"It's about managing

different relationships

and building trust."

Nicholas%20Carr

Nicholas Carr

Nicholas Carr38

First vice president, Legates Carr Wealth Management, Merrill Lynch

Fast Facts

  • Was in the North Tower of the World Trade Center when it was hit by a hijacked plane on Sept. 11, 2001.
  • First serious job was at a mortgage company.
  • Bucket list includes playing in a day-long Scrabble tournament.

Nicholas Carr didn't realize before entering the financial advice profession that picking the best stocks, bonds and other investments wasn't going to be his most important role.

"Coming in you think it's 99% about asset management, when really it's about managing different relationships and building trust," he said.

While Mr. Carr didn't initially recognize how important the adviser-client relationship is in personal finance, he's now an expert, you might say.

He has a doctorate in personal financial planning and even created a behavioral finance course that he taught at Kansas State University.

Mr. Carr is one of the rare personal financial planning Ph.D.-holders who is a full-time financial adviser. His team, which manages about $265 million in assets, works mostly with retirees, a staple in southern Florida.

In the last couple years, he's helped start the Southwest Florida Financial Literacy Foundation to provide personal finance education to those underserved by the traditional financial services profession.

"Financial issues are the number one cause of stress and divorce, yet there are very few places where people know they can get help," he said.

So far, the foundation's been reaching out to police officers, firefighters and teachers, a group he's naturally fond of as his mother and grandfather were both teachers.

– Liz Skinner

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