When advisors truly know their clients, as people and not just numbers on a paper, they can better help them achieve their financial and other goals. In the latest episode of Path to Abundant Living, Matt and Scott are exploring the value associated with having advisors that are truly client-centric, as well as how you can identify if your current advisor takes a client-centric approach. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:30 - How wealth management has changed to become more client-centric overall 2:30 - The steps wealth managers are taking to understand their clients on a deeper level 3:33 - What a thorough discovery process looks like 6:40 - An example of detailed discovery process and the key areas it identifies 9:28 - Your assets are just one small component of a much bigger picture 13:29 - Identifying your values is a complex process 15:40 - How you can get in touch with Matt and Scott to go through their discovery process 16:55 - Closing remarks Connect with Scott Morrison and Matt Nordmann: https://morrisonnordmann.com/ (Website) https://www.linkedin.com/in/scott-morrison-1ab16a91/ (LinkedIn)

We all have various personality traits. Some of us are introverts while others are extroverts, for example. However, did you know that you also have a wealth personality and it can have a big impact as you pursue your financial goals? On the latest installment of Path to Abundant Living, Matt and Scott are diving deep into the various high-net-worth personality types that exist today. Listen as they outline the various options out there, as well as strategies to help identify which category you fall into. By recognizing which high-net-worth personality type you have, you can position yourself to make financial decisions that are more aligned with your goals for the future. Timecodes: 0:06 - Introduction and overview on the topic of the day 1:25 - What do we mean by high-net-worth personality types? 3:15 - Your HNW personality should be similar to your wealth manager's HNW type 4:45 - The most popular high-net-worth personality types 6:35 - Additional high-net-worth personality types that exist today 9:30 - Why it's beneficial to work with a wealth manager that understands your HNW type 11:30 - How to identify which HNW type you align with 17:00 - Can you have a combination of two HNW types? 18:55 - How you can get in touch with Matt and Scott 20:30 - Closing remarks Connect with Scott Morrison and Matt Nordmann: https://morrisonnordmann.com/ (Website) https://www.linkedin.com/in/scott-morrison-1ab16a91/ (LinkedIn)

Many of us have thought about how to best transfer our wealth to our heirs someday. Unfortunately, parents and grandparents with significant assets don’t always spend enough time on passing along the values that helped them build, grow and maintain that wealth. On the latest installment of Path to Abundant Living, Scott and Matt are examining the importance of transferring financial values to our kids and some of the best methods to do so. Sit back, relax, and enjoy another enlightening episode that's bound to leave you with some considerations for your own heirs! Timecodes: 0:06 - Introduction and overview on the topic of the day 1:52 - The issues and challenges that arise when values aren't transferred to heirs 3:20 - The types of heirs that better avoid these issues 5:15 - The first step in educating your heirs on values 7:39 - Ongoing communication is essential 10:08 - The ideal times or moments when these financial discussions will resonate with heirs 12:35 - Action steps that matriarchs or patriarchs can take to begin instilling values with heirs 15:30 - Advice for families that are working together to manage a business 18:25 - Final tips for transferring values to heirs 22:00 - How you can get in touch with Matt and Scott for additional information 23:33 - Closing remarks Connect with Scott Morrison and Matt Nordmann: https://morrisonnordmann.com/ (Website) https://www.linkedin.com/in/scott-morrison-1ab16a91/ (LinkedIn)

