Welcome to Optimizing Your Financial World, where we tackle an array of financial strategies and wealth management topics to help better position you, your family, or your business for a better future. Each episode features Mark Wade, President of Echelon Family Office, who brings over four decades worth of experience in wealth management and investment planning to the show. Mark regularly works with affluent families and entrepreneurs to help better position their portfolios given their personal and professional goals. Listen as Mark explores a new financial topic each episode and offers guidance on navigating these complex circumstances. At the end of the day, it's not about how many assets you have or how much income you create, it's about how much you get to keep! So sit back, relax, and allow Mark to shed some light on countless financial strategies and his methodologies for helping four decades worth of clients optimize their financial world.
Affluent families and individuals often have so many things on their plate, that it's easy to overlook issues with one of their largest assets: their homes. And since our homes are important to our financial security, as well as our personal sense of stability with everything going on in the world right now, we need to make sure we're taking the proper precautions to mitigate any levels of risk. In the latest installment of Optimizing Your Financial World, Mark and Ryan identify the five biggest mistakes affluent homeowners are making today. From failing to have enough liability insurance, to failing to adequately address a home's unique features or construction, this episode is bound to leave you with some key takeaways to consider with your own home! Timecodes: 0:06 - Overview on the topic of the day 1:14 - Why people should be conducting a financial check up on their home 3:16 - The five biggest mistakes affluent homeowners are making 4:38 - Not having enough liability insurance 6:15 - How to tell if someone has a lack of adequate coverage 7:15 - The insurance-related pitfalls to avoid for someone owning multiple homes 8:20 - Listing trusts or LLC's on a homeowners insurance policy 9:53 - Addressing your home's unique architecture or construction materials 10:58 - Get your high-value items insured as well! 13:04 - Mark provides an example of a client that didn't properly insure a high-value piece of art 15:34 - The next steps someone should take to mitigate any of these risks 16:46 - How a wealth manager could assist in this process 18:05 - How to get in touch with Mark's team to discuss this topic further 18:55 - Closing remarks Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (LinkedIn)
An easy mistake to make can be focusing on a single aspect of our financial life. In doing so, we can miss opportunities, as well as take on unnecessary levels of risk. In the latest installment of Optimizing Your Financial World, we're going to explore a way to avoid that problem and address the full range of financial concerns using wealth planning. Listen as Mark and Ryan unpack the beneficial strategies incorporated within wealth planning and why it's so necessary these days. Mark brings over four decades of experience to this conversation and it's one you don't want to miss! Timecodes: 0:06 - Overview on the topic of the day 1:07 - What is wealth planning and what can it do? 3:04 - A critical technique that's common across wealth planning efforts 5:00 - Using the different types of trusts as examples 7:06 - Life insurance and how it can be an effective tool in the wealth planning toolkit 9:56 - How can wealth planning ultimately help a business owner 11:51 - What people should be looking out for that goes beyond standard wealth planning 13:30 - Mark's seven ideals within wealth planning 20:26 - How someone can get in touch with Mark's team to discuss wealth planning further 21:52 - Closing remarks Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (LinkedIn)
Planned giving can help you do well financially, while also doing good for others. When you provide meaningful financial support to causes that you care about, you have the potential for tax breaks. In the latest installment of Optimizing Your Financial World, Mark provides us with a charitable planning primer. Listen as he outlines the charitable giving strategies and vehicles to help get you started...or make your existing philanthropy even more impactful. Since this is such an important topic that Mark weaves into regular discussions with clients, this episode is bound to leave you with some insight to consider with your own financial portfolio. Timecodes: 0:06 - Overview on the topic of the day 2:03 - Charitable giving is a topic that Mark's clients are frequently asking about 3:33 - How wealth planning fits into the desire among the affluent to give back 5:56 - Where to begin when it comes to smart charitable planning 7:23 - The various options for someone getting started with charitable planning 9:24 - The next level of planned charitable giving 12:01 - Charitable trusts and private foundations 15:59 - Who someone should look to for support with getting this process started 19:02 - The most important aspect of charitable planning overall 21:31 - How to get in touch with Mark's team for more guidance on charitable planning 22:44 - Closing remarks Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (LinkedIn)
In the latest installment of Optimizing Your Financial World, Mark steps outside of the typical wealth management conversation to address how wealth is ultimately generated in the first place. Listen as Mark and Ryan discuss the benefits, as well as challenges, associated with entrepreneurship. Despite being the single fastest and most effective means of generating significant wealth, there are plenty of strategies and essential best practices to consider before attaining significant wealth. So sit back, relax, and enjoy this unique conversation featuring the other side of the wealth management equation. Timecodes: 0:06 - Overview on the topic of the day 1:33 - Why entrepreneurship is the main generator of significant wealth 3:08 - The best practices of highly successful entrepreneurs 4:09 - The importance behind the commitment to achieve success 6:50 - Despite the commitment, you still need to take action to see success 8:05 - The vital importance of developing a quality business model 11:38 - The importance behind building powerful relationships and its relation to wealth creation 14:00 - How to build and maintain a high-quality team over time 16:01 - The willingness to engage with the right professionals 20:30 - How you can get in touch with Mark's team 22:32 - Closing remarks Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (LinkedIn)
