand our professional services in order to stay viable. I think the ISA Private Client Program goes right to where the wealth is while preparing its appraiser members to work with and promote their services to HNWIs and their professional associates. If you are looking to expand your appraisal practice, this program is designed specifically to do that, and it targets HNWI collectors, many with important objects and collections which need both appraisal services and connected valuation services. Don't miss out on this program, if you are an ISA member apply, and not an ISA member, think about joining or bridging into ISA.
A few important links about the program
ISA Private Client Program, https://www.isa-appraisers.org/members/isa-private-client-appraisal-services
Appraising in the World of High-Net-Worth Individuals: Program. https://www.isa-appraisers.org/education/appraising-in-the-world-of-high-net-worth-individuals
and https://www.isa-appraisers.org/education/course/270
The ISA Private Client program has several components, first is to apply for the program, take the two day seminar and meet the below listed qualifications requirements. To apply ISA members must be at the ISA AM or ISA CAPP levels. See below for the seminar description, the requirements and the seminar program.
I just registered for the seminar.
ISA reports on the program and seminar.
Source: The International Society of AppraisersCourse Description
Looking for new skills and tools to expand your appraisal practice?
Do you have interest in exploring the exclusive world of HNWI’s and their collections?
High-Net-Worth Individuals (HNWIs) are considered to be those whose financial investments are in excess of 1 million dollars. In 2016 there were over 4 million of these individuals in the US alone. Their collections of antiques, fine and decorative art, and collectibles may comprise a significant part of their assets. Procuring, investing, protecting, and maintaining their collections requires a team of highly trained of professionals who work exclusively with this group to help meet their specialized needs.
This summer, enter a world of new possibilities for your appraisal practice in a special two-day ISA seminar, Appraising in the World of High-Net-Worth Individuals: Developing Skills, Relationships and Assignments. UBS Financial Services, Legacy - Plano, Texas, will host ISA appraisers for an information packed two-day program, July 13 - 14, from 8:30am - 5:00pm CST. Meet the lawyers, investment advisors, curatorial staff, insurance brokers, conservators, handlers and storage professionals who specialize in Private Client Services. Discover how they facilitate their high-net-worth client’s needs and how ISA appraisers can connect with HNWI clients and their team of advisors. Learn what this group of professionals look for when hiring appraisers. Become invaluable to this specialized group through increased appraisal knowledge and skills to increase assignment productivity in this lucrative area. Learn more about ISA's Private Client Services designation.
The Program Requirements
Source: The International Society of AppraisersISA Private Client Services
The ISA Private Client Services program is intended to educate ISA appraisers who wish to work with high-net-worth clients and their collections. Participants will learn best practices and how to work with the gatekeepers specializing in Private Client services. While not a certification, after completion of the proposed program, ISA appraisers can use the ISA Private Client Services designation to promote this service in their appraisal practices.
Program applicants must be ISA members in good standing, either CAPPs or Accredited members and current with USPAP and ISA Requalification requirements.
Further details about earning the Private Client Services designation will be available soon.
General Requirements
Attend the two-day ISA Private Client Services seminar on working with high-net-worth individuals, commercial clients, financial planners, attorneys, and institutions (information below)
Be USPAP-compliant and AQB-qualified
Have ISA AM designation or above in good standing
Pay any associated fees
Member Level Requirements
ISA AM applicants must apply for the CAPP program within three months and complete the CAPP process within one year in addition to meeting six of the twelve program acceptance requirements OR complete the ISA Advanced Appraisal Methodology Course within one year and meet eight of the twelve program acceptance requirements.
CAPP applicants must meet four of the twelve program acceptance requirements
Acceptance Requirements
Seminar: Appraising in the World of High-Net-Worth Individuals
- Appraising at the ISA AM level or above for a minimum of five years.
- Consistently work with commercial clients such as financial planners, estate attorneys, banks, institutions, museums, lenders, etc.
- Have published professional papers on a specialty area, connoisseurship, or appraising theory and methodology
- Made 5 professional presentations over the past five years.
