Trust the Plan Podcast with Nick Hopwood, CFP® and Jim Pilat, CFP®

On this episode of Trust the Plan, Jim Pilat, CFP® and Preston Gee, CFP® of Peak Wealth dive into the current market landscape, highlighting the recent wave of uncertainty that’s had investors on edge. Just when things seemed shaky, markets surged after former President Trump announced a 90-day pause on tariffs—sending a jolt of optimism through Wall Street. Jim and Preston break down what this co...

On the Trust the Plan Podcast, Nick Hopwood, CFP® and Preston Gee, CFP® emphasize the power of education and guidance in helping clients take control of their financial future. For them, it’s not just about managing money—it’s about empowering individuals to truly understand their financial plan, be involved in the process, and feel confident in the decisions they’re making. By breaking down compl...

On the Trust the Plan Podcast, Nick Hopwood, CFP® and Preston Gee, CFP® dive deep into the concept of market corrections and what investors can expect moving forward in the current state of the U.S. market. They discuss how a correction—defined as a 10% drop from recent highs—can offer both risks and opportunities. By analyzing historic market charts, they explain the patterns of past corrections,...

Nick Hopwood, CFP® and Preston Gee, CFP® , hosts of the Trust the Plan Podcast,  discuss a tax planning case study focused on achieving early retirement outside of traditional retirement accounts like 401(k)s and IRAs. They emphasized that a key strategy for early retirement is having access to funds without needing to tap into retirement accounts, which often come with penalties for early withdra...

In this episode of Trust the Plan, Peak Wealth’s Nick Hopwood, CFP® and Jim Pilat, CFP® dive into the growing TikTok debate surrounding 401(k) plans. TikTok critics argue that 401(k)s aren’t a reliable retirement strategy, citing concerns over fees, market volatility, and limited flexibility. Nick and Jim take on these claims head-on, sharing their expert insights on why 401(k)s remain a valuable...

In a discussion sparked by a Wall Street Journal article titled "The U.S. Economy Depends More Than Ever on Rich People" , Nick Hopwood, CFP® and Jim Pilat, CFP® delve into the crucial role of consumer spending in driving economic growth. They emphasize how, despite challenges in other sectors, the wealthiest individuals are responsible for a significant portion of spending in the U.S. economy. Th...

Nick Hopwood, CFP® and Jim Pilat, CFP® , hosts of the Trust the Plan Podcast,  discussed the intersection of Big Ten basketball, focusing on Michigan and Michigan State, while also diving into an important financial topic—1031 exchanges. Nick, with his extensive experience in real estate, shared firsthand insights into how clients often come to him seeking advice after selling property and wanting...

On the Trust the Plan Podcast, Jim Pilat, CFP® and Preston Gee, CFP® discuss the concept of "money dysmorphia," a psychological phenomenon where people perceive themselves as having more financial stability or wealth than they actually do. They explained how this distorted view can lead to poor decision-making and unhealthy financial habits, as people might feel financially secure when, in reality...

On the latest episode of the Trust the Plan Podcast, Jim Pilat, CFP® and Preston Gee, CFP® discuss several hot-button topics, including their Super Bowl predictions (listen to see if they predicted correctly). The duo goes on to examine the stock market's performance over time, exploring key events since the 1900s. By analyzing historical data and trends, they assess how the market responded to ma...

In this episode of the Trust the Plan Podcast, Preston Gee, CFP® sits down with Nick Hopwood, CFP® to discuss his financial plan for 2025, reflecting on the lessons he's learned from the challenges and successes of 2024. Preston opens up about how his approach to investing, budgeting, and wealth-building has evolved over the past year, highlighting key adjustments he's making to better navigate th...

In this feel-good edition of the Trust the Plan Podcast, hosts Nick Hopwood, CFP® and Jim Pilat, CFP® come together for their highly anticipated annual episode, offering an in-depth look at their personal financial family plans for 2025. Nick dives into the strategies and goals he’s crafted to secure his family’s financial future in the coming year, while Jim shares his own unique approach to fina...

On this episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® explore the intricacies of IRA beneficiary designations, with a special focus on the IRA Beneficiary Family Tree. They discuss key scenarios, including how distributions work when leaving an IRA to an organization, your spouse, or your children. Nick and Jim explain the tax implications and strategic consideratio...

