Business Innovators Radio - Interview with Kaitlyn Laney, Financial Advisor with Trek Wealth Solutions

Episode Date: October 13, 2023

Kaitlyn Laney is a highly accomplished and dedicated Certified Financial Planner who has committed her life to guiding individuals and families through the intricate landscape of finance. With more than a decade of experience and a remarkable track record, she has positively impacted the lives of the families she serves by incorporating a holistic approach to wealth management.Born and raised in the vibrant Bay Area, California, Kaitlyn draws inspiration from her single mother’s unwavering determination and work ethic. Growing up as the eldest of three daughters in a single-parent household, she witnessed firsthand her mother’s remarkable efforts to provide for the family while juggling two jobs. These formative experiences instilled in Kaitlyn a deep appreciation for the value of hard work, resourcefulness, and financial responsibility.Kaitlyn pursued her academic ambitions at the prestigious W.P Carey School of Business at Arizona State University, where she excelled both in the classroom and in Athletics. During her time at ASU Kaitlyn acted as the starting goalie for the ASU D1 water polo team while also making it on the Dean’s list. Graduating with a degree in Finance, she embarked on a successful career, honing her expertise at reputable institutions such as Vanguard and Fidelity. In 2017, Kaitlyn achieved the distinguished title of Certified Financial Planner, a testament to her dedication to maintaining the highest ethical and fiduciary standards.Passionate about delivering tailored financial planning strategies, Kaitlyn specializes in implementing sophisticated asset allocation techniques that align with her client’s unique circumstances and financial goals. By understanding their risk tolerance, time horizons, and investment objectives, she constructs well-diversified portfolios that optimize returns while minimizing risks. Moreover, Kaitlyn’s expertise extends to asset location, a crucial aspect of wealth management often overlooked by many. By strategically placing assets in taxable and tax-advantaged accounts, she maximizes tax efficiency, reducing the overall tax burden for her clients while enhancing long-term wealth accumulation. Her in-depth knowledge of tax-efficient investment approaches ensures that clients can keep more of their hard-earned money and achieve their financial aspirations more efficiently.Outside of her professional endeavors, Kaitlyn loves her role as a devoted wife and mother. For the past six years, she has shared a strong partnership with her loving husband, Max, and together they cherish the joy of raising their six-month-old son, Landon. Kaitlyn and her family also prioritize giving back to their church community and actively support local Arizona charities, including A New Leaf and the Diaper Bank of Arizona.By skillfully balancing the demands of a thriving career with the joys of motherhood, Kaitlyn serves as an inspiration for those seeking harmony between personal and professional aspirations. Her unwavering dedication, coupled with her compassionate approach, ensures that she makes a lasting difference in the lives of her clients while also nurturing the bonds that matter most to her.Learn more:https://www.mytrekwealth.com/staff/kaitlyn-laney/Influential Entrepreneurs with Mike Saundershttps://businessinnovatorsradio.com/influential-entrepreneurs-with-mike-saunders/Source: https://businessinnovatorsradio.com/interview-with-kaitlyn-laney-financial-advisor-with-trek-wealth-solutions

Welcome to influential entrepreneurs, bringing you interviews with elite business leaders and experts, sharing tips and strategies for elevating your business to the next level. Here's your host, Mike Saunders. Hello and welcome to this episode of Influential Entrepreneurs. This is Mike Saunders, the authority positioning coach. Today we have with us, Caitlin Lainey, who's a financial advisor with Trek Wealth Solutions. Caitlin, welcome to the program. Thank you for having me, Mike. I'm excited to be here. You are welcome. So get us started with your story. I always love to hear the background and how people got into the industry that you're in. So what led you into financial services? You know, it's always a great question, right? Because I think when we speak with a lot of professionals and successful professionals in what they do, a lot of them kind of fell into it. And that was the case for me. You know, I was 18. I had a sick father that I was ended up.

caregiver for and he ended up passing away when I was 18 just a month before I was graduating. And at the time, I was thinking, you know, so focused on his health and the doctors and appointments and things, we didn't really get a chance to dive into the financial, just naively assuming that everything was handled and he had his brokers, he had his kind of buddies, if you will. And when all the dust had settled and I was getting ready to go to school, you know, I was about halfway through summer when I realized, oh no, this is this is not quite as buttoned up as we would have hoped. And so that really opened my eyes to, you know, there's a lot more to this financial stuff than just managing an account and picking investments.

