003: Kathryn Peyton - Helping People Reach Their Financial Dreams with Purpose
Mindful Money
What Are the Most Important Questions to Ask When Interviewing an Advisor?
What are the three most important questions that people should ask when they're coming in and talking to an advisor? The most important question is really, it's not so much a question. It's a personality fit. Fees also are important, of course. You should know if they're a fiduciary or not. And then understanding their philosophy overall in terms of how they see clients and what they're working with their clients to do.
Kathryn Peyton is a certified financial advisor at Abacus Wealth. At an early age, Kathryn was impacted by her parents’ financial habits of care and caution around money. But then, something changed for Kathryn as she began to realize that successful investing is attainable for everyday people. Thus began a lifelong fascination with all things money- and economics- related.
Today, Jonathan and Kathryn talk about the work they both do as advisors in helping to set their clients up for financial success. Kathryn speaks to the joy she received when her clients see their financial future making sense and growing more secure. Kathryn discusses the importance of choosing a financial advisor based on the personality fit and the ability to truly be heard. She talks about two of the most basic, yet important, rules for a successful financial life and some of the financial resources she likes to consume.
Kathryn believes that the system for saving money and building wealth in this country is corrupt, overly complex and impossible to navigate for many folks. My job is to be a translator and a door opener, and to help people reach their dreams in a conscious, purposeful way.
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Key Takeaways
00:01 – Jonathan introduces today’s guest, Kathryn Peyton, who joins the show to share some of the
early lessons she learned about money growing up
04:51 – Shifting financial dynamics between men and women
07:29 – Kathryn’s journey to becoming a financial advisor
14:21 – Kathryn speaks to her role and how she manages her clients expectations
17:03 – The incredible value that advisors can provide
20:04 – Three critical questions to ask potential advisors
21:46 – Differentiating between what does and doesn’t work
25:48 – Resources that Kathryn reads on a regular basis
31:07 – Something Kathryn changed her mind about recently
32:01 – One thing that Kathryn wishes people knew about her
33:58 – Jonathan thanks Kathryn for joining the show and lets listeners know where to connect with her
Tweetable Quotes
“I would say that the most profound money lesson that I got was that money, or lack thereof, can change everything for a family in an instant.” (02:17)
“The reason I really got interested in investing was because my husband has always been the primary breadwinner and I always managed the financial side of life.” (08:49)
“Abacus has a very specific investment philosophy and outlook. And it works for a lot of people really well, but it doesn’t work for everybody.” (15:30)
“The most important question really is not a question at all; it’s a personality fit. You want to make sure that you feel comfortable talking to that person, that they listen to you, and that they hear what you’re saying and they don’t steer you in a specific direction.” (20:18)
“Those are probably the two most important things of a nitty gritty financial life. It’s living below your means and automating everything.” (23:22)
“I’m in this job for a purpose. There’s a reason that I’m here. It’s not just because I’m interested in a topic. It’s because I feel like it’s really hard to do this well. There are so many ways to get lost and to get tracked in the wrong direction. And it’s so hard to figure out what the right thing to do is. And I have seen that impact with my parents, with friends and with clients. I really do have a personal mission about doing this job.” (32:17)
Guest Resources
Kathryn’s LinkedIn – https://www.linkedin.com/in/kathrynpeyton/
Kathryn’s Email – Kathryn@abacuswealth.com
Link to Kiplinger Magazine – https://subscription.kiplinger.com/
Link to AARP Magazine – https://www.aarp.org/?_ga=2.267441230.1351018858.1649989667-1600706723.1649989667
Link to Barry Ritholtz’s Blog – https://ritholtz.com/
Mindful Money Resources
For all the free stuff at Mindful Money: https://mindful.money/resources
To buy Jonathan’s first book - Mindful Money: https://www.amazon.com/Mindful-Money-Practices-Financial-Increasing/dp/1608684369
To buy Jonathan’s second book – Mindful Investing: https://www.amazon.com/Mindful-Investing-Outcome-Greater-Well-Being/dp/1608688763
Subscribe to Jonathan’s Weekly Newsletter: https://courses.mindful.money/email-opt-in
Capture the most important benefit of an advisor – behavioral support – without the 1% fee: https://courses.mindful.money/membership
For more complex, one on one financial planning and investing support with Jonathan or a member of Jonathan’s team: https://www.epwealth.com/our-team/berkeley/jonathan-deyoe/
Website: https://mindful.money
Jonathan on LinkedIn: https://www.linkedin.com/in/jonathandeyoe
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