8 episodes

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.

Advice You Can Trust James Nichols

    • Business

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.

    Advice You Can Trust - Episode 8 ( Should You Be An Executor?)

    Advice You Can Trust - Episode 8 ( Should You Be An Executor?)

    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)

    • 22 min
    Advice You Can Trust - Episode 7 (Five Mistakes of Successful Family Businesses)

    Advice You Can Trust - Episode 7 (Five Mistakes of Successful Family Businesses)

    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)

    • 21 min
    Advice You Can Trust - Episode 6 (Preparing Heirs for Their Inheritance)

    Advice You Can Trust - Episode 6 (Preparing Heirs for Their Inheritance)

    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)

    • 24 min
    Advice You Can Trust - Episode 5 (A Family Constitution)

    Advice You Can Trust - Episode 5 (A Family Constitution)

    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)

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

    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.
    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)

    • 18 min
    Advice You Can Trust - Episode 3 (What Makes a Good Wealth Manager Great)

    Advice You Can Trust - Episode 3 (What Makes a Good Wealth Manager Great)

    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)

    • 22 min

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