Kaitlyn Laney, a certified financial advisor from Scottsdale, shares her journey of balancing motherhood with financial advising. She discusses the challenges of giving personalized financial advice, especially to high-income earners often receiving outdated guidance. Kaitlyn emphasizes tailored strategies for tax mitigation and retirement planning, alongside the real costs of childcare. Joined by Barbara Friedberg and Phil Weiss, they explore women's financial empowerment, making deliberate family versus career decisions, and the importance of financial literacy for families across varying life stages.
49:04
forum Ask episode
web_stories AI Snips
view_agenda Chapters
auto_awesome Transcript
info_circle Episode notes
question_answer ANECDOTE
Leaving Big Firm for Family Time
Kaitlyn Laney left a big financial firm in 2018 to gain the freedom to be present for her family.
She balances raising two boys under two with running her own firm in Scottsdale, Arizona.
insights INSIGHT
Generic Advice Fails High Earners
Financial advice often gets stale as clients grow wealthier and more complex.
Many advisors provide generic advice, resulting in high earners receiving poor recommendations like contributing to Roth IRAs when ineligible.
volunteer_activism ADVICE
Tailor Tax Strategies to Goals
Understand your income and tax brackets to choose suitable tax-shielding options like 401(k)s or SEP IRAs.
Tailor financial strategies to personal goals and timing to maximize tax savings and financial growth.
Get the Snipd Podcast app to discover more snips from this episode
Kaitlyn Laney shares her personal and professional journey, and how she manages balancing motherhood and financial advising. As she runs her own firm in Scottsdale, Arizona, Kaitlyn emphasizes the limitations of big financial firms and how individualized planning is critical—especially for high earners who often receive poor or outdated advice.
Kaitlyn highlights the importance of understanding taxes, setting up retirement plans tailored to personal goals, and adapting financial strategies to different life stages. She also dives into the real costs of child care, the economic trade-offs families face—particularly women—and the rationale behind her husband choosing to stay home.
We discuss...
Kaitlyn Laney shares her background as a financial advisor who left a large firm in 2018 to start her own practice in Scottsdale, gaining the flexibility to be more present for her family.
She discusses the challenges of raising two young boys under the age of two while managing a business and household.
Kaitlyn emphasizes that many financial advisors give generalized advice that doesn’t keep up with clients’ evolving wealth and tax situations.
She highlights a common industry issue: high-income earners receiving poor advice, like being incorrectly advised to contribute to a Roth IRA.
Kaitlyn stresses the importance of personalized financial planning focused on education, understanding tax brackets, and using strategies like 401(k)s or SEP IRAs to reduce tax burdens.
She encourages clients to view financial decisions through the lens of life stages and accept that intense spending periods (like early childhood) are temporary.
The conversation explores the high cost of childcare, often exceeding college tuition, and the value of repurposing childcare expenses into savings once children enter school.
Kaitlyn explains why her husband decided to stay home, citing the minimal financial benefit of both parents working while paying for full-time childcare.
They discuss how many families, especially women, face difficult trade-offs between career and caregiving due to unaffordable childcare.
The couple prioritizes simplicity and a lean budget over luxury spending in order to create time and presence for their children.
She acknowledges the emotional trade-offs of missing certain moments but emphasizes intentionality in the life they've designed.
Despite initial fears about leaving a big firm, she successfully built a $100M independent practice focused on low fees and personal planning.
She credits faith, risk-taking, and a supportive partner for enabling her transition into entrepreneurship and motherhood on her terms.
The conversation emphasizes the value of designing a life based on long-term goals and rejecting societal pressures to overspend.
Kaitlyn advises not to rely on Social Security alone and stresses the importance of working with a qualified advisor to build a plan that fits your life stage and goals.
Money Tree Investing