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According to chief market strategist at CMC Markets and host of The Artful Trader podcast Michael McCarthy, there are certain investor personality traits that seem to predict success in the share market.

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In this episode of the nestegg Podcast, Michael joins host Grace Ormsby to outline exactly what these characteristics are, the difference between high-risk and low-risk appetites, and how investors can apply different strategies depending on their own personality type.

Michael also explains how fear can be both helpful and a hindrance for confident decision-making, why failure is a crucial process for investors seeking growth, and where budding investors can begin educating themselves about the markets.

Thanks Matthew, for sharing your insights with the nestegg podcast team!

You can keep up to date with what CMC Markets are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Friday, 28 February 2020

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Retirement

Divulge your ‘deepest, darkest secrets’ to protect your legacy

By Lucy Dean · April 09 2018

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Retirement

Divulge your ‘deepest, darkest secrets’ to protect your legacy

By Lucy Dean
April 09 2018

Reading:

Divulge your ‘deepest, darkest secrets’ to protect your legacy

By Lucy Dean · April 09 2018

Reading:

Going to an estate planner? Consider it like a visit to a therapist, where sharing your “deepest, darkest secrets” will do you good.

That’s according to Australian Unity Trustees national manager of estate planning Anna Hacker. Speaking on the Nest Egg podcast, she said most estate planners are “half therapists” as they learn the details of their clients’ family dynamics.

She explained that they often learn their clients’ “deepest, darkest secrets”, because without them it’s difficult to guard against potential challenges.

“If you don't tell us this, regardless of the expensive documents or complex documents you have in place, it won't work,” Ms Hacker said.

“It's important I think, and the clients usually understand that, but it's important that that [trust] is really quickly gained.

“In my experience … most estate planning lawyers are half therapists, because we have to know the ins and outs of the whole family dynamic. I often say I love this area, because you learn everyone's deepest, darkest secrets.”

Continuing, she explained that these details often include family relationships as it’s important to ensure the executor has both the skills to carry out the wishes of the deceased, and the will to.

“There's a protection in the legislation that says that an attorney should not act in their own interests … but that has to be noticed somehow. If someone is just going along and doing it and no one is actually watching what they're doing … they do act often in their own best interest,” Ms Hacker said.

“[It’s] not all attorneys, but we see it more and more.”

This is why it’s critical that all elements are exposed, she urged. It’s difficult to consider a child or loved one acting against ones’ wishes, but it happens.

“I always think … think of what happened. [For example]: ‘You're saying that they’re not good with money, why do you think they’d be good as an attorney?’” Ms Hacker said.

“That just doesn’t seem to make sense. ‘You’re worried about their partner’, well, if they have full control of your assets and the partner’s in their ear to do something, again, they’re not legally allowed to do it, but if they have access to everything, it might be too late by the time someone else realises what’s happening.”