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In the newest episode of Advice You Can Trust, James and Ryan tackle a new topic surrounding the roles and responsibilities of an executor. When faced with this role, oftentimes, individuals are unaware of the full extent of responsibilities that accompany this role. Additionally, an executor faces an apparent level of personal risk when assuming this position. Listen as James explains the duties of the role, as well as the assortment of variables to consider. So sit back, relax, and enjoy a thought-provoking conversation that will leave you considering whether or not you're suited for the role of an executor. Timecodes: 0:07 - Overview on today's topic 2:00 - What is an executor and what does this role entail? 3:54 - Why someone shouldn't automatically accept this responsibility without careful consideration 6:00 - What is involved with filing a will and setting up the estate bank account 8:00 - Issues that can be challenging for an executor, particularly finding all the assets 9:49 - Advice for an executors hunting for all the estate's assets 11:56 - The roles and responsibilities surrounding paying debts and liabilities tied to the estate 14:36 - People tend to be surprised when learning all that an executor is responsible for 16:15 - Executors should be concerned with a level of risk associated with the position 21:20 - Closing remarks and final tips for executors Connect with James Nichols: https://advisors.ubs.com/cumberlandrivergroup/ (Website) https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)

In the latest installment of Advice You Can Trust, James and Ryan dive back into the family dynamic, specifically challenges facing family businesses today. Through discussing these challenges, James has uncovered five specific mistakes that successful families are making. Despite being a successful family business, oftentimes, unforeseen issues can arise without proper planning and wealth management overall. So sit back, relax, and enjoy another enlightening conversation that is bound to leave you considering whether or not your own family business is making these critical mistakes! Timecodes: 0:07 - Overview on today's topic 2:05 - How important wealth planning is for family businesses overall 3:21 - The risk for mistakes to arise along the way 4:40 - What traits should a family business be looking for in a wealth manager 6:10 - The mistake of relying on one specialist or technician that is hyper-focused on a single element of wealth planning 7:40 - Mistakes surrounding succession planning and philanthropic goals 9:00 - How secretive communication can create issues within a family business 10:50 - The mistakes surrounding the area of wealth protection 12:30 - What a family business should do to ensure their wealth plan isn't outdated 14:30 - Not being aware of the nuances surrounding entrepreneurial philanthropy 19:33 - Closing remarks Connect with James Nichols: https://advisors.ubs.com/cumberlandrivergroup/ (Website) https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)

In the sixth installment of Advice You Can Trust, James and Ryan explore the complex nature surrounding inheritances, specifically how to prepare heirs for receiving the inheritance itself. It's an unfortunate fact that inheritors often struggle with their windfalls in a way that can be harmful to the overall wealth. A family needs proper planning and clear communication to alleviate any potential issues that could occur with the inheritance itself, as well as the beneficiaries' spending habits afterwards. While the idea of inheritances is relatively straight-forward, this episode unveils the intangible circumstances at play, including both the internal and external challenges an heir may face when the family wealth is passed down. So sit back, relax, and enjoy another thought-provoking conversation on a topic we all thought we knew! Timecodes: 00:05 - Overview on today's topic 01:52 - Why there appears to be a double-edged sword when it comes to inheritances 03:20 - The internal and external conflicts an heir may face along the way 06:16 - How to begin addressing these issues and helping the heirs face these challenges 07:12 - What affluent families are doing, or not doing, when it comes to inheritances 09:15 - How to start fostering a level of financial intelligence among the heirs 11:40 - It's important to note how the heir themself handles their own finances 13:51 - An approach to educating heirs that is more appealing and effective 16:03 - Additional education efforts a family matriarch or patriarch needs to be considering 18:30 - These lessons should apply to all families with varying levels of net worth 21:47 - Who families should be turning to for help with preparing the heirs for their future inheritance 23:30 - Final remarks Connect with James Nichols: https://advisors.ubs.com/cumberlandrivergroup/ (Website) https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)