In this episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® dive into the remarkable market performance we've seen over the last two years, with the market up 20% in both 2023 and 2024. This rare occurrence has only happened 8 times in history, sparking questions about what the future holds. Will the trend continue into 2025, or is the market due for a shift? Tune in as N...

On the latest episode of Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® share some exciting news: Peak Wealth has been named the winner of the Canton People's Choice Awards for Favorite Financial Services in the Community. They thank their loyal clients for voting and supporting their mission. The episode also dives into the newly announced 401(k) rules for 2025, offering valuable...

Join us for our special Dinner Table Webinar hosted by Nick Hopwood, CFP®, Jim Pilat, CFP® and Preston Gee, CFP® of Peak Wealth Management. Following the success of our recent in-person seminar, which sparked lively conversations and insightful financial discussions, many clients who couldn’t attend requested this virtual session. The webinar focuses on helping families build a strong financial fo...

On this episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® sit down with Olivia Olson , a freshman basketball player for the University of Michigan, at Peak Global HQ. Olivia shares her journey through the recruiting process, her experience as a student-athlete at Michigan, and the unique challenges and rewards of being part of such a prestigious program. She also reflec...

On this episode of the Trust the Plan Podcast, hosts Nick Hopwood, CFP® and Jim Pilat, CFP® are joined by Syla Swords , a rising star in women's basketball. Syla shares her journey to the University of Michigan, explaining why she chose the Wolverines as a freshman and what it’s like to compete at such a high level. The youngest Olympic basketball player ever from Canada, she also reflects on her...

Welcome to the Trust the Plan Podcast with Nick Hopwood, CFP® and Jim Pilat, CFP® where we tackle the real struggles of financial planning and personal growth. Inspired by a poignant Reddit post, we dive into the challenges faced by a man in his 30s, grappling with high living costs, credit card debt, and the pressure of providing for his young family. Join us as we explore practical strategies an...

In this episode of the Trust the Plan Podcast, hosts Nick Hopwood, CFP® and Jim Pilat, CFP® dive into the often-overlooked topic of what happens to Health Savings Account (HSA) funds when the account holder passes away. They’ll discuss the importance of beneficiary designations, the tax implications for heirs, and strategies to ensure your health savings continue to serve your loved ones. Join Nic...

In this episode of Trust the Plan Podcast, host Nick Hopwood, CFP® sits down with renowned radio personality Steve Gruber to delve into his fascinating career journey. They discuss his experiences interviewing high-profile figures like RFK Jr., the challenges he faced while navigating the radio industry during the tumultuous COVID era, and the evolving landscape of media today. Steve shares insigh...

In this episode of the Trust the Plan Podcast, hosts Nick Hopwood, CFP® and Jim Pilat, CFP® delve into the contrasting performances of Ferrari stock and Dollar General amid today's economic challenges. While Ferrari, a luxury brand, continues to thrive, showcasing resilience against inflation, Dollar General faces declining sales as consumers tighten their budgets. The discussion highlights how hi...

In this episode of the Trust the Plan Podcast, hosts Nick Hopwood, CFP® and Jim Pilat, CFP® delve into the recent drop in money market rates following the Federal Reserve's latest rate cut. While the immediate effects of lower rates can seem beneficial, they argue that the focus should be on longer-term investments and fixed income strategies. The discussion highlights historical trends, examining...

On the latest episode of the Trust the Plan Podcast, hosts Nick Hopwood, CFP® and Jim Pilat, CFP® delve into an intriguing article titled The Magnificent Memory Hole , which explores the "Magnificent Seven" stocks that have significantly outperformed the market. Despite their impressive gains, the discussion highlights a crucial point: these companies faced substantial downturns in their histories...

In this episode of the Trust the Plan Podcast, Nick Hopwood, CFP® and Jim Pilat, CFP® delve into a Wall Street Journal article about a woman who, after a breakup nearly 40 years ago, stands to inherit her ex’s $1 million retirement account due to a beneficiary designation made in 1987. This intriguing case underscores the critical importance of regularly reviewing and updating beneficiary informat...

In the latest episode of the Trust the Plan Podcast, hosts Nick Hopwood, CFP® and Jim Pilat, CFP® of Peak Wealth delve into the crucial topic of defining their ideal client. With a focus on personalized wealth management, they discuss the characteristics that make a client a perfect fit for Peak Wealth's strategic approach. According to Nick and Jim, their ideal client is someone who values long-t...