Welcome back to WST Office Hours!
Well, we’ve ripped the band aid off and jumped in feet first to our virtual Office Hours. We got some great feedback (make it shorter!), some recommendations (1 or 2 topics, please!), and no one said they didn’t want to see our faces anymore, so we’re going to keep going. We remain excited to try this new way of keeping in touch with our clients—especially during times where we can’t see one another face to face, this is our next best option to keep everyone up to date with our views and perspectives on the changing landscape of financial planning and investing.
Once again, a few advisors on the Wealth Strategies Team were on a Zoom meeting together to discuss our focus for this quarter: STRESS TESTING. Some of you may have already heard us mentioning stress testing in passing or other communications we’ve distributed. The concept behind a financial stress test is to put your existing plan (or we create one, then run this test) through a series of scenario’s that analyzes components of your plan ‘under stress’. For example, What happens if the equity markets experience a 30% decline? Or my expected Social Security benefits are reduced 25%? Even health care costs: those are expected to rise beyond the rate of inflation, and now you’re also living 10 years longer than expected? Is your plan ready to absorb those impacts?
In this 16-minute episode, we look at some scenarios where you may be wondering—will this affect my overall plan? Maybe even some approaches you’ve yet to consider. It turned into yet another conversation we felt needed to be shared, so we hit the “record” button once again.
Again, we’d love to hear your thoughts on this approach. Do you like it? How could we make it better? Would you share it with your friends & family? Are they too broad or too detailed?
We’re excited to try a new way of keeping our clients up to date with our views and perspectives on the ever evolving industry of financial planning and investing, so keep an eye for more videos (and guest cameos!).
Thanks for watching!
Wishing your families continued health,
Wealth Strategies Team