Mary Ellen Garrett and Patsy Townsend, The Garrett Group at Merrill Lynch, on Retirement Planning, Estate Strategy, and Long-Term Care (North Fulton Business Radio, Episode 940)
On this episode of North Fulton Business Radio, host John Ray welcomes Mary Ellen Garrett and Patsy Townsend of The Garrett Group at Merrill Lynch. Mary Ellen, in her 41st year with Merrill Lynch, and Patsy, her daughter who joined the team after a career-defining moment working in the nonprofit sector, offer a comprehensive view of what it means to get financial planning right across every stage of life.
The conversation covers the big picture issues that too many people overlook: keeping wills and beneficiary designations current, coordinating with estate attorneys and CPAs, and understanding what the new estate exemption thresholds for 2026 mean for their families. Mary Ellen recounted the real-world consequences of outdated paperwork, including a client who still had his second wife listed as a beneficiary when his third wife was very much alive and unhappy about it. The team also addresses business owners facing potential windfalls from private equity transactions who have not done the personal financial planning to match their business success.
The discussion turns to longevity and healthcare, where Mary Ellen notes that The Garrett Group now runs all its planning reports to age 100, a change inspired by her mother, Patsy’s grandmother, who recently turned 101. The message is not to be a miser but to invest appropriately so clients can live a full life, take the trips, and make the gifts, all without running out of money.
John Ray is the host of North Fulton Business Radio. The show is produced by John Ray and North Fulton Business Radio, LLC, an affiliate of Business RadioX®, and is recorded inside Renasant Bank in Alpharetta.
Key Takeaways from This Episode
- The Garrett Group opens every new client relationship with a Private Wealth Analysis, a comprehensive planning report that must precede any investment recommendations, because context matters more than credentials.
- Outdated wills, trusts, and beneficiary designations are a common and costly problem; Mary Ellen recommends reviewing all documents at least every five years and any time a major life event occurs.
- Business owners preparing for a possible sale need to start personal financial planning well before a transaction closes, not after the windfall arrives.
- Patsy’s advice on when to call a financial advisor: if a dollar sign is keeping you up at night, that is the moment to make the call.
Topics Discussed in this Episode
00:20 John Ray introduces the show and guests Mary Ellen Garrett and Patsy Townsend
02:24 How The Garrett Group serves clients across all areas of financial life
03:41 Mary Ellen’s 41 years at Merrill Lynch and why she is still passionate about the work
04:26 Patsy’s path from nonprofit work to joining her mother at The Garrett Group
06:17 The big financial picture that most people miss
08:19 The Private Wealth Analysis and why comprehensive planning must come first
10:32 Financial goals and estate planning priorities for 2026
11:18 Keeping wills, trusts, and beneficiary designations current
13:05 Estate planning for blended families and those without dependents
14:01 Business owners, private equity windfalls, and the need for advance planning
16:17 Retirement longevity: planning for a 30-plus year retirement
17:42 Why The Garrett Group now plans to age 100
20:54 Retirement planning for younger clients and new parents
23:31 Healthcare costs, Medicare, and long-term care insurance
28:35 How to know when it is time to call a financial advisor
29:26 Client success stories spanning three generations
Mary Ellen Garrett, Managing Director, Wealth Management Advisor
Mary Ellen’s financial and civic life has been a profile of influence and devotion since she joined Merrill in 1985. Highly regarded in the industry and among a loyal and growing clientele, she has built a reputation for caring deeply and sharing important life lessons with generations of clients and their families.
Mary Ellen’s skills and ability to provide outstanding wealth management have been recognized repeatedly. She has been named to:
- Forbes “Best-In-State Wealth Advisors” List (2018-2025) (Published annually Jan – April. Rankings based on data as of June 30 of prior year.)
- Forbes “America’s Top Women Wealth Advisors Best in State” List (2022-2025) (Published annually in February. Rankings based on data as of Sept 30 of prior year.)
