Intro: [00:00:04] Broadcasting live from the Business RadioX studios in Atlanta, Georgia. It’s time for Atlanta Business Radio. Brought to you by On pay. Atlanta’s new standard in payroll. Now, here’s your host.

Lee Kantor: [00:00:24] Lee Kantor here, another episode of Atlanta Business Radio, and this is going to be a good one. But before we get started, it’s important to recognize our sponsor, Onpay. Without them, we couldn’t be sharing these important stories. Today on Atlanta Business Radio, we have Mary Ellen Garrett with Merrill Lynch Wealth Management. Welcome.

Mary Ellen Garrett: [00:00:44] Thank you very much. Happy to be here today.

Lee Kantor: [00:00:46] Well, I am so excited to get caught up with you. But for those who don’t know, can you tell us a little bit about Merrill Lynch Wealth Management? How you serving folks?

Mary Ellen Garrett: [00:00:55] Oh, absolutely. Happy to talk about this. Merrill Lynch Wealth Management is a global partner, but also at the local level. We service our clients individually. We work with many families in the Atlanta area and all over. And in addition, we also do quite a bit of corporate work in that corporate work. Uh, we include 401 K’s in the nonprofit sector. We deal with many nonprofit organizations as well from an investment management standpoint. And just we cover it all.

Lee Kantor: [00:01:34] Uh, we’re here to talk about a recent a report, I guess, that Merrill was involved with regarding women investing for women and women’s finances, I guess specifically in concert with Women’s History Month. So, Mary Ellen, do you mind sharing a little bit about what was learned?

Mary Ellen Garrett: [00:01:51] Oh, happy to do that. So according to a recent poll, Merrill Lynch Wealth Management discovered that 62% of women have learned about money and financial topics already, and with an additional 21% reporting that they would like to learn. But they haven’t gotten around to it. But these there are so many areas that we talk about with our clients and with people who are interested in the markets. And one of the things we tell them is to teach them all when they’re young. And the younger you can learn about this topic, the better it will be for all of you. So, for example, having discussions about finances with children from a young age helps them grasp the concepts of saving and spending and budgeting. Also understanding how money works. Very important. Also, we talk to individuals about having the investment discussion with your partner, and that would be including items such as up talking about questions about your upbringing, your spending patterns, your work history to understand each other’s perspectives. It really starts with communication and being able to talk about how did your family talk about money, but having that discussion with your spouse, with your partner is so important to get that communication started properly.

Lee Kantor: [00:03:28] Now, why do you think that more people don’t learn about finance and money and growing wealth earlier? Um, you know, we live in a country that’s among the most wealthy and affluent in the planet. And we, you know, we see successful people all the time. You know, at least it looks they look successful to us. Um, but why do you think there’s a disconnect between so many folks who really don’t grasp some of the basics when it comes to growing their wealth?

Mary Ellen Garrett: [00:04:03] Well, I think that percentage of people who think like that is really going down, because I do think that more and more people are learning about it and are, uh, comfortable with handling things on their own. But I think it really goes back to, um, a question of who took care of things for them and if they weren’t involved with the discussion from a younger age, or they weren’t included in that discussion in their family or in their new family, maybe when they marry, um, it’s just that somebody else has always done always done that for them. Um, but really, statistics tell us that the majority of women at some point in their lives are going to have to take care of the money for themselves, and they may be divorced, they may be widowed, and at some point they need to learn. Um, so when clients come in to us, we really take it upon ourselves to teach that client what it’s all about, teach them to look for certain things and to be able to have that open communication with their advisor. Um, and so I think that these are some of the very important things to have part of this statistic. Um, we have uncovered that 69% of people have of women have created a financial plan where 68% of them actually have a financial advisor. Um, so we love to hear that because those numbers are going up. And it means that people are they are taking charge of their own finances. And we like to see that.

Lee Kantor: [00:05:57] Now, you mentioned kind of addressing some of this as when people are young, how would you recommend a family have kind of a financial discussion when there are children involved? Like how much of kind of the finances should be transparent amongst everybody? Um, while you want to protect everybody from fearing being fearful, but how much should they know about, you know, this is how much money comes in, this is how much money goes out. We save this amount like some of the kind of the basic blocking and tackling of finance, like how would you recommend it, the different stages in life, you know, as a child, maybe as you’re going to college or turning into an adult and, you know, as you kind of progress?

