Kyle Schmidt and Jacob May, BIP Wealth (North Fulton Business Radio, Episode 437)
As former major league baseball players, Kyle Schmidt and Jacob May have a firsthand understanding of the unique challenges professional baseball players have in managing their financial situation. Kyle and Jacob joined host John Ray to discuss their work in the Baseball Division of BIP Wealth, which involves serving players from their initial contract through and into retirement. They discussed BIP Wealth’s history working with baseball players, how they help players learn wise financial practices for themselves and their families, the current situation with the collective bargaining agreement, and much more. North Fulton Business Radio is broadcast from the North Fulton studio of Business RadioX® inside Renasant Bank in Alpharetta.
Every investor should have a plan. Markets will go up and down, but a solid plan prescribes, in advance, how to react.
For investments, BIP subscribes to the “buy low and sell high” approach. But a plan goes beyond that. Investors often need help figuring out how to reduce their tax burden, how to pass on assets to the next generation in an optimal manner, and how to protect against the risk of loss for all manner of unforeseen life events.
At BIP, they work with each client to help formulate a personalized life plan. Over time, they constantly update client plans as life unfolds and markets change. A core belief of their planning philosophy is the use of fairly pessimistic projections for the future. They may be optimists at our core, but the objective of planning at BIP is to look for failure points. So they plan for high taxes, reduced government entitlement outlays, and for clients to live longer than they ever expected. Sometimes their plans may not produce results that are as rosy as those from other firms, but with BIP’s planning process you can be confident they’ve worked hard to account for the possible bad outcomes that could derail your financial success.
Kyle Schmidt, CFP, Personal Wealth Advisory – Baseball Division, BIP Wealth
A Certified Financial Planner®, Schmidt focuses on delivering BIP Wealth’s highly tailored wealth management services for professional athletes.
Schmidt, who previously had a professional baseball career with the Baltimore Orioles prior to graduating from the University of Florida and entering the wealth management and financial services industries, was most recently an advisor for SunTrust Private Wealth.
While at SunTrust Private Wealth, Schmidt advised on and managed finances for private banking and wealth management clients. He also worked with ultra-high-net-worth families at GenSpring Family Offices (a division of SunTrust). As a member of its business development team, he advised individuals and their entities on a wide range of wealth management services ranging from investment and generational planning to philanthropic endeavors. Earlier in his career, Schmidt served as a financial advisor for both Wells Fargo Advisors and Morgan Stanley.
Schmidt is actively involved in the Atlanta community, including being a member of the board of directors for the Georgia Tech Fellowship of Christian Athletes (FCA). He and his wife reside in Roswell with their two daughters.
Jacob May, Vice President of Business Development- Baseball Division, BIP Wealth
Jacob May is in the Baseball Division as Vice President of Business Development.
Jacob May, who played professionally in the Chicago White Sox organization for six years, is the fourth former professional baseball player to join BIP Wealth’s Baseball Division, which has extensive experience in wealth management, along with a true understanding of the challenges and needs of ballplayers.
May was previously a Special Assets Officer at United Midwest Savings Bank in Columbus, Ohio. He’s currently on the Board of Directors for USA Baseball and serves as the primary representative for the U.S. Olympic and Paralympic Committee (USOPC) Athlete’s Advisory Council (AAC).
Questions and Topics in this Interview:
- How long has BIP Wealth had a baseball division?
- Why specifically baseball?
- What is it about BIP Wealth that has attracted so many former pro baseball players to join the team and choose this path as a next step after leaving the league?
- Does BIP Wealth have aspirations to open divisions in other sports?
- Tell us a little bit about how you work with young players who are going through the draft?
North Fulton Business Radio is hosted by John Ray and broadcast and produced from the North Fulton studio of Business RadioX® inside Renasant Bank in Alpharetta. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, Amazon, iHeart Radio, Stitcher, TuneIn, and others.
Renasant Bank has humble roots, starting in 1904 as a $100,000 bank in a Lee County, Mississippi, bakery. Since then, Renasant has grown to become one of the Southeast’s strongest financial institutions with over $13 billion in assets and more than 190 banking, lending, wealth management and financial services offices in Mississippi, Alabama, Tennessee, Georgia and Florida. All of Renasant’s success stems from each of their banker’s commitment to investing in their communities as a way of better understanding the people they serve. At Renasant Bank, they understand you because they work and live alongside you every day.
Special thanks to A&S Culinary Concepts for their support of this edition of North Fulton Business Radio. A&S Culinary Concepts, based in Johns Creek, is an award-winning culinary studio, celebrated for corporate catering, corporate team building, Big Green Egg Boot Camps, and private group events. They also provide oven-ready, cooked from scratch meals to go they call “Let Us Cook for You.” To see their menus and events, go to their website or call 678-336-9196.