WHH25: The BUSINE$$ of MONEY Education! NOT BORING ALERT! with Kate Stalter

Heather Havenwood - Kate Stalter

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Who is Kate Stalter?

Kate Stalter doesn't just talk about money … she makes it fun! As an Investment Columnist, she's written for top publications such as Forbes, US News, World Report, and more. As the Founder of Better Money Decisions, an asset management company, she truly helps people understand and manage their finances. She is also a co-host on the recently launched America Talks Money podcast.

Most Financial Planners Just Want to Sell

During my time working as an assistant for an American Express (now Ameriprise) Financial Advisor, I realized most of the Financial Advisors were more interested in selling products, and making a commission, than actually helping the clients.

Kate validates this conclusion and explains how she actually went through this transition herself. After years of her employers asking her to push products or teach seminars about stock trading methodologies, she decided to focus more on actually getting to know her clients and providing ongoing financial planning advice.

Fear, Click Bait, and the Financial Media

I took advantage of Kate's journalism background to talk about my issues with the current state of financial media.

“I find that the financial markets, they keep it confusing for the average person purposefully.” – Heather Havenwood

Kate has some of the same complaints with regards to the media always painting a negative picture of the current economy and using fear tactics to lure people in.

“The stories are about clicks. So, you see these click bait headlines when you go onto some of the big financial websites.” – Kate Stalter

Can You DIY Your Financial Future?

We, as a society, tend to want to do things ourselves rather than paying someone to help us. We have an obsession with DIY.

However, given that we know the media doesn't always paint an accurate picture and that most Financial Planners are more interested in making a commission rather than actually helping their clients, is it a good idea to DIY our financial future?

Kate has some very strong feelings about this topic and explains exactly why you absolutely should not go the DIY route when it comes to financial planning.

Financial Planning = Behavioral Coaching

One thing Kate mentioned that I found especially interesting is how she views financial planning as behavioral coaching.

She feels part of her job is to teach her clients positive habits with regards to spending, saving, and investing their money. She doesn't just want to tell them what to do, she wants to empower them to be able to make the choices for themselves.

“That one and done thing, that’s not a financial plan. Financial planning is this ongoing coaching.” – Kate Stalter

If you are short on time, here are the highlights of The BUSINE$$ of MONEY Education! NOT BORING ALERT! with Kate Stalter:

Who is Kate Stalter? (1:35)
Are Most Financial Planners Basically Just Salesmen? (4:16)
The Current and Future States of Financial Media (10:33)
Are Individual Stocks Better than Mutual Funds? (21:52)
Why DIY Does Not Work for Financial Planning (25:41)
What a Financial Plan Is and Isn't (36:00)

Connect with Kate Stalter

Better Money Decisions Website
Better Money Decision on Facebook
America Talks Money Podcast

Kate Stalter's Bio

Kate Stalter is the founder of Better Money Decisions, an asset-management firm with offices in Albuquerque and Santa Fe, New Mexico and Scottsdale, Arizona. She is an investment columnist for Forbes, US News, World Report, TheStreet.com, Seeking Alpha, and is the host of the America Talks Money podcast. Kate loves helping people solve challenging financial problems and she is the proud fur-parent of a houseful of rescue animals!