PODCAST EPISODE

Advice You Can Trust - Episode 4 (A Super Rich Best Practice That Can Benefit You, Too!)

Advice You Can Trust

May 6 2021 • 18 mins


One of the smartest financial moves that individuals and families can make is to learn what strategies are being used by people who are wealthier than they are. By doing so, they can evaluate if they are in a position to benefit by adopting those same habits and best practices. On the fourth installment of Advice You Can Trust, James and Ryan take a deep dive into a particular best practice, utilized by extremely affluent families and business owners, and how we can learn lessons from it. Timecodes: 00:05 - Introduction and welcoming James Nichols to the show 01:17 - Brief overview on the stress testing process and what a stress test is 02:45 - Why stress tests are being done so frequently by affluent individuals and families 04:00 - Stress testing is a process that can be used to serve anyone, regardless of their level of wealth 06:08 - There are many lessons to be learned from those regularly stress testing 07:00 - Issues or examples of elements that would prompt someone to seek out a stress test 10:42 - Sometimes those receiving stress tests aren't expecting to uncover mistakes or issues from their prior wealth management strategies 13:45 - What people should be doing now to ensure they are maximizing their wealth management strategy 15:55 - Final comments on the lessons that can be learned from affluent families, as well as the stress testing process as a whole Connect with James Nichols: https://advisors.ubs.com/cumberlandrivergroup/ (Website) https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)

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