- Forbes “Top Women Advisors” List (2017, 2018, 2020 and 2021) (Published annually Feb – April. Rankings based on data as of June 30 – September 30 of prior year.)
Mary Ellen was also recognized by Merrill, from among more than 50,000 employees worldwide, as a recipient of the 2015 Bank of America Corporation’s David Brady Community Service Award.
An active listener, Mary Ellen has long facilitated thoughtful discussions with clients and sought to empower their confidence in making informed financial decisions, educating whenever possible and meeting with entire families to explain how each stakeholder can contribute to positive outcomes.
Known for her candor, Mary Ellen often tells clients “yes” to sensible ways of saving, investing and savoring meaningful outcomes, and “no” to excessive spending that may seem extravagant or short sighted. Encouraging families to ask questions and share any circumstance that could have financial implications, she looks to educate, so that clients are able to develop and sustain wise financial habits.
In the Atlanta community, Mary Ellen currently serves as a Trustee and Vice Chair of Emory St. Joseph Hospital Board and as Trustee of The Parkinson’s Foundation. Mary Ellen previously served as Chair of the Atlanta Catholic Archdiocese Finance and Advisory Council. She also speaks at seminars on many topics including wealth and estate planning strategies.
Mary Ellen and her husband, Scott, have been married for more than 40 years. They have three children and three grandchildren.
Patricia (Patsy) Townsend, Senior Vice President, Senior Financial Advisor
Patricia (Patsy) Townsend has been an integral member of The Garrett Group since she joined Merrill in 2015. Her greatest professional reward is getting to know clients exceedingly well and using that understanding to help craft a strategy that truly reflects their distinctive needs and desires. Patsy’s ultimate objective is to simplify clients’ financial lives, so that they can focus on what brings them joy.
In early discussions and over the course of each relationship, Patsy aims to appreciate what inspires and concerns clients. From there, she can connect the dots in their lives to a strategy meant to address key aspects of their financial picture. She also identifies risk in a way that provokes conversation around topics such as cash flow in retirement, liability management, and having or adding protective components such as long-term care insurance.
Patsy believes that a sound wealth management strategy begins with each client’s vision of the future. Dedicated to being a consistent financial resource and presence, she feels it’s incumbent on her to provide clients with the confidence to make informed decisions, especially when emotions can take hold.
Generous with her time and resources, Patsy served as a founding board member of Most Valuable Kids in Atlanta. She previously served as secretary and board member of the Museum of Contemporary Art of Georgia and as board member of City Springs Theatre Company.
Patsy earned a Bachelor’s Degree in Political Science and History from Miami University in Oxford, Ohio. She resides in Marietta with her husband, Danny Jr., and son, Danny III. The family enjoys cooking together and hiking at Kennesaw Mountain with their Golden Retriever, Hattie.
The Garrett Group at Merrill Lynch
At The Garrett Group, they bring their extensive wealth management knowledge to a diverse clientele that appreciates their competency, care, and consideration. It is with gratitude and respect that they continue to build on these relationships and welcome new clients to their practice.
Results and relationships throughout the U.S. matter to them, and to those they serve in the Atlanta area. The people they serve are active and retired, including male and female executives (many with Fortune 500 companies), successful business owners (many with 401k plans that they administer), attorneys, and physicians. They also assist several non-profit endowments and foundations whose missions they have long supported.
Led by Mary Ellen Garrett, who founded the group at Merrill more than 35 years ago, they have cultivated an approach that places clients at the center of their concentrated efforts. They are proud to engage frequently in thought-provoking conversations that revolve around their clients’ families and interests, not just their finances. They feel it’s important to know what drives clients personally and financially.
Perhaps old-fashioned, they find there’s no substitute for face-to-face meetings and talking to clients on a casual basis, not when the calendar says so. Through honest dialogue with both spouses, whenever possible, where they share their own stories and lessons learned, they work to help clients see around corners to prepare financially and emotionally for what they envision.
