In the inaugural episode of Advice You Can Trust, we introduce you to the Wealth Manager at Cumberland River Group, James Nichols and launch into our first enlightening conversation surrounding the importance of stress testing.
Given so much uncertainty in the world lately, with the Covid-19 pandemic, the 2020 Presidential Election, and their impacts on the economy as a whole, there are plenty of people wondering what they can be doing to give them peace of mind about their finances.
Allow James to put your mind at ease and explain the benefits of the stress testing process. Through a robust and in-depth analysis, James and his team at Cumberland River Group review your personal or business finances to help calculate the right financial maneuvers given your future goals.
So sit back, relax, and enjoy a thought-provoking conversation that could leave you with a vital piece of advice you can ultimately trust.
00:06 - Overview on the show and what you can expect on future episodes
01:00 - Introducing James Nichols from Cumberland River Group
01:40 - What people can do right now to give them peace of mind about their finances
02:40 - Why the stress testing process so valuable
03:48 - The three main ways stress tests are utilized
05:10 - An example of what prompted someone to come see James for a stress test
07:05 - An example of how a stress test could save someone from a bad financial move
09:16 - What the keys are to make sure a stress test is done well
11:45 - How the human element comes into the stress testing process
14:13 - How James and his team gets into the heart of a client's goals
17:45 - A lesson that can be learned from the super rich and their stress tests
20:45 - The initial three meetings of a stress test
25:50 - Final remarks
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