There's a lot more that you want to put in place to protect your family. And that was really what ignited my fire to just learn as much as I can about the financial landscape and how I can be an advocate, not only for my own family to not have to go through that mess again, but to, you know, bring as many people as I could with me. And so here I am, almost 15 years later with a successful financial practice doing exactly that. You know, isn't it always many times the case that it's like you have a personal experience and you want to help a family member or you noticed they struggled with this or that

and then that kind of guides your career path. And then when you get into it, it's like, well, the water's fine. I'm going to stay. And, you know, so I think that's really powerful that when you come from the heart of giving

and serving and wanting to protect and serve your family and boy, that is that really led to a career that has spent. and now 15 years and continues to go on. Absolutely. So tell me a little bit about your business, how you serve your clients. You know, you hear the word Trek wealth solutions and, you know, obviously wealth solutions is, you know, retirement planning. So what should someone be that is looking for maybe clarifying their retirement?

What should they be looking for when they're, you know, maybe interviewing a financial advisor? Well, at truck wealth, we do things very different. You know, I think anytime you think about wealth solutions, you know, you immediately go to, well, what does your stock and bond portfolio look like? Or what is your performance? And, you know, I think there's in general a lack of planning in this industry. So at truck wealth, we really believe in leading from the heart. What do you want to accomplish?

What is on your bucket list? What do you want to do before, you know, we head to the inevitable cliff that we're all heading towards, right? And so, you know, nobody wants to leave with millions of dollars in the bank. I don't believe anyway. You know, most people want to enjoy what they've spent their entire life savings, but also know that they're not going to run out of money and they're being prudent about how they can spend it, knowing that they're also taking care of retirement. So, you know, I think one of the things that we do very differently is we spend a lot of time up front understanding, you know,

what are you trying to accomplish? How much do you want to give? But, you know, what is time and memories with your families look like and really building that ideal life? And then from there, backing into a roadmap around, okay, this is the roadmap that's going to give you the best chance of success for getting there. And I think when anybody is meeting or interviewing a new financial advisor, you know, it's really, really key to trust your gut.

You know, I think in this business, advisors make things really complicated. There's a lot of great salespeople and a lot of things that sound really. fun and great and amazing in terms of investments. But at the heart of the matter, it really boils down to what do you need and what do you want. And any advisor that's coming in in the first initial meeting with, okay, well, here's what we have for you. Probably didn't take a lot of time understanding what you're trying to accomplish. And so I would say for that first meeting, it really should be all about you. And don't hesitate to ask questions and ask tough questions. You know, I think those initial meetings with any professional, others, an attorney, a CPA,

and an advisor of any kind can be a little intimidating. And so I think I always counsel clients to go in with a few questions that are written down because it'll help you stick to an agenda and it'll help you focus the meeting around you and what you're trying to accomplish. You know, and maybe go in with those questions, but don't jump right in with them. Give that advisor a chance, you know, see where they're going to go with it. because to your point, what you described about, you know, jumping into numbers and results and things, it reminded me of the quote that I'm sure you've heard, prescription without diagnosis

is malpractice. So in the medical realm, if you go to the doctor with a pain and you don't tell them anything and they go, here's this prescription, well, you didn't ask me enough questions to know what kind of prescription I needed. Well, if that advisor is jumping right to numbers and investments and results and all of that without finding. out you and your story and where you want to be, that's not a good service to you. So have those questions. And then I'd like to follow up. So that's my observation. But my question is, isn't it true that you tend to feel kind of like a life coach at times where it really is, you know, what do you see retirement as? And I think that sometimes you get clients that would go, you know,

I kind of just thought it would be stopping doing what I'm doing. But yeah, let's talk about retirement because I'm going to have more time to travel, spend money, maybe, you know, where's the gap? So talk a little bit about how you guide your clients in that realm. Yeah, and first of all, Mike, you nailed that analogy right on the head, you know, how many times have we got into the doctor and we feel like they just got us in and got us out without really having a general assessment. And so it had happened in the medical field too. And so I think that's just a great lesson in life is to slow down and really making sure the people in your world are there to really understand what's going on, whether it's, you know, finance or health. But, you know, I think one of the things that I really focus on is, you know, especially in behavior, we call it behavioral coaching and finance, but really at the day is helping people transition into a new phase of life. You know, if we think about the last time you did something new, I mean, you know, for me, I'm a new mom.

