Episode 4

Published on:

6th May 2021

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

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.


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

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About the Podcast

Advice You Can Trust
Let's Move Forward. Together.
Welcome to Advice You Can Trust, where we explore an array of topics surrounding wealth management and the lessons that can be learned from super rich individuals, families, and businesses as a whole.

Listen as James Nichols, Wealth Manager at Cumberland River Group, taps into years of experience in working with clients to provide highly customized advice, investment solutions, and financial planning services. Dedicated to his clients, James prides himself on the relationships he has nurtured over the years.

Each episode we'll dive into new financial topics and provide enlightening conversations full of advice you can ultimately trust and apply to your own best practices.

Thanks for joining us. Now, let's move forward together.