Strategically planning out your financial future can be tricky. While there’s science behind the numbers of analytics, there’s also personal factors to consider. The Planning Perspectives Podcast serves at the intersection of demystifying financial planning by blending technical advice with the human element of decision-making. Hosted by Jamie Hopkins and Kate Duffy of Bryn Mawr Trust, a division of WSFS Financial Corporation, this podcast aims to deliver real conversations about money, business, and life's transitions. Jamie and Kate talk about their backgrounds, vision for the show, and what listeners can expect from their unique approach to financial conversations.
Let's start with how you both ended up here. What brought you to Bryn Mawr Trust?
Kate: My journey to Bryn Mawr Trust is one of my favorites because it proves just how small the world can be. I was coming home from vacation and found myself in the Denver airport. The waiting area was empty, so my friend and I took a couple of seats. I stepped away for a moment, and when I returned, a man was sitting right next to my seat. It turned out to be Jamie. A brief conversation led to a LinkedIn connection. I noticed he was a part-time professor at Creighton University, my alma mater. We even lived in the same town. Almost a year to the day later, I joined Bryn Mawr Trust.
Jamie: It’s funny how you meet people. Neither of us lives in Denver; I was there for work. My background is focused on retirement and estate planning. I came to BMT in 2023, initially as the Director of Private Wealth Management. As Bryn-Mawr Trust and WSFS have grown, I’ve stepped into the role of Chief Executive Officer for Bryn Mawr Trust Advisors and Chief Wealth Officer for WSFS Bank. This has given me the opportunity to have a holistic view of wealth management. Our Creighton connection was also a key part of our story. I have been a Finance Professor of Practice there in their financial planning program for years. It’s a great university with a strong financial planning program and some of the best academics in behavioral finance. Kate was going through the financial psychology program there, which ties directly into the topics we want to explore on the podcast. But this is the world, we are all connected in different ways.
The podcast aims to merge financial planning with the human, emotional side of money. Why is this intersection so important to you?
Kate: Throughout my career, especially when working with entrepreneurs who had sold their businesses for millions, I saw that money doesn't solve everything. In fact, it can introduce a significant emotional toll on an individual and their family. I realized we are great at helping people manage the technical tool of money, but what about the emotions surrounding it? That question drove me toward financial psychology. There's a recognition that as trusted advisors, we can do more to help clients navigate the emotional complexities of their financial lives.
Jamie: I agree completely. These emotional hurdles and past experiences are critical when we make decisions. One of my favorite questions to ask people is about their first money memory because it reveals so much. These stories start to unravel your personal history and development, which directly impacts your relationship with money today. It tells you a meaningful story when someone answers the question. It is just a better question than asking where someone is from or what they do for work. Instead, you learn about something deeply personal, while they were young, usually emotionally charged, and not always something they share with others.
What were some of your own formative money memories or "aha" moments?
Jamie: My first memory of earning money was moving a huge mound of gravel with my grandfather when I was about six or seven. It was my first experience with physical labor for pay – he probably gave me about $1 for a day of moving gravel with him. Funny enough, it was probably a good trade for us both. But my bigger "aha" money moment came years later when I was in Las Vegas for a speaking event. I was talking to financial advisors about automating good financial habits. Surrounded by the temptations of gambling, I went back to my room and set up the first 529 college savings plan for my daughter. It was the first time I was saving for someone else, and the contrast of doing something so responsible in a place like Vegas made it an unforgettable moment.
Kate: My first money memory was at age 12 when I charged into the kitchen and told my mom I wanted a job.
From a young age, my parents instilled in me, both through their words and actions, that money and education were keys to independence. Being a determined and stubborn kid, I was eager to achieve that independence as soon as possible. It wasn’t tied to a particular purchase or transaction, but rather an understanding of what money represented.
The biggest professional insight I’ve had is realizing that the emotional side of money affects everyone, no matter their financial situation. While we can guide people in managing money as a tool, it’s equally important to help them navigate the emotions tied to it so they can make smarter financial choices.
What is the best piece of financial or planning advice you've ever received?
Kate: An estate planning attorney once told me, "You can plan in advance, or you can plan in crisis." That has always stuck with me. We are all planning all the time; the question is what we are planning for. If we don't address challenges proactively, we'll find ourselves planning in crisis mode. A huge part of what we do is helping clients discover the unknowns and prepare for them. When a crisis inevitably comes, you're prepared, which eliminates a lot of the fear.
Jamie: A piece of advice that has stuck with me is, "It's not about how much you get paid, it's about how you get paid." This highlights the importance of having equity. Whether it's through investing or as part of your compensation at work, owning a piece of something is crucial for long-term growth. It's a concept I never learned in school, but it's something I now emphasize, especially to young professionals. Your salary and bonus are important, but equity can be a powerful wealth-building tool. Taxes on equity can also be beneficial. So make sure you are thinking about this; even if it isn’t in the cards this year or next year, take a look at equity long-term as part of your compensation journey.
What are your goals for The Planning Perspectives Podcast?
Jamie: We're looking forward to having fun, engaging conversations about financial planning and behavioral psychology. We want to bring on interesting guests and talk about how to help people achieve their goals. The show will explore the decisions that shape your life's direction, going beyond just the numbers. Everyone should be able to have a new conversation that they have not had before after listening to the show.
Kate: I’m excited to be part of this project and look forward to bringing engaging conversations to our audience. What truly inspires me is the opportunity to explore behavioral psychology and its impact on how we relate to money. When people uncover the subconscious beliefs that influence their decisions, they find a powerful freedom to let go of what no longer serves them.
Ready to start planning with perspective? You can find The Planning Perspectives Podcast on your favorite listening platform or the Bryn Mawr Trust website. Subscribe now so you never miss an episode and gain the insights you need to navigate your financial future with confidence.
WSFS Bank. Member FDIC. Wilmington Savings Fund Society, FSB d/b/a WSFS Bank. Bryn Mawr Trust is a division of WSFS Bank. Bryn Mawr Trust Advisors, LLC is an SEC registered investment adviser and a subsidiary of WSFS Financial Corporation. Registration as an investment adviser does not imply a certain level of skill or training.
Bryn Mawr Trust does not provide legal, tax or accounting advice but those services may be provided by affiliates or subsidiaries of Bryn Mawr Trust. Please consult your legal, tax or accounting advisors to determine how this information may apply to your own situation. This communication is for informational purposes only and should not be construed as legal, tax or financial advice or a recommendation any specific product, service, security or sector. Information has been collected from sources believed to be reliable but has not been verified for accuracy.
INVESTMENTS: NOT A DEPOSIT. NOT FDIC - INSURED. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THE BANK. MAY GO DOWN IN VALUE.