For many, achieving great wealth is the pay-off of a long-term plan and the result of careful, calculated steps. When someone finally reaches such success, they know what to do, how to protect themselves and where to go next.

But what happens when that plan is accelerated—or totally unexpected?

Say your client wins the lottery or unexpectedly makes partner. For them, it means jubilation, an entirely new outlook on life and release from most of their old stressors. For you, however, it’s a whole different ballgame. You suddenly need to fit a lifetime’s worth of risk education, planning and protection into a few weeks.

Here’s what you need to know to help your clients navigate their new financial situation:

Mind the Gaps

A whopping 87% of Americans use a standard carrier to cover their risks, according to a recent study by Chubb and Oliver Wyman. But unfortunately, when a client becomes suddenly affluent, such a policy is no longer sufficient—especially when they begin to invest in valuables.

Whether it’s art or fine jewelry, your client’s corresponding insurance policies need to contain customized features, including full replacement cost coverage as opposed to coverage that uses depreciation to determine value in the event of a claim. Their general homeowners policy just isn’t enough. 

Liability coverage is another area where one-size-fits-all coverage will no longer suffice. As a first step, help your client understand that increased publicity often goes hand in hand with success. If your client is publicly perceived to have deep pockets, they are more likely to become the target of lawsuits and legal challenges, regardless of the merits of the case.

That means wealthier individuals need higher limits of liability protection than what you’ll typically find in a standard policy. Help your client determine how much coverage they need by reviewing all their assets, including property, automobiles, personal belongings, valuable collections, 401(k) investments and college funds.

Don’t Overlook the Bigger Picture

As part of the liability audit, you’ll likely learn a lot about your client’s asset portfolio. But although you’re equipped to help advise on their related property and casualty exposures, it’s a good idea to consult with a certified financial adviser to ensure their traditional assets are protected from a volatile market.   

These referral relationships do more than drive new business. These advisers are certainly likely to return the favor and refer business back to you, but this piece is more about helping newly successful clients who might otherwise treat wealth management in silos—a dangerous financial management strategy that puts their newfound prosperity at risk. Supporting holistic wealth management also goes a long way toward enhancing client satisfaction, driving greater share of wallet and improving longevity.

Plus, when a client comes into a significant amount of money quickly, having a financial adviser network already in place can make all the difference. Here are six steps to start building yours:

Research and understand the players in the financial advisory space, their differentiating elements and what value they provide to newly successful clients.

1) Attend local networking events and conferences, such as those hosted by the National Association for Personal Financial Advisors or the Financial Planning Association.

2) Evaluate which contacts provide the services you expect for your clients.

3) Select the ones you trust.

4) Identify any mutual connections or possible in-roads with selected advisors.

5) Reach out!

Think Long-Term

Just because your client becomes suddenly successful doesn’t mean they’ll stay that way. But you can do your part to help your them maintain long-term success.

Start by conducting yearly risk exposure audits to analyze everything from “ordinary” investments such as surround-sound systems to luxury, high-end purchases including new cars, property or even a yacht. Many carriers often offer such audit services to agents, brokers and their clients free of charge. The results can help inform any necessary changes in coverage, whether that means enhanced limits or additional, standalone policies.

Coming into sudden wealth can be a life-changing event for your clients. But it can also be a tumultuous time: They face a whole new set of exposures, often lack the required protection and usually don’t have an advisory or support team in place.

This presents a unique opportunity for agents and brokers who are well-equipped to be the voice of reason in an uncertain time. What steps will you take to help your clients?

Annmarie Camp is executive vice president at Chubb Personal Risk Services.