In the latest installment of Optimizing Your Financial World, Mark and Ryan steer the conversation inward and leave you questioning the overall quality of the current financial advice you're receiving. Too many successful and wealth people are not getting the financial guidance that's most appropriate to help them achieve their key financial goals. Listen, as Mark explains why this is happening so frequently and what these people can do about the situation to better improve their overall financial outlook. So sit back, relax, and enjoy another enlightening conversation! Timecodes: 0:06 - Overview on the topic of the day 1:12 - People are not receiving the high-quality financial advice they deserve 2:32 - The driving force behind the trend of people receiving less than ideal advice 3:45 - The first step in identifying the right type of financial advice 4:43 - Evaluating an advisor's intent and drive to help you 6:45 - The warning signs to look out for in advisors that will harm your financial well-being 8:46 - Financial predators and the need to steer clear of these types of advisors 10:30 - What Mark believes makes up a consummate professional and elite wealth manager 14:15 - How someone can size up their current advisor or an advisor they are looking into working with 17:08 - How you can contact Mark's team to undergo a financial stress test 18:30 - Closing remarks Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (LinkedIn)
Affluent individuals, families, and business owners want to make the best decisions regarding their wealth and the first decision usually deals with selecting a particular wealth manager. They want to make sure they are working with the best of the best, but how can you tell if a wealth manager truly is elite? In the latest installment of Optimizing Your Financial World, Mark and Ryan explore an array of skills and characteristics of an elite wealth manager. Not only do they possess the highest level of financial acumen, but they understand the importance behind connecting with their clients on a human level. So sit back, relax, and enjoy another enlightening conversation that will leave you wondering if your current wealth manager is at the elite level! Timecodes: 0:06 - Overview on the topic of the day 1:25 - How is the average joe able to assess which wealth managers are elite and which are not 2:48 - An elite wealth manager's approach to investment management 5:00 - How overall wealth planning resides within elite wealth management 6:02 - The various areas of wealth planning 9:50 - What a truly elite wealth manager looks like 11:21 - Not everyone out there is an elite wealth manager 13:43 - An example of enhancing a client's life outside of finance 14:43 - The bottomline on elite wealth managers and their tactics 16:37 - How you can get in contact with Mark's team 17:32 - Closing remarks Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (LinkedIn)
Life insurance isn't the most exciting financial topic, when compared to investment planning overall. However, it's actually one of the most flexible and versatile tools that you have within your wealth planning toolkit! In the latest installment of Optimizing Your Financial World, Mark and Ryan explore the reasoning behind why you should incorporate life insurance into your overall wealth management strategy. When executed properly, life insurance can provide liquidity, leverage, and certainty to your financial well-being. So sit back, relax, and enjoy another enlightening conversation! Timecodes: 0:06 - Overview on the topic of the episode 1:40 - Why life insurance should be a key part of someone's wealth plan 3:12 - The importance of wealth planning to develop a big picture plan 4:40 - The focus should be on the person, not the product 6:14 - When is it time to engage a wealth planner? 8:09 - The part that life insurance plays with wealth planning 9:20 - How versatile life insurance is within a wealth plan 11:25 - The goals life insurance can helps someone achieve 15:22 - How life insurance can be used to address a future need 16:57 - How life insurance can be used to address a business concern 19:30 - How someone can get in touch to discuss this further with Mark and his team 20:47 - Closing remarks Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (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 latest installment of the show, Mark explores the benefits of establishing a family constitution to ultimately promote clarity and harmony when it comes to managing family wealth. Timecodes: 0:06 - Overview on the topic of the day 2:13 - The challenges arising when families attempt to work together to manage their wealth 3:11 - The wealth-related issues among affluent families 4:15 - Overview on the family constitution 5:49 - How the family constitution works to promote more harmonious relationships among the family 8:29 - How a family can get started in generating a family constitution 11:09 - Your current wealth manager is a great resource for this process 12:46 - Is this a legal document? 16:50 - The key reasons someone should consider a family constitution 18:10 - How to get in touch with Mark for further discussions on this topic 19:51 - Closing remarks Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (LinkedIn)