Mary Ellen Garrett: [00:06:42] Well, every family is different and every child is different too. I’m having three of my own. And, um, having those discussions when they were younger, and it’s the amount of information that you feel they can understand. Um, but giving them chores, giving them tasks, giving them things, um, opportunities to make money. And then what do you do with that money? Um, how do, um, how do Mom and dad, um, take care of things in the home? Um, and then that stretches out to the independence of the, of the younger child to be able to take care of things for themselves when they get a little bit older. Um, and then having those discussions with their own family. I know my husband and I have been married a long time, and the first couple of years are a little awkward. I think that’s true of just about everybody. But the more open you can be about your communication, about what you make, what you save, what you spend, those are everyday questions that should be addressed. And then when you’re getting to the period where you’re working so hard, both of you and, um, you want to have that, uh, discussion between the two of you, and you want to have a plan. Um, the planning part of the business of saving and investing is so important because it’s that plan that’s going to take you to the levels and the goals that you have set out for yourself. You’re so busy working that you want to make sure that plan is in place, that you’re taking advantage of what your, um, what your job has to offer you. Participating in your company’s 401 K, most offer 401 S, most have a match. Um, and to make sure that you’re taking advantage of that and taking advantage of everything that, um, that is to be offered in the working world. Um, so lots of different points there. If you want me to focus in on one or more of those, I’m happy to do so.

Lee Kantor: [00:09:03] Yeah, well, I’d like to get into the, uh, to me, one of the most important tenets when it comes to wealth. Uh, growing wealth is the concept of compounding. And I don’t think that that’s taught well for children at a young age. And when, when you can really benefit from it the most. How do you kind of explain compounding to a young person, and how do you explain it to maybe your clients later on? Because obviously, the sooner you start on any plan, forgetting about really the allocations, but just on the just the habit of of saving and leveraging compounding, how do you have those conversations?

Mary Ellen Garrett: [00:09:43] Well, you talk about um, almost it’s like a, an investing 101 course is the longer your money, um, sits and is invested according to an appropriate strategy for you, the power of compounding helps to continue to increase the value of your money a lot faster than if it was just sitting in a savings account. Um, but it’s something that you really do have to spend a little bit of time, um, going over that and making sure that you understand that when the light bulb goes off and you’re saving and all of a sudden you get your monthly statement and you see what kind of returns you’re getting from the investment of your, uh, your overall strategy. Younger people will start to understand that if their families teach them at a young age and they review their statements with them, when most usually get it, is when they are out in the working world for the first time and they’re taking money from their paycheck and they’re putting it into the company retirement plans that are offered to them, and they start to see those monthly, um, savings add up. And and it really comes over time. Um, so I think that the importance of starting early, I can’t emphasize that enough. But I’ll also tell you, it’s never too late either. I know some people may be in their mid 40s or mid 30s and say, oh my gosh, it’s too late, I’ve missed it. No you haven’t. Um, I think it’s for every age, just the desire to want to know, um, and the desire to partner with somebody professionally. So you’re checking your work. And I think that that’s a very good point to make for those people who are, um, who are considering working with an advisor for the first time.

Lee Kantor: [00:11:51] Now, is there anything that you use to really kind of drive the point home? Because it compounding is one of those things where it looks like nothing’s happening for a long period of time, and then all of a sudden it’s like, wow, how did this happen? Like it just starts becoming more noticeable and more dramatic. And a lot of people, you know, they. When things are gradually improving, you don’t really see it. But when something shocking happens, it gets your attention. And, um, well, how do you kind of illustrate that to people so that, you know, that light bulb does go off like this is, uh, worth doing? Putting a little bit aside, every month is going to pay off.

Mary Ellen Garrett: [00:12:36] Well, I think you just hit on the key fact of that is that it it doesn’t happen overnight. It does happen over time. And you do have to be patient. Um, and you have to be disciplined. The discipline of putting monies away, um, whether it’s on your own as an after tax savings or an after tax investment or a pretax savings or pretax investment that you may be able to do with a retirement account, and it is that time and discipline to be able to continue to make, um, in the ups and the downs of the market. Um, you hear so much, uh, buzz about the markets when everything is going great. Oh, gosh, the stock market’s up. I must be making a ton of money. And and it truly is the discipline of having that strategy and being able to continue to make those deposits on a disciplined basis, um, every single time. And it might be monthly. It might be quarterly, but continuing to do it don’t stop when you hear that the markets are down. You have to continually make those deposits because on average an over time, the compounding of your deposits plus interest, plus the returns that you get when the market is appreciating, you will see those funds continue to rise and periodically check in, um, on your strategy to see if you should maybe be saving more, maybe to be a little more aggressive or maybe more conservative with your portfolio strategy. Um, there’s a lot that can be done, and I would encourage your listeners to, um, go and check what they’re doing right now if they are investing with their company. Um, do a check on your accounts, talk to your HR person to make sure that you are taking advantage of everything that’s available to you. And if you’re working with an advisor, um, check with him or with her to be able to make sure that your strategy is appropriate for you. Um, are you, uh, goals based? Uh, do you have some things that you’re saving for and making sure that you are invested appropriately and taking the proper risk that you’re comfortable with?