- Valued over $1 million annually for the past three years in fine art or $500,000 in decorative arts.
- Completed advanced appraisal course work such as Expert Witness class, ISA Japanese Prints, or Modernism. Course must be at least a two-day program, with acceptance based upon application committee review.
- Have completed a Winterthur Institute Program, MESDA Institute program, or another Fine Art program. Other recognized certificate programs on connoisseurship may be accepted based upon application committee review.
- Have obtained a Sothebys’s Master’s Degree, Christie’s Master’s Degree, Smithsonian Decorative Arts Degree, or a Winterthur/University of Delaware Material Culture degree.
- Obtained a Masters of Fine or Decorative Arts from an accredited college or university.
- Be an ISA Committee Chair and/or ISA Board of director member.
- Have attended three of past five ISA conferences.
- Have instructed classes on Fine Art, Decorative Arts, or appraising
In order for ISA appraisers to qualify for the Private Client Services program, they are required to take the ISA Private Client Services two-day seminar, which will be presented July 13-14, 2018, at UBS in Legacy, Plano. Registrants will have the option to attend the course in person or view a live stream. All members are welcome to take this course regardless of their future participation in the Private Client Services program.
The Program - ISA Private Client Services Two Day Seminar - Appraising in the World of High-Net-Worth Individuals
Source: The International Society of AppraisersFriday, July 13, 2018
8:30 AM - 9:00 AM
Continental Breakfast
9:00 AM - 10:00 AM
Starting Points: The Collection
Meet two renowned collectors of important fine and decorative art collections as they share the dynamics of managing and maintaining their important collections. Listen to their personal stories as they discuss who they employ to help them with acquisition, collection and exhibition management, lighting and installation, restoration and conservation, the shipping and storage of works, and preparations for the future of their collections.
Presenters:
To Be Announced
10:00 AM - 11:00 AM
The Fine Art of Consulting
Private art consultant Jason Schoen will discuss the multiple layers of the art world. He will discuss how an art consultant can provide order, structure, and discipline in forming a collection, while eliminating potential mistakes. Mr. Schoen will discuss market trends, what's hot, what's not, where the current state of the art market is today, as well as what lies ahead for the future art world.
Presenter:
Jason Schoen, Art Consultant
11:00 AM - 12:00 PM
The Corporate Collection
What is a corporate curator? Discover the responsibilities of overseeing significant private collections with a corporate curator. To what extent is the involvement of curators in developing large private collections as well as the company's goals and challenges in developing collections? In what ways can appraisers assist corporate curators in providing services for their only client?
Presenter:
To Be Announced
12:00 PM - 1:30 PM
Lunch on Own
1:30 PM - 2:30 PM
The Very Private Collection
Meet Rebecca Lawton, former curator for the Amon Carter Museum of American Art, member of the IRS Art Review Panel, and part of the nine-member "Dream Team" with the unprecedented public art plan currently underway in the town of Westlake, Texas. Ms. Lawton's vast curatorial experience makes her immensely qualified to work privately with some of Dallas and Fort Worth's most prestigious collectors. Learn when private curators need the assistance of appraisers and exactly what kinds of valuations and services they need to best help their collector clients.
Presenter:
Rebecca Lawton, Private Curator
2:30 PM - 3:30 PM
A Fine Tasting Opinion: The Art of Reviewing an Appraisal, Ethically Protecting Privileges, and Popping the Cork off of Kovel
Meet an estate attorney who, through tax and fiduciary litigation, helps protect appraisals and the defense of them against the IRS. This session will provide practical tips with some discussion on recent developments in audits and case law related to privileges, applicable to estate planning, with a particular focus on maintaining privileges. Topics addressed will include: attorney-client privilege (what it protects and what it might not); the tax practitioner privilege (when to rely on it and when to not); Kovel agreements and their effectiveness; preserving all applicable privileges and when to consider waiving them; and other practical tips in protecting your appraisals and appraisal practice.