That's brand new to me. And being a division one athlete and honors and deems and all of the accolations, you know, all of the things behind me. my name and letters and whatnot, you know, the reality is I haven't really done something brand new in a very long time. And I think as humans, we forget that anytime you do something for the first time, it's a little clunky. We're still figuring it out. You know, I kind of think of the analogy is the first thing you try a pogo stick, right? It's like, well, we got one jump in, maybe, but we fell right off. But, you know, a couple of weeks later with some practice, you know, you can get some pretty good bounces on that pogo stick. And the same thing is true for retirement.

You know, it's not just about, do I have enough to live to retirement? It's, you know, hey, what is my social circle going to look like? What is my routine going to look like? How am I going to incorporate the things that I love on my hobbies into feeling like I have a purpose to get up every day? And so those are some big crucial conversations we have specifically with regards to retirement planning around, okay, you know, if we step away from your job tomorrow and we pulled that rip cord, you know, it's not easy to go back. So we want to make sure that there are no regrets, not only on the financial front, but also in the social and the routine and just your day-to-day life. I have many people that they don't really want to retire. They're interested in more of a work-optional lifestyle.

And so that's a different conversation around, you know, incorporating what they love and their passions, but just maybe taking their foot off the gas pedal a little bit and spending more time on travel and other things that they're interested in while keeping one foot into, you know, whatever they have going on. But, you know, you're absolutely right. There's a lot more to this conversation. And it's really important that you're hiring an advisor that can really help you think through all aspects of what that next transition is going to look like for you. And that it's going to be in the business through that transition too. I think a lot of times we want to hire, you know, the people with a lot of experience. Well, the reality is if they're your age, are they going to be retiring at the same age as you? Are they going to be, you know, most people are in retirement for 20 years?

Are they going to be in the business for 20 years? or are you going to be kind of orphaned off to another advisor that may or may not take care of you? And so, you know, those are all considerations that I think are things that people don't always think about when they're hiring an advisor. 100%. You know, I was literally having coffee with someone yesterday and this topic came up where he made the point and it reminded me of some research that I had heard. Like there's some percentage of people, which I don't know the percent, but I know you'll relate to this. when you retire, all of a sudden, their life purpose changes, their lifestyle changes, their goals change, and they don't feel like they're contributing to society as much as they were. And all of a sudden, their lifespan just starts going down, down, down because it's like, wow, I used to get up and whatever. So those factors need to go into planning your retirement.

And maybe it is, you know, like you had mentioned, like having a hybrid lifestyle, like, hey, stop the 40 to 50 hour work weeks. But why don't you start that nonprofit you were talking about? And why don't you put in three days a week there, you know, half days so that, and I think that that's a huge piece that you're now guiding your clients to consider. I think that a lot of times people think, oh, I'll only need X number dollars a month to, you know, during retirement. But in reality is that accurate because now you've got way more time in your hands to travel or spend money.

And now that need, you know, consideration might change. And then we're taking way better care of ourselves. So maybe you're going to live a whole lot longer than what the statistics have shown in decades past. So to your point, yeah, have someone that's going to ask you some really great questions. And then, yeah, are they going to be there? So, you know, nothing against a well-seasoned advisor, but, you know, someone like yourself that is fresh with 15 years, wonderful, but might have some really fresh neat ideas. I think that's awesome.

So let's talk to that point when you got in the business, you know, in your first section, third, fourth year, how has your retirement planning advice changed over the last 15 years compared to when you got started? You know, I love this question because when I got started, interest rates were at the bottom. There was no place for savings. I was working at Vanguard, a phenomenal company, and I was so blessed to have started my career there. And, you know, one of the things that we talked about was, you know, there's no place for people,

but especially retirees to put their savings. you know, savings accounts were 1% less. So, you know, I think one of the things that is really great in terms of what's happening right now with rising interest rates is it has created this atmosphere and environment where there's a lot more places to put your money. That's a heck of a lot less aggressive and risky and volatile than the stock market. You're going to make a decent amount. You know, inflation has come back down to relative terms within around 4% or 5%.

And there's six, six, seven months. is paying about 5.5%. And I think that's a huge advantage to retirees now, especially wanting to take their foot off the gas pedal, de-risk the portfolio, focus on downside protection. We have a lot more options around investments and cash management tools that are going to keep your money working for you that are certainly a lot better than they were, you know, even three years ago. And so I think that landscape has really opened up a lot of opportunities for everyone, especially retirees. You know, I think, you know, retirees don't typically need to make a ton of money. Hopefully, you've done all of that work on the front end and you've made it.