Their engagements span investment and retirement planning, tax-minimization and estate planning strategies. In addition, they provide clients with ready access to Bank of America, N.A. for traditional banking services, and in residential lending, treasury management, equipment financing, and other forms of commercial lending. It is also their practice to be a total resource to clients and stay connected with their other trusted advisors, including CPAs and attorneys.
They feel good knowing that their clients’ success has paralleled their own. Many of them have become close friends. These natural connections inspire their best efforts.
Renasant Bank supports North Fulton Business Radio
Renasant Bank has humble roots, having started in 1904 as a $100,000 bank located in a Lee County, Mississippi, bakery. Since then, Renasant has grown into one of the Southeast’s strongest financial institutions, boasting over $26 billion in assets and more than 280 offices offering banking, lending, wealth management, and financial services throughout the region. All of Renasant’s success stems from the commitment of each banker to invest in the communities they serve, which in turn helps them better understand the people they serve. At Renasant Bank, their banking professionals understand you because they work and live alongside you every day.
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Beyond Computer Solutions supports North Fulton Business Radio
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About North Fulton Business Radio and host John Ray
With over 900 episodes and having featured over 1,400 guests, North Fulton Business Radio is the longest-running podcast in the North Fulton area, covering business in our community like no one else. We are the undisputed “Voice of Business” in North Fulton!
The show invites a diverse range of business, non-profit, and community leaders to share their significant contributions to their respective markets, communities, and professions. There is no discrimination based on company size, and there is never any “pay to play.” North Fulton Business Radio supports and celebrates businesses by sharing positive stories that traditional media ignore. Some media lean left. Some media lean right. We lean business.
John Ray is the host of North Fulton Business Radio. John and the team at North Fulton Business Radio, LLC, an affiliate of Business RadioX®, produce the show, which is recorded inside Renasant Bank in Alpharetta.
The studio is located at 275 South Main Street, Alpharetta, GA 30009.
You can find the entire archive of shows by following this link. The show is accessible on all major podcast apps, such as Apple Podcasts, Spotify, Google, Amazon, iHeart Radio, and many others.
John Ray also operates his own business advisory practice. John’s services include advising solopreneurs and small professional services firms on their value, their positioning and business development, and their pricing. His clients are professionals who are selling their expertise, such as consultants, coaches, attorneys, CPAs, accountants, bookkeepers, marketing professionals, and other professional services practitioners.
John is the author of the five-star-rated book The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices, praised by readers for its practical insights on raising confidence, value, and prices.
Scott Phelan has over 20 years of financial advising and planning experience. As Executive Vice President/Wealth Management, Financial Advisor, his focus is helping build wealth for high net worth individuals and corporate clients. His core competencies include estate, retirement, insurance and income tax planning strategies. Scott has a long and distinguished career in the financial services industry having held leadership positions at Edward Jones, The Hartford, and New England Financial. Most recently, he was a Senior Vice President, Wealth Management, Financial Advisor/Senior Portfolio Management Director at Morgan Stanley. Scott began his career at the New England Financial Group where he developed and implemented employee 401(k) programs.
Kevin’s philosophy is simple; he worries about your finances so you don’t have to. As a Certified Financial PlannerTM (CFP®) Professional, Kevin helps clients develop and implement a comprehensive financial plan that is tailored to your needs. Kevin specializes in portfolio management, ensuring that each of his clients’ unique needs are being taken into account. Kevin has over 10 years of experience in the financial services industry and previously served as a consultant. He attended the University of Georgia where he earned his Bachelor of Science in Personal Financial Planning.
Carla Magee’s background is designed with the investor in mind. After obtaining her finance degree from the University of Washington in Seattle, she worked for large corporations like Boeing and Microsoft. With a critical eye and flair for analytics, she was able to shave millions in lost profits, managing cross-functional teams by utilizing her Green Belt in Six Sigma and Masters Certification in Project Management.
