Advice You Can Trust

James Nichols

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.

All Episodes

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)

Jul 28

22 min 42 sec

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)

Jul 14

21 min 45 sec

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)

Jun 3

24 min 6 sec

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)

May 27

29 min 59 sec