The Importance of Stress Testing Your Wealth Strategies
When making decisions about your money, it can be smart to know the steps that extremely affluent individuals and families take to grow and protect their significant wealth.
Take stress testing, for example. Stress testing is a process that carefully examines your current wealth planning strategies to assess the likelihood that they’ll deliver the results you expect them to in various environments and situations.
The Super Rich (people with a net worth of $500 million or more) often have stress tests conducted because the tests enable them to make smart decisions, to verify that they likely will get what they want and to confirm they are dealing with the right professionals. They can also be effective at identifying potential big problems—or possible huge mistakes—so changes can be made proactively.
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Robert J. Pyle, CFP®, CFA is president of Diversified Asset Management, Inc. (DAMI). DAMI is licensed as an investment adviser with the State of Colorado Division of Securities, and its investment advisory representatives are licensed by the State of Colorado. DAMI will only transact business in other states to the extent DAMI has made the requisite notice filings or obtained the necessary licensing in such state. No follow up or individualized responses to persons in other jurisdictions that involve either rendering or attempting to render personalized investment advice for compensation will be made absent compliance with applicable legal requirements, or an applicable exemption or exclusion. It does not constitute investment or tax advice. To contact Robert, call 303-440-2906 or e-mail info@diversifiedassetmanagement.com.
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