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Building Financial Resilience With Todd Carey
Prior to entering the wealth management industry, Todd Carey played professional baseball over eight seasons which makes him all too familiar with strategic planning, high achievement and high pressure environments. On this episode of Beyond the Balance Sheet, Todd discusses how the limelight on professional athletes has increased in the last decade and the importance of keeping your identity and career separate. Listen in as Arden and Todd talk about helping clients who struggle with mental health challenges and how the pandemic has changed his financial planning priorities.
IN THIS EPISODE:
- [01:39] Todd’s transition from a career in professional baseball to wealth management
- [07:21] The importance of having a financial plan during uncertain times and what are characteristics of those who have financial challenges when there’s volatility in the markets
- [11:14] How has the pandemic redefined clients and their long-term planning goals
- [13:57] Todd speaks to his experience with clients who struggle with mental health challenges and how it impacts their financial planning
- [17:06] What happens when there are concerns about a client’s financial wishes related to a family member who has mental health issues
- [19:29] Has the stigma around mental health lessened for professional athletes?
- [25:18] Todd shares career advice he would give his 25 year old self
KEY TAKEAWAYS:
- When planning with a family member who has mental health or addiction issues, it’s great to have a professional available to help the family openly communicate, discuss the issues, establish their values and evaluate the long-term effectiveness of their plan.
- Our identity often gets defined by our careers. It’s important to think about the future and what are the next stages, not just financially, but in general with your life and how you find purpose and how you are fulfilled on a daily basis.
- There is more and more pressure on professional athletes. Everything has been ramped up and escalated in the last 10 to 15 years which puts more pressure on the athletes themselves, whether they’re in a team framework or individual sports. Organizations and managers need to be more sensitive to this and have resources to help athletes.
RESOURCE LINKS
Website Show Notes Page – https://oconnorpg.com/podcasts/building-financial-resilience-with-todd-carey
BIO:
Todd Carey is no stranger to strategic planning, execution and dedication to helping others succeed. Prior to entering the wealth management industry, he played professional baseball over eight seasons with the Boston Red Sox, New York Mets and Los Angeles Dodgers. He brings that level of talent and commitment to UBS Boston Private Wealth Management, where he and partner, Joseph McKeever, provide advice and solutions to an exclusive group of affluent families, entrepreneurs and executives.
Additionally, as an Endowment & Foundation Consultant (EFC), Todd utilizes UBS’ deep knowledge, resources and thought leadership to develop investment plans tailored to nonprofits.
Before joining UBS, Todd was an Executive Director and Senior Banker for six years at J.P. Morgan Private Bank in Boston. There he customized investment, lending, banking and estate planning advice for ultra and high net worth individuals and families. Prior to joining J.P. Morgan Private Bank, he was a Principal at Battery Ventures in Waltham, MA, for almost three years. Todd began his career in Private Wealth Management as an Investment Representative at Lehman Brothers in Boston, where he worked for five years.
Todd received his B.A. in Urban Studies from Brown University and his M.B.A in Finance from Bryant University, where he served on the Board of Trustees for nine years. Todd earned his Certified Investment Management Analyst (CIMA®) in 2007 and is an active member of the Investments & Wealth Institute. He and his wife, Trish, live in Lexington, MA and have two daughters.
