A Guide to Unique Asset Management for Ultra-High-Net-Worth Families

October 5, 2025

For ultra-high-net-worth families, wealth often extends far beyond traditional investments¹. Many families own illiquid and unique assets such as fine art, jewelry, collectibles, real estate, natural resource rights, yachts, private jets, closely held businesses, private equity, venture capital, start-up investments, and even cryptocurrencies. These one-of-a-kind holdings can be complex and may lack a liquid market, creating challenges in valuation, insurance, regulatory compliance, tax planning, and risk management. 

Managing these assets effectively requires coordination among appraisers, legal advisors, industry specialists, and other professionals to ensure each asset is protected, compliant, and aligned with the family’s financial strategy. 

Closely-Held Businesses 

Owning interests in privately held companies demands vigilant oversight. These businesses often lack a public market, making accurate valuation essential for tax planning, estate considerations, or liquidity needs. Depending on your level of involvement, you may participate directly in business decisions or oversee management indirectly. Pay close attention to buy-sell agreements, succession planning, and potential conflicts of interest. Engaging valuation experts, legal advisors, and industry specialists helps you safeguard these interests while optimizing their contribution to the family’s wealth. 

Private Equity, Venture Capital & Direct Start-up Investments 

Investments ¹ in private equity, venture capital, or direct start-ups carry high reward potential but also high risk. Managing these assets requires active monitoring, governance participation, and careful liquidity planning. Valuations can be complex, often depending on financial performance, market comparables, or discounted cash flow analysis. You must navigate capital calls, regulatory considerations, and tax complexities such as carried interest or Unrelated Business Taxable Income. Diversifying across sectors, geographies, and stages of investment ¹, along with thorough due diligence, is critical to mitigating risk. Collaborating with advisors allows you to monitor performance, plan exits, and align these investments ¹ with your family’s broader financial strategy. 

Natural Resource Rights 

Owning natural resource rights, including oil, gas, or mineral holdings, presents operational, environmental, regulatory, and market risks. Valuation can be challenging, considering potential yields, extraction costs, and commodity price fluctuations. Regulatory compliance, environmental liability, and lease management require ongoing attention. Implementing insurance and risk management strategies is essential to protect against revenue volatility and environmental exposure. Working with geologists, environmental consultants, and legal experts ensures these assets are effectively managed and integrated into your family’s overall financial plan. 

Yachts and Private Jets 

Luxury assets such as yachts and private jets offer lifestyle advantages but come with operational, regulatory, and financial complexities. Effective management involves hiring and training crews, arranging maintenance, securing docking or hangar space, and ensuring compliance across jurisdictions. Environmental and safety regulations, tax obligations, and insurance requirements demand specialized attention. You also need to coordinate usage schedules, maintain operational readiness, and address physical and cybersecurity concerns to protect these high-value assets. 

Real Estate Holdings 

Unique real estate such as historic estates, properties in disaster-prone areas, timberland, farms, or ranches requires careful oversight. Key considerations include valuation, property management, insurance, tenant relations, and maintenance. Agricultural and timber holdings add complexity with commodity price fluctuations, environmental regulations, labor management, and sustainability requirements. Engaging experienced property managers, insurers, and advisors helps ensure optimal performance, mitigate risk, and maintain compliance while aligning these assets with your family’s long-term financial objectives. 

Fine Art, Jewelry, and Collectibles 

High-value art, jewelry, antiques, and collectibles are illiquid assets that require precise valuation. Appraisals should consider provenance, historical significance, and market demand. Accurate valuation is crucial for insurance coverage, estate planning, tax assessment, and determining management fees. Security measures such as safes, home security systems, and careful online discretion are equally important. Collaborating with art advisors, insurance specialists, and security consultants helps protect these assets while ensuring they align with your family’s broader wealth management objectives. 

Conclusion 

Managing unique or illiquid assets takes thoughtful attention and careful coordination. It’s important to consider valuation, insurance, regulatory compliance, operational oversight, environmental impact, and tax implications for each holding. By working closely with appraisers, legal advisors, and industry specialists, you can protect your investments, mitigate risks, and ensure every asset contributes to your family’s long-term legacy.

Disclaimer: Private banking services offered through First Western Trust Bank, Member FDIC 

1. Investment products and services are Not FDIC Insured, Not guaranteed by the Bank, May Lose Value 

This content is for informational purposes only and does not constitute legal or tax advice. Please consult your legal or tax advisor for specific guidance tailored to your situation. First Western Trust Bank cannot provide tax advice. Please consult your tax advisor for guidance on how the information contained within may apply to your specific situation.