Are your heirs ready to deal with the wealth you may be planning to pass on to them someday? It's an unfortunate fact that inheritors often struggle with their windfalls in ways that can be hazardous to their wealth. On the fourth installment of Optimizing Your Financial World, Mark Wade unpacks the complex world of inheritances and the variety of internal and external conflicts that arise throughout this process. Listen as Mark outlines how his affluent clients prepare their heirs for the inheritance and why we can all take a page out of their playbook on this topic. Timecodes: 0:06 - Overview on the topic of the show 1:20 - Why inheritances can be double-edged swords these days 3:31 - The internal and external conflicts that arise among heirs 5:01 - Where to start in preparing the heirs for this moment 6:58 - What extremely successful families are doing, and not doing, when it comes to passing on wealth 9:40 - Beginning the process of fostering a level of financial intelligence among the heirs 12:03 - It's important to consider the heirs current views on wealth 14:25 - An approach that may resonate better than others 17:28 - Additional efforts the matriarch or patriarch can be taking 19:30 - You don't have to be super rich for these educational efforts to apply 21:08 - How to get in touch with Mark and his team to continue the conversation 23:31 - Closing remarks Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (LinkedIn)
In the third installment of Optimizing Your Financial World, Mark and Ryan examine successful family businesses and the critical wealth planning mistakes they are making on a regular basis. Running a successful family business takes a tremendous amount of working hard and working smart, while navigating family dynamics along the way. This is no easy task, which is why even the most successful family business neglect to fine-tune their wealth planning strategies periodically. This allows for mistakes to creep into the picture. Listen as Mark taps into his nearly four decades of experience and outlines each of these pivotal mistakes! This episode is bound to leave you with clear insights to consider for your own family business. Timecodes: 0:06 - Overview on the topic of the episode 1:28 - Why the need for wealth planning among family businesses is paramount 3:21 - How the risk for mistakes enters the picture with family businesses 5:38 - The first mistake Mark is seeing by family businesses 7:17 - The second mistake surrounds proper tax planning 10:30 - How the third mistake encompasses the communication among family members 13:41 - The fourth mistake of thinking a family's wealth planning is "done already" 16:17 - How a family should go about updating their wealth plan 18:12 - The fifth mistake surrounding the sale of the family business 19:46 - How you can reach out to Mark and his team for more information 21:08 - Closing remarks Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (LinkedIn)
In the second installment of Optimizing Your Financial World, Mark and Ryan explore the key ingredient missing from most wealth managers and why affluent individuals should be demanding this ingredient when working with their financial professional. It's no secret that affluent individuals, families, and business owners have access to financial professionals who possess the highest level of financial acumen. However, in most cases today, that isn't enough to develop a comprehensive and customized wealth plan. Wealth managers need to be incorporating the human element into their dealings with clients. Only by understanding a client's core values and personal goals, will a wealth manager be able to develop the most effective plan. So sit back, relax, and enjoy another great conversation surrounding you, the client. As Mark shares, a wealth manager needs to understand what is most important to you, in order to develop a plan that works FOR YOU! Timecodes: 0:08 - Overview on today's topic and introducing Mark Wade 2:35 - Why affluent individuals should be demanding more from their financial professional 3:30 - The missing link with most wealth managers today 4:02 - What does the human element entail within wealth management 5:00 - Why the human element is vitally important and should be included in your wealth plan 7:35 - How the human element is weaved into the stress testing process 8:52 - Instances where stress testing reveals no issues for clients 10:30 - How to tell if a wealth manager truly cares about their clients and incorporates the human element 12:00 - What Mark would look for in a wealth manager if he was a perspective client 13:10 - What a good and thorough discovery process looks like 14:14 - The importance of wealth managers listening to clients and not just giving lip service 15:50 - Closing remarks Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (LinkedIn)
In the inaugural episode of Optimizing Your Financial World, we introduce you to the President of Echelon Family Office, Mark Wade. Mark brings over four decades worth of experience in wealth management to the show and addresses his past dealings with affluent families and their respective businesses. 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 Mark to help put your mind at ease and explain the benefits of the stress testing process. Through a robust and in-depth analysis, Mark taps into his four decades of experience in the financial sector and reviews your personal or business finances to help calculate the right financial maneuvers given your future goals. So sit back, relax, and absorb this beneficial information to help ultimately optimize your own financial world! Timecodes: 00:08 - Introduction to the show and introducing Mark Wade 02:47 - What people should be doing right now to give them peace of mind about their respective finances 04:50 - Why the stress testing process is so valuable for an individual, family, or business 06:10 - The main ways a stress test can be utilized 07:32 - Why someone may have been prompted to come see Mark for a stress test 09:30 - The keys to making sure a stress test is done well 10:52 - They types of questions asked during a thorough discovery meeting 14:40 - The importance of connecting with clients and getting to the heart of their needs and goals for the future 16:39 - Stress tests can be utilized for anyone, not just the super rich 19:03 - What kind of analysis clients are leaving with after receiving a stress test 20:39 - Final remarks on stress testing and why someone should be utilizing this process Connect with Mark Wade: https://www.echelonwealth.com/ (Website) https://www.linkedin.com/in/virtualfamilyoffice/ (LinkedIn)
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