One of the biggest concerns facing affluent families is how to manage their wealth so that it achieves many goals. Their focus could be continuing to grow their wealth as it is transferred to younger generations, or aligning the use of that wealth with the values and ideals the family holds dear, or even protecting that wealth from creditors and others who might seek to take it unjustly. Often the best place to start, is to ensure that your family members are aligned when it comes to key issues. A family constitution can be a great way to get that process going. In the fifth installment of the show, James and Ryan explore the benefits of establishing a family constitution to ultimately promote clarity and harmony when it comes to managing family wealth. Timecodes: 00:05 - Overview on today's topic 02:05 - The challenges arising when wealthy families work together to manage their wealth 04:08 - Specific wealth-related issues among families with significant assets 05:50 - What families can be doing to make sure everyone is aligned 09:50 - How a family constitution works 12:20 - How a family should go about drafting a family constitution 15:40 - Who from the family should be involved in the financial discussions 20:21 - Additional advice to ensure the family constitution remains relevant over time 23:00 - Who families should turn to for help with this entire process 26:17 - Final remarks regarding the importance behind establishing a family constitution Connect with James Nichols: https://advisors.ubs.com/cumberlandrivergroup/ (Website) https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)

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)

In the newest installment of Advice You Can Trust, James and Ryan unpack the essential elements a great wealth manager should possess. There are countless financial planners and wealth managers in the world that possess the highest-level of financial understandings attainable. However, it's the great wealth managers that have more than just an understanding of dollars and cents. It's their understanding of the human element that sets them apart. Listen as James addresses the importance of implementing the human element into all of his client interactions. Only by connecting with clients on a personal level, and ultimately understanding their core values and goals, can he provided true strategies and solutions for better positioning their financial well-being. Once again, sit back and enjoy another enlightening conversation surrounding the importance of connecting on a human level during these financial conversations. Timecodes: 00:05 - Introduction and welcoming James Nichols onto the show 01:34 - Why affluent families should be demanding more from their advisors 03:02 - The missing link with most financial advisors 04:30 - What is the human element and why is it important? 09:02 - Overview on stress testing and how the human element plays a role within it 010:46 - Instances where a stress test doesn't reveal any problems at all 13:23 - How James assess whether a wealth manager truly integrates the human element into their approach 15:40 - What James wants to see in an advisor he would choose to work with 17:00 - What a thorough discovery process looks like 19:20 - Additional aspects worth noting when it comes to integrating the human element into wealth management 21:30 - Closing remarks Connect with James Nichols: https://advisors.ubs.com/cumberlandrivergroup/ (Website) https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)

In the second installment of Advice You Can Trust, James addresses some critical mistakes that affluent homeowners are making these days. As your wealth increases, so does your responsibilities. For those that may own multiple homes, car collections, jewelry, and more, there are countless elements to consider when it comes to insuring their worth. This is an episode you don't want to miss! So sit back, relax, and enjoy a beneficial conversation on the mistakes you should avoid when it comes to your assets! Timecodes: 00:05 - Introduction and overview on the topic of the episode 01:30 - Why it makes sense for homeowners to do a financial check-up on their homes 02:47 - The five most prevalent mistakes that affluent families are making 04:20 - The most concerning issue when it comes to liability coverage 05:44 - How to know if you're lacking adequate coverage in various areas 07:27 - For those with multiple homes, what should they be considering and avoiding 09:36 - Failing to mention or list trusts and LLC's on their insurance policies 12:35 - For homes with unique architecture or structural elements, what do those homeowners need to consider? 14:40 - Elements to consider when it comes to protecting valuable collections 18:20 - The steps affluent homeowners should be taking now! 20:55 - Final comments Connect with James Nichols: https://advisors.ubs.com/cumberlandrivergroup/ (Website) https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)

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. Timecodes: 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 Connect with James Nichols: https://advisors.ubs.com/cumberlandrivergroup/ (Website) https://www.linkedin.com/in/jamesnicholscrg/ (LinkedIn)