This podcast, “Making Advisor Meetings Productive,” highlights the crucial importance of treating advisor meetings like doctor’s appointments due to their significant financial implications. Key advice includes involving all relevant family members, preparing thoroughly with questions, and not hesitating to ask for clarifications on complex terms.

The episode also covers the necessity of transparent fee discussions, scheduling meetings for major life events, and leveraging technology like document vaults and AI tools for better preparation. Emphasis is placed on clear action items, accountability, and providing constructive feedback to foster a strong, collaborative advisor-client relationship, ultimately leading to long-term financial success.

Kirk Loury, MCM Wealth’s portfolio and wealth strategist, explores common financial missteps, emphasizing why these errors should not be overlooked and how individuals can learn from them. The conversation covers practical strategies for analyzing past mistakes, rebuilding financial confidence, and developing a realistic recovery plan.

The episode also highlights the crucial roles of disciplined budgeting, personal accountability, and the value of professional financial advice in securing one’s financial future. The aim is to equip listeners, including families, business owners, and health professionals, with actionable insights to protect their finances and make more informed decisions.

Kirk Loury, a portfolio and wealth strategist, delves into the realm of behavioral investing. This field examines how cognitive biases, or the way our brains process thoughts, influence our financial decisions and investing behavior.

Loury introduces key behavioral biases, starting with loss aversion, which is the tendency for the fear of losing money to have a greater impact on decisions than the prospect of gaining. This often leads investors to hold onto losing investments for too long, hoping for recovery, or to sell too early. Other crucial biases include confirmation bias, where individuals seek information that confirms their existing beliefs while ignoring contradictory evidence, often amplified by the internet and social media. Overconfidence bias arises when individuals become overly self-assured in their abilities, particularly after their opinions are reinforced. Herd mentality, or the “fear of missing out” (FOMO), drives investors to follow the actions of a group, contributing to market bubbles and crashes. Recency bias gives more weight to the most recently heard information, while anchoring bias involves relying too heavily on initial information, making it difficult to adapt to new data. Finally, framing effects refer to how information is presented to intentionally influence perception.

Loury emphasizes that understanding and mitigating these biases is a learnable skill. Practical strategies for investors include seeking guidance from financial advisors, engaging in discussions with trusted individuals to gain diverse perspectives, and utilizing AI tools to obtain more balanced views. By actively working to identify and counteract these behavioral tendencies, investors can make more rational and ultimately more successful financial decisions.

The podcast episode explores investment risk, emphasizing a view based on probabilities rather than just harm or danger. Key concepts discussed include market risk, unsystematic risk, inflation risk, interest rate risk, liquidity risk, and concentration risk.

Measuring risk involves understanding standard deviation (volatility) and managing downside risk. The discussion differentiates between risk tolerance (influenced by personal circumstances and time horizon) and risk capacity (financial ability to withstand losses).

Diversification, both across individual assets and asset classes, is presented as a way to mitigate risk, though over-diversification can be inefficient. Common investor mistakes include emotional investing and overconfidence. Strategies like hedging with options or using inflation-protected securities can help manage specific risks. The current economic climate highlights the impact of uncertainty, reinforcing the need for a structured, planned approach to investing to navigate potential setbacks and capitalize on gains.

Ever wondered how risk can transform into success? Maybe you’ve been dodging risk, thinking it’s synonymous with danger. But is that the whole story when it comes to investing?

Join MCM Wealth’s strategic advisor Kirk Loury as he flips the script on investment risk. Dive into an eye-opening discussion on how understanding investment risk can pave the way to more informed decisions. Kirk redefines risk by focusing on managed probabilities, offering valuable insights into investment strategies that account for various risk factors. 

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Welcome to today’s episode, where we dive into the insidious world of wealth leaks—the small, often unnoticed financial drains that can snowball into significant setbacks over time. 

Kirk Loury, Portfolio and Wealth Strategist at MCM Wealth will help you uncover the hidden culprits behind these leaks. From taxes and investment fees to overspending and inflation, Kirk guides us through the layers of risks that threaten even the healthiest portfolios, and explores practical strategies to plug these leaks and keep your financial goals on track!

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What makes a solid investment strategy? 

Kirk Loury, Portfolio and Wealth Strategist at MCM Wealth unravels the complexities of the core satellite portfolio structure. Discover how this approach balances risk and growth by blending a stable core with dynamic satellite investments for long-term success. 

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What does ESG mean for your investments? 

Kirk Loury, Portfolio and Wealth Strategist at MCM Wealth explores the world of ESG  (Environmental, Social, Governance) investing. Discover the buzz around these new investment trends and why the conversation is more relevant today than ever

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What does it mean to prepare for the future?

Kirk Lowry from MCM Wealth explores the intricacies of long-term care. He digs into crucial discussions about risk management and preparation, guiding you on how wise decisions today can shape a better tomorrow.

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What kind of digital legacy will you leave behind? How will your beneficiary or executor gain access to your digital legacy after you pass away? 

In this episode, portfolio and wealth strategist at MCM Wealth, Kirk Lowry, dives into the complexities of digital assets, from preserving cherished family photos to securing cryptocurrency for future generations. Tune in to learn why digital assets hold value beyond money and how to protect them, ensuring your digital footprint lives on as part of your legacy.

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About Our Guest: 

Kirk Loury provides integration between MCM’s marketing, investment strategies, and implementation. He is also a co-founder and managing member of Advisable Wealth Engines, LLC. Mr. Loury has over thirty years of experience in a variety of executive roles covering investing, marketing, and wealth-technology deployment.