In this episode of the Millions Were Made Podcast, Jessica Marx sits down with Kaitlyn Carlson, the Founder and CEO of Theory Planning Partners, to explore the dynamic world of wealth management for high-net-worth female entrepreneurs. Kaitlyn brings her extensive finance background to the table, shedding light on critical aspects of managing and growing wealth. They dive into common financial planning mistakes, the advantages of a holistic approach, and practical strategies to conquer investment fears.

Kaitlyn also navigates the evolving investment landscape, touching on trends like NFTs and cryptocurrencies. She underscores the significance of having a robust financial plan, diversifying investments, and understanding both qualitative and quantitative elements in business valuation. Tune in now!

Highlights

• (01:06) Caitlin’s impressive background at UBS and her pivot to helping women entrepreneurs build wealth.
• (05:30) What drove Caitlin to start Theory Planning Partners.
• (09:05) Common pitfall of ignoring your financial freedom number, leading to unsustainable spending.
• (12:13) How a financial planner’s holistic view integrates with the roles of CFOs and CPAs for comprehensive wealth management.
• (18:20) Importance of starting investments early to leverage time and compound growth for long-term success.
• (19:03) The need for wealth managers to keep up with the latest in NFTs and crypto.
• (19:43) How Theory’s flat fee model prevents biases that can come with traditional percentage-based fees.
• (22:10) How market cycles and Fed actions impact cryptocurrency valuations.
• (30:14) Risks of poor preparation when selling a company, affecting its final value.
• (35:58) Burnout-driven sales can lead to lower offers and financial losses.
• (37:47) The difference between lifestyle and enterprise businesses, and their unique paths to success.
• (39:10) The use of retirement calculators to set financial goals and guide business decisions.

Connect with Jessica:

Instagram: @millionsweremade and @thejessicamarx

Website: Million Were Made

Work with Jessica: Tailored Premier

Connect with Kaitlyn:
Website: Theory Planning Partners
Instagram: @theoryplanningpartners
LinkedIn: Kaitlyn Carlson