Affluent families and individuals want to make smart decisions about their wealth, which is exactly why so many of them seek out top financial professionals for advice and guidance. But, it turns out that superior technical expertise in investments and other areas of finance isn’t enough. Those advisors who are truly elite and who can best help their clients, possess an additional quality that’s just as important as their financial acumen.

In the latest installment of Your Money & A Cup of Joe, Joe and Ryan explore the "human element" and the importance it brings to the wealth management process. Listen as Joe defines the human element as the personal and emotional components of wealth management. Only by understanding everyone and everything that is personally important to the client, can you develop a customized wealth management strategy suited for them.

This episode is packed with some great information that's bound to leave you with some considerations for your own wealth manager!

Timecodes:

0:06 - Introduction and overview on the topic of the day

1:15 - Why people should be demanding more from their wealth manager

3:12 - The human element tends to be the missing link

4:15 - The human element's specific role within wealth management overall

5:12 - Where the human element shows up during a stress test

7:15 - To connect with a family, you need to understand their personal goals and aspirations

8:55 - Instances where a stress test unveils no issues

10:05 - How to know if your wealth manager is incorporating the human element

11:55 - What would tell Joe that a wealth manager is factoring in the human element

13:10 - Where the human element arises within Joe's discovery process

15:20 - The need for technical expertise and human expertise

16:25 - Closing remarks

Connect with Joe Calao:

Website

LinkedIn

Welcome to Your Money & A Cup of Joe! This is the show where we break down complex wealth management strategies into understandable terms to help you on your path to living an amazing life of significance.

In our inaugural episode, we introduce you to Joe Calao, Senior Vice President-Wealth Management at the Calao Wealth Management Group, who is working with his clients to discuss their visions for the future and help them confidently pursue their life goals.

To start our show on the right note, Joe provides a detailed overview on the benefits of stress testing your current financial plan. Given the tremendous amount of uncertainty in our world right now, there's never a better time to consider a stress test to evaluate the current and future performance of your established wealth plan.

So sit back, relax, and enjoy this thought-provoking episode that's sure to leave you considering this strategy within your own wealth plan.

Timecodes:

0:06 - Introduction and welcome to the show

1:09 - Welcoming Joe Calao to the show

1:54 - Given the uncertainty in our world, people should be considering a stress test

3:01 - Stress testing is a regular practice of the affluent

4:02 - The three main elements that stress tests can analyze

5:35 - Why someone would have been prompted to see Joe and his team for a stress test

7:01 - An example of how a stress test helped someone address an issue

9:08 - The keys to making sure a stress test is done well

11:08 - How the human element comes into play within the stress testing process

14:30 - A lesson that can be learned from the ultra affluent

17:36 - The assessment people leave with after conducting a stress test

19:15 - Closing remarks

Connect with Joe Calao:

Website

LinkedIn