With so many changes in the world, and perhaps in your own family, a trust you’ve set up to achieve your financial goals could be out of date even if it’s just a few years old. On the latest installment of Path to Abundant Living, we're examining how to size up the current status of a trust to see whether it's still on track, so you can decide if any changes are appropriate. This is a routine conversation that Scott and Matt are having with their clients at Morrison Nordmann and Associates, so there's plenty of great information packed into today's episode! Sit back, relax, and enjoy another enlightening conversation! Timecodes: 0:06 - Introduction and overview on the topic of the day 2:05 - There's more to the process than simply setting up a trust 2:50 - Why a trust may become outdated 3:50 - Where to begin the process of reviewing your existing trust 6:30 - Items overlooked on a trust that need to be updated 8:35 - The mistakes that people make when it comes to their trusts 11:18 - The next steps needed to ensure your trust is operating at an optimal level 14:12 - What a stress test could uncover about someone's trust 16:44 - This process is done hand-in-hand with a team of professionals 19:22 - How to get in touch with Matt and Scott to continue this conversation 20:02 - Closing remarks Connect with Scott Morrison and Matt Nordmann: https://morrisonnordmann.com/ (Website) https://www.linkedin.com/in/scott-morrison-1ab16a91/ (LinkedIn)

Being wealthy and successful is great in many ways, but it can put a target on your back for frivolous lawsuits. Asset protection planning can help you better safeguard your wealth. In the latest installment of Path to Abundant Living, Matt and Scott explore some foundational asset protection strategies that you may want to consider. Matt and Scott are routinely having these conversations with their clients to put them on their own path to abundant living, while also building a proverbial wall around their wealth. So sit back, relax, and enjoy another thought-provoking conversation! Timecodes: 0:07 - Introduction and overview on topic of the day 1:47 - What is asset protection and who needs it? 4:15 - People don't often have adequate asset protection plans in place 5:42 - How someone should start this process of getting an asset protection plan in place 6:50 - What should your asset protection plan entail and address? 9:00 - Next-level asset protection strategies to consider 11:10 - Utilize the right team for your asset protection plan! 12:57 - The mistakes Matt and Scott often see on asset protection plans 16:26 - How to get in touch with Matt and Scott to discuss asset protection for yourself 18:45 - Closing remarks Connect with Scott Morrison and Matt Nordmann: https://morrisonnordmann.com/ (Website) https://www.linkedin.com/in/scott-morrison-1ab16a91/ (LinkedIn)

Affluent families and individuals often have an overwhelming amount of things on their plate, making it easy to overlook issues tied to one of their largest assets. Our homes are not only a massive asset, but they are also important to our financial security and personal sense of stability. In the latest installment of Path to Abundant Living, Matt and Scott are identifying the five critical mistakes that affluent homeowners are making today. Whether it be a lack of adequate coverage, or ensuring the right items are covered under different policies, affluent families are regularly making costly mistakes! This is an episode packed with useful information to help mitigate risk within your portfolio and bolster your financial plan overall. So sit back, relax, and enjoy yet another thought-provoking episode! Timecodes: 0:06 - Overview on the topic of the day 1:44 - Why homeowners should be doing a financial check up on their homes 3:20 - The five most significant mistakes homeowners are making these days 5:30 - The most concerning issues with making these mistakes 7:30 - How someone can tell if they have a lack of adequate coverage 8:46 - Issues for families that have more than one home 10:30 - The importance of listing LLC's on a homeowners insurance policy 12:16 - Issues related to homes with unique architecture or building materials 14:20 - Issues related to valuable collections and heirlooms 17:20 - Next steps for those looking to take action and mitigate these potential risks 20:13 - Closing remarks Connect with Scott Morrison and Matt Nordmann: https://morrisonnordmann.com/ (Website) https://www.linkedin.com/in/scott-morrison-1ab16a91/ (LinkedIn)