Presenter:
Abigail Rosen, Associate, Winstead PC, Dallas, Texas
3:30 PM - 4:30 PM
New Opportunities: Moving in the Right Direction
Sometimes a simple appraisal leads to more in-depth assignments with your client. Your client may decide to send their works across the country to exhibit in a museum or place a work in a gallery for resale. Your client might be relocating or remodeling and need to safely store their collection for a period of time. A full-service collections storage and shipping company can assist you and your client with transport, storage, installation, de-installation, conservation, and collection maintenance. Learn from one of Dallas's leading collection handling services about all the aspects of additional services you can use to best service your clients.
Presenter:
Pamela Suggs, Director of Operations, Displays Fine Art Services
4:30 PM - 5:15 PM
Networking Reception
6:30 PM
Dinner on Own
Saturday, July 14, 2018
8:30 AM - 9:00 AM
Continental Breakfast
9:00 AM - 10:45 AM
Working with Family Offices and Communities Foundations: Benefits to You and Your HNW Clients
Dulany Howland, President of Howland Advisory Corporation, Dallas, Texas, brings over 35 years of business and investment experience to providing Family Office Services to his private clients and their families. In addition to developing effective plans for transfer of assets to the next generation, Mr. Howland has become an expert in optimizing benefits related to philanthropic and charitable giving. Mr. Howland will review the features, benefits, and outcomes of a Family Office relationship and how appraisers can enhance their relationships with their HNW clients by engaging with them about how working with a Family Office can help them achieve peace of mind, family unity, financial security, and a lasting legacy.
Presenter:
Grafton Dulany Howland, President of Howland Advisory Corporation, Dallas, Texas
Are your appraisal clients considering leaving a charitable legacy? Community foundations with chapters across the United States, help to connect visionary philanthropists with worthy causes. Community foundations help those wanting to gift their assets to create funds, to accomplish their charitable goals, and handle complex gift situations, all of which require the services of an appraiser. Communities Foundation of Texas welcomes a broad range of assets including high-end personal property collections. Discover how appraisers can suggest charitable directions to their clients and work with foundations such as Communities Foundation of Texas to best serve their clients' philanthropic needs.
Presenter:
Monica Egert Smith, Chief Relationships Officer, Communities Foundation of Texas
10:45 AM - 11:00 AM
Break
11:00 AM to 12:00 PM
Current Strategies and Advise for HNWIs in Wealth and Estate Planning
Estate planning for HNWIs includes much more than a last will and testament. Without advanced estate planning strategies, many of the wealthy’s hard earned assets end up with the IRS. Learn how estate attorneys are currently advising their affluent clients to protect their collectible assets with planning strategies such as Family Limited Partnerships, Limited Liability Companies, Personal Residence Trusts, Irrevocable Life Insurance, and other strategies to reduce federal estate taxes, gift taxes, and generation skipping transfer taxes. Better understand when estate attorneys need personal property appraisers to help their clients early in the planning process and exactly what they need and expect from appraisers.
Presenter:
Alan Davis, Partner, Meadows Collier, Attorneys at Law, Dallas, Texas
12:00 PM to 2:00 PM
Lunch on Own
2:00 PM to 3:00 PM
Leveraging High-End Collections
Does your appraisal client have $50 million in passive assets sitting on their shelves and walls? Today, there are more and more high-end collectors opting to leverage their collections to gain liquidity for other investments and for buying more art and collectibles. Greg Morse, CEO and founding member of Worthington National Bank (and avid art collector himself), will discuss new opportunities for appraisers to work with lending institutions involved in high-collectible loaning.
Presenter:
Greg Morse, CEO of Worthington National Bank, Fort Worth, Texas
3:00 PM to 4:00 PM
Why Valuation is Vital: Exploring the Role of Appraisals in Insurance for High Net-Worth Collectors
This session focuses on the holistic approach required for the collaboration and scope of services, solutions, and expertise required for HNWI clients, from archiving to collection management, from insurance to claims. Learn what brokers and agents in the insurance world need from appraisers to best service their HNW clients.
Presenter:
Barbara Chamberlain, AIG Director, Art Collection Management, Miami, Florida
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