Insignia Group accelerates US expansion
With over two decades of experience serving ultra-high-net-worth individuals, Insignia Group is now accelerating its US expansion in response to an evolution in UHNWI consumer preferences.
As traditional luxury items have become more accessible to the mass market, Insignia clients – especially in the US – increasingly pursue “experiential luxury.” Insignia says Exotic travel, exclusive events, and other rare, tailored experiences are rapidly replacing high-end consumer goods as the ultimate markers of status among the ultra-wealthy.
“Our clients’ world is evolving faster than ever,” says Nada Tucakov, CEO of Insignia Group. “For many of our members, purchases of super-yachts or private jets are no longer driven by the desire to own status symbols; rather, they are inspired by the opportunity to make unforgettable memories.”
According to research from Insignia America, which launched its New York lifestyle management boutique in February, the trend toward experiential luxury is especially pronounced in Western markets. Compared to UHNWIs in Russia, Asia, and the Middle East, Insignia America’s UHNWI clients tend to be relatively understated in displaying wealth.
“Among Insignia’s international client base, many of our members love the uniqueness of our payment cards, like the 14-carat gold Jewellery Card embellished with precious gemstones,” adds Tucakov. “But in Western markets, we have observed a preference for discreet plastic or virtual cards. UHNWIs in the West tend to value certain cards not because of craftsmanship or materials, but primarily because they provide a gateway to a truly distinctive lifestyle.”
However, like their international counterparts, UHNWIs in Western markets are placing ever higher value on the personal touch. “As technology becomes more prevalent in all aspects of life, human interaction is more valued than ever,” Tucakov adds. “Experiential luxury cannot exist without world-class relationships.”
To deliver the extraordinary experiences that UHNWIs value most, Insignia provides comprehensive insider access, VIP concierge services, and a dedicated, 24-hour Personal Assistant to each member. “All of our clients are different and require bespoke services,” says Richard Lewis, Managing Director of Insignia America. “But as we accelerate expansion in the US, our lifestyle management services are increasingly focused on access to exclusive events and exotic destinations.”
Insignia’s members are typically adventurous, with an appetite for cutting-edge experiences. Almost no request is impossible to fulfil – whether it is a front-row seat to a sold-out sporting event, a chartered yacht at a moment’s notice, or round-the-clock personal security anywhere in the world.
“We recently crafted a private trip for one of our clients to visit the wreckage of the RMS Titanic, off the coast of Newfoundland,” adds Lewis. “Alongside a team of researchers and scientists, our client and his guests became part of an elite group to see this historic vessel before she is consumed by the sea. More people have visited the moon than the Titanic, making this a phenomenally unique experience.”