One mistake that can be so easy to make is focusing on one 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 Path to Abundant Living, Matt and Scott explore methods to avoid that problem and address the full range of financial concerns through wealth planning. Ultimately, it comes down to analyzing your full financial picture! While investment management plays a role in this conversation, your advanced needs are also considered, like wealth protection, tax mitigation, estate planning, and charitable giving. Sit back, relax, and enjoy another enlightening episode that provides a complete overview on wealth planning and its importance. Timecodes: 0:06 - Overview on the topic of the day 1:52 - What is wealth planning? 3:53 - A common technique across wealth planning efforts 6:03 - The various types of trusts that exist and why they're a nice wealth planning tool 7:40 - How life insurance is also a unique tool within the wealth planning toolkit 9:59 - How might wealth planning address concerns for business owners? 13:21 - What someone should be looking for in a wealth manager 14:05 - A deeper dive into these principles that comprise a great wealth manager 19:44 - Closing remarks Connect with Scott Morrison and Matt Nordmann: https://morrisonnordmann.com/ (Website) https://www.linkedin.com/in/scott-morrison-1ab16a91/ (LinkedIn)

In the latest installment of Path to Abundant Living, Scott and Matt take a different approach to their typical conversations and address the best practices for generating a significant level of wealth. There's no denying that entrepreneurship is the most effective method of generating wealth, but it takes more then a great business plan. Matt and Scott identify and take a deep dive into the four drivers of success: a commitment to achieve, a quality business model, an ability to build strong relationships, and a willingness to engage with elite wealth planners. Additionally, Scott and Matt share their own personal experiences with entrepreneurship and the lessons they learned along the way! So sit back, relax, and enjoy an intriguing conversation in this special edition of Path to Abundant Living. Timecodes: 0:04 - Welcome to the show and overview on the topic of the day 2:00 - Entrepreneurship is one of the most effective ways to generate significant wealth 3:08 - The four best practices of the most successful entrepreneurs 5:06 - The commitment to achieve success 7:14 - The commitment itself isn't enough and action needs to be taken 9:10 - The importance of developing a high-quality business plan 11:33 - The ability to build powerful relationships and its impact on wealth creation 13:46 - Insight on building and maintaining a high-quality team around you 16:03 - Why working with the right professionals is so important to elevate a company's status 19:58 - Scott and Matt share experiences from their own relationship with entrepreneurship 22:47 - Summarizing how entrepreneurship is the most effective way of generating wealth 25:18 - Closing remarks Connect with Scott Morrison and Matt Nordmann: https://morrisonnordmann.com/ (Website) https://www.linkedin.com/in/scott-morrison-1ab16a91/ (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, Scott and Matt explore the benefits of establishing a family constitution to ultimately promote clarity and harmony when it comes to managing family wealth. Timecodes: 0:05 - Welcome to the show and overview on the topic 2:20 - The types of challenges arising when families with wealth work together to manage their assets 4:30 - Specific wealth-related issues with families possessing significant assets 5:43 - What families can do to create and maintain harmonious relationships surrounding their wealth 7:07 - How a family constitution works and promotes better relationships across the family 8:48 - How a family would go about drafting this document 11:22 - Who from a given family should be involved in discussing these issues 13:17 - Is this a legal and binding document? 15:00 - How does this document remain relevant over time? 16:35 - Who families can turn to for help with this process 18:47 - Summarizing the benefits of the family constitution 20:59 - Closing remarks Connect with Scott Morrison and Matt Nordmann: https://morrisonnordmann.com/ (Website) https://www.linkedin.com/in/scott-morrison-1ab16a91/ (LinkedIn)

In the latest installment of Path to Abundant Living, Scott and Matt address 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 we dive into 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: 0:05 - Overview on the topic of the day 1:38 - What is an executor? 4:35 - There should be careful consideration before accepting the position of an executor 6:04 - What is involved in finding and filing the will 7:45 - The challenge of locating all of the assets in a given estate 9:56 - Advice for executors currently searching for the estate's assets 12:04 - An executor's role of paying out existing debts or liabilities 14:24 - People are often surprised when they learn of the roles and responsibilities of the position 16:04 - The personal level of risk involved in being an executor 20:02 - You must keep detailed records as an executor 23:20 - Closing remarks Connect with Scott Morrison and Matt Nordmann: https://morrisonnordmann.com/ (Website) https://www.linkedin.com/in/scott-morrison-1ab16a91/ (LinkedIn)