Several years back I met an interesting individual during a family office networking event. Based on the crowd in attendance, I expected him to be a successful entrepreneur, but as it turns out he was a bodyguard. It was my first opportunity meeting someone who worked in executive protection. The fact that he admitted what he did probably was not the best move on his part, but since then I have wondered how many others around me are actually working as private protection for the people I interact with.
While there are definitely ultra-visible Hollywood stereotype bodyguards out there, most bodyguards working in executive protection serve as quiet sentinels and meld into the background. Depending on the needs of their client, they can operate solo or function as highly coordinated teams. Many bodyguards are ex marines and attend industry training schools focused on protecting high net worth families. They are trained in areas such as protection driving, defensive tactics, firearms, surveillance technology and travel operations. Bodyguards can either be hired as permanent household employees or by contracting with a private security firm. While the decision of which route you use is ultimately up to you, it is worth noting that if you’re going to have someone around you a good portion of the time, make sure they’re someone you feel comfortable with and trust.
Another solution that you may consider for personal protection is a panic room: a hidden safe room in your home that you can retreat to if the need arises. The entrance to panic rooms can be concealed and lockable, and the room itself can even be constructed to be bullet proof as well as safe from smoke and gases. Having a video system to monitor what is going on outside is also important. Stock it up with plenty of essential supplies and you and your family could live in it for days, if necessary. Some of the best hidden door systems I’ve come across for panic rooms have been constructed by Creative Home engineering; some of their work can be seen in this video.
Bodyguards and panic rooms are a little like doctors, lawyers and accountants, you should get, hire or upgrade them about a year before you actually need one. So, is now the right time to consider private protection or a panic room? If so, you may be about a year late, provided you can afford them. If not, then probably not.
Speaking of upgrading your accountant, if you’re in need of objective tax and family office advice (we never sell investments), please consider contacting us here at Info@GROCO.com. Or, visit our website at www.GROCO.com to learn more about us. Unfortunately, we no longer give advice to other tax professionals gratis.
The post Bodyguards and Panic Rooms- Is Now the Right Time? first appeared on Advisors to the Ultra-Affluent – Groco.