Lee Kantor: [00:15:22] Something that helped me, uh, early on when I started saving was somebody told me this. And this reframing helped me is when the market’s going down, you’re buying things on sale. Like, if you if if you believe, uh, in kind of an optimistic manner that the economy is going to grow and, and we’re going to keep improving over time. If you believe that, then you’re going to, you know, be invested, stay invested, and, um, just be disciplined in knowing that it’s going to go up and down. It doesn’t go up in a straight line, but it goes up and down. And when it goes down, that’s an opportunity to buy more shares that it over time, hopefully that’s going to benefit you even more. And that’s where the gains really come in.

Mary Ellen Garrett: [00:16:08] That’s exactly right. And um and again that points back down to the discipline of being able to get used to the routine of investing. Um, I know many people who are in the savings, um, part of their lives. They are making a sacrifice, um, to take some of their paycheck, to put it away. Um, and to be able to create that routine and discipline. It’s just like a routine and discipline of anything that is good for you. Anything that’s worthwhile is is worthwhile to create that discipline and routine of doing so. Um, but it is true, just like you said. And when the markets are down, you want to continue to make those investments, because when they’re down, you’re buying a little bit more. Um, when the markets are up, you might be buying a little bit less. But over time, as the markets continue to provide that return to you. Um, also make sure that your portfolio is diversified, um, that you have a position of stock that is including the areas of, um, investing in the equity markets and that is investing into large cap companies, midcap and smallcap as well as international, and a growth in a value side of each of those areas. Um, when you try to hone in and to just bet on one particular area or a handful of stocks that may work for you for a short period of time. But over time, it’s the discipline of that diversification strategy, um, that you need to be invested into.

Lee Kantor: [00:18:04] Now, isn’t this where having a partnership with a professional like yourself and your team is really important? Because most individual people have their own lives that they’re dealing with, and it’s hard for them to stay on top of all of this stuff that your organization is doing 24 over seven. That’s all you’re thinking about. And, uh, you can, you know, you know, kind of get an idea of my risk tolerance and what is important to me and my objectives. And you can kind of create a customized approach for me to help me achieve whatever outcome I desire, rather than me. Like you said, hearing, you know, somebody say, oh, this company ABC is that’s the one you should be investing in. Look, it’s hot. And then I’m spending money there and it goes up or goes down and then like, I can’t react as nimbly as somebody like you or your team when it comes to, you know, over the long haul, making the right choices, I think.

Mary Ellen Garrett: [00:19:04] Well, the first thing that someone should do when they are considering investing, whether they are investing at their company or on their own, um, is to find an investment advisor that you can partner with, someone that you’re comfortable with, someone that you communicate, uh, that you can communicate with, ask any questions. I know when someone comes in here for the first time and they say, oh, gosh, you know, I’m I’m embarrassed. I don’t know this or I hate to ask a dumb question. And we try to put our clients and our, our people who are coming in to talk to us for the first time, at ease, because this isn’t something that you do every day, but it is something that we do every day. And, um, creating that plan first is so important. Knowing what someone is saving for. Knowing what their overall financial situation is, and to have someone like us make the proper recommendations for you with your best interest at heart. Um, that’s a partnership. That’s gold. Uh, somebody that you can find and to grow with you over the years. Um, to be able to be a partner for all financial decisions.

Lee Kantor: [00:20:35] So if somebody wants to learn more, have a more substantive conversation with you or somebody on the team, what is the website? What’s the best way to get Ahold of you or learn more?

Mary Ellen Garrett: [00:20:44] Oh, the best way to, uh, to get Ahold of us is to, uh, look at our website or go to, um, uh, send us an email, um, or our main number. Um, our. May I give that information? Yeah.

Lee Kantor: [00:20:59] Please start with the website because. Okay.

Mary Ellen Garrett: [00:21:02] Uh, so our website, um, if you’ll bear with me just one moment, I should have this right in front of me. Beverly, do you by any chance.

Lee Kantor: [00:21:11] I have the I have Wfan, MLB.com slash the Garrett group?

Mary Ellen Garrett: [00:21:18] Yes, that’s the one. I guess I don’t look at my website as much as I should. Um, and then, uh, our email email directly is m underscore Garrett Garrett at MLB.com.

Lee Kantor: [00:21:35] And MLB.com is the Merrill Lynch kind of, uh, main website. Yes.

Mary Ellen Garrett: [00:21:40] Correct. Um, and then our direct number here is 404 2312506.

Lee Kantor: [00:21:48] Well, Mary Ellen, thank you so much for sharing your story today. You’re doing such important work and we appreciate you.

Mary Ellen Garrett: [00:21:54] Well, thank you very much. I appreciate being asked today. Hope you all have a wonderful afternoon.

Lee Kantor: [00:21:59] All right. This is Lee Kantor. We’ll see you all next time on Atlanta Business Radio. Thank you.