You're there. The goal now is just to not lose it. And I think, you know, the landscape now is painted perfectly around that scenario because we have so many more tools than we had even even 12 months ago. Yeah, you know, it's just the stage of life. You know, oh, we've got to strive and build and grow and then you move to you, I want to maintain. And then I want to preserve and make sure we don't. lose it. So it goes from, you know, hey, I can weather a little volatility to, you know, we better put your money into some safe places where we're not going to even worry about,

you know, any market shifts and all that. And there's places for that and, and, and, and all the right time. So I think that's, that's huge. And it kind of makes me think, too, when we're now merging into the age of people heading to a retirement, what do you advise your clients when they bring up that word that starts with social security? Because I'm I'm sure that people like, can I count on it? Is it going to be there? And people have been asking that question for 30 years. So what is your take on that?

Oh gosh, we could spend four hours just on this topic mic, right? So, you know, I think the two biggest questions I get in my practice in my business from my clients, especially my retiree clients is, one, do I have enough money to retire? And two, can I count on Social Security? And here, here's my approach, take it or leave it, you know, for whatever it's worth. I believe in life, whether we're talking about Social Security or really anything, is if you plan for the worst, you'll be prepared for the best. And so, you know, the best financial plans I can put together is, you know, we're not including Social Security and is the plan on track. That means we take Social Security out of the equation altogether, and then it becomes a non-issue. Now, in my heart of hearts, do I believe Social Security is going to be there for retirees?

Yes, I absolutely do. You paid into it. All of the changes that have happened in the past, you know, around. things like hold harmless and what have you. There was a very big grandfathered effect where, you know, they grandfathered in a lot of folks, you know, that were that were semi-close. So I think people who are nearing Social Security age, which starts at 62 and ends at 70, most people started around full retirement age, which is 67. You know, I think most people are going to receive Social Security benefits. You know, for me, I'm 35, you know, as my financial plan

counting on Social Security? I'll be honest, no. I have other savings and vehicles in place to replace that life annuity, if you will. And do I think it's going to be there? Yes, I do, but I think what I get concerned about, especially for younger folks like me, is what tax bracket am I going to be in? And if you're in a certain tax bracket, are they going to tax Social Security away? So you technically receive it, but the net of taxes, what you receive is pretty minimal. And I I think that's the conservative approach I'm taking for some of my younger folks that are 50 and below is making sure that we're saving more to replace that. And we're not counting on social security in the financial plans that building. Yeah. You know, it's it's being conservative and cautious because if you planned every dime of what you think on paper is going to take you through retirement and one little hiccup happens, whatever that hiccup might be, health or inflation or taxes or whatever. whatever the case is, then the plan is off.

But if you create some margin in there, like, hey, you know, here's, here's the invisible part of the plan. We're going to gray it out. So if security is still in place for you at X number dollars per month, then great. But let's plan. What if it's not there? Here's how we're going to plan. Then when it does show up into your, you know, mailbox or bank account, now it gives you

even more. So I think that is so powerful because you're not taking an aggressive approach. You're being really sane and cautious. and you take an approach to teach and educate your clients. So I can tell that about you. So it's just really refreshing to hear how you serve your client. So if someone is listening to this and wondering how maybe some of your advice could benefit them, how can they learn more about TREC wealth and reach out and connect with you?

So the best tool is going to be our website, which is MyTrek, T-R-E-K-Welf.com. There's a lot of great tools. It talks a lot more about our approach to wealth management and financial. financial planning. And there's a lot of great resources for people thinking about retirement around different ideas to think through. And so that's going to be the greatest place to start. And then, you know, of course, you can book an appointment with me directly through the website. And, you know, I appreciate that. It's really been my life's work to prove to make the financial landscape a lot simpler. You know, we don't need these massive financial plans to make people sleep at night. Most

people want one page that lays out what they have, what they're doing well, and where we're trying to go. And I think as a society, but also as an industry, I think if we can simplify things down, keep cost low and keep things people focused, not profit focused, you know, it's going to be a rising tide that raises all ships. So, you know, I really appreciate the opportunity to be on your show and to share a little bit more about my story and my business. Well, it's been great having you, Caitlin, great conversation. And thank you for coming on. And how, and how amazing it is to just feel a difference between, you know, you can just tell that, you know, pushy salesperson kind of an approach than someone that is really teaching.

So I will make sure to have the link to your website in the show notes. And thank you once again for coming on. Thank you, Mike. Have a good one. You've been listening to Influential Entrepreneurs with Mike Saunders. To learn more about the resources mentioned on today's show or listen to past episodes, Visit www. www.

www. Influential EntrepreneursRadio.com.