Ep. 6 From Corporate Comfort to a Bold Second Act with Tara Downey
In this episode of the Legacy Branding Podcast, host Laura Beauparlant sits down with Tara Downey, founder of Trū Insurance and Investments, who took the bold leap from a secure corporate career to build her own financial services practice during the pandemic.
Tara shares her journey of embracing entrepreneurship after 20 years in financial services, highlighting the challenges and rewards of leaving the familiar to pursue something deeply meaningful. Listen as Tara discusses the importance of creating an authentic brand, empowering clients with financial confidence, and the life-changing mindset shifts that come with betting on yourself at any stage in life.
Whether you’re considering a career change or are curious about the power of authenticity in business, this episode offers invaluable insights.
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Tara Downey has been in the financial services industry for 20 years, with experiences spanning advisory and corporate roles. During this time it reinforced that financial advice and partnership in your financial journey is needed now more than ever! Amid the pandemic she took the leap to launch Trū Insurance and Investments, an Ontario based Financial Services practice. For Tara, it was time to take her knowledge and 20 years of experience and do more, have a more meaningful impact.
When Tara embarked on the journey to launch a financial services practice, she was very clear on the vision and the value she wanted to provide to clients ~ to share knowledge, to empower, to bring joy to the journey and to be an unbiased trusted guide. From Tara’s early years as a financial advisor to her years on the corporate side of the financial services business, Tara knew her passion for helping people was a driving force.
And not in a transactional way...rather by earning the trust of people, helping them navigate their personal money story and being there as a trusted guide through the important life moments. Tara is a no nonsense, no stuffy suit, jeans and heels kinda’ gal. She brings a methodical and calm (but fun) approach to the financial conversation!
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00:00 Introduction and Welcome
00:43 Meet Tara Downey
01:23 Tara's Career Journey
02:31 Taking the Leap to Entrepreneurship
07:01 The Importance of Branding
09:25 Authenticity in a Male-Dominated Industry
12:46 Navigating Personal Money Stories
17:15 Tara's Vision and Advice
22:47 Conclusion and Contact Information
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Tara Downey: That nudge kept getting louder and louder. And eventually I just thought, If I don't do this, I'm never going to do it.
Laura Beauparlant: Welcome to the Legacy Branding Podcast. I'm your host, Laura Beauparlant, here to guide you through the journey of selling your business and creating value. And building a personal brand that leaves a lasting impact on the show, we'll explore real life founder stories, expert insights, and actionable strategies to help you navigate the transition, avoid post sale crisis, and create your impact-driven legacy brand. Whether you're thinking of selling, building to sell, or already on the other side, this podcast is your go-to resource for making your next evolution, your best one yet. Let's dive in. Today, I am thrilled to welcome Tara Downey to the Legacy Branding Podcast. Tara has been in the financial services industry for 20 years, and in 2020, amidst the challenges of the pandemic, she took the bold step of launching her own practice "True Insurance and Investments" with a clear vision to empower clients and provide financial advice that's authentic and approachable. Tara has made it her mission to guide people through their personal money stories in a meaningful way. She's a no-nonsense, jeans and heels kind of gal who brings joy and mindfulness to the financial journey. Tara, welcome to the show.
Tara Downey: Thank you for having me.
Laura Beauparlant: I'm so excited. So Tara, you and I worked together when you were first launching your business back in 2020, which is kind of wild to think it's been over four years that you decided to leave your corporate career behind and launch your own business. And you worked with us through brand camp and design, and we got to see you through that entire journey. And it was so fun and it's so great to connect with you again and to see how successful you and your business have become. So first of all, Congratulations on that.
Tara Downey: Thank you. It has been an amazing ride and you were my first partner to get this all going. And so thanks to you.
Laura Beauparlant: It was quite the journey. And then I still remember us meeting for the first time in person, because when we were working together, it was like the height of the pandemic. So always fun when I get to meet my clients in person. And I loved that we had that opportunity. So I wanted to start by asking. Your journey, you spent 20 years in financial services, then you started your business. And I wanted to know if you would share what drove you to make that choice and to take that step.
Tara Downey: So I started, My actual like career as a financial advisor way, way back when, and so I was a young 20-something woman getting her first job and it was as a financial advisor. And so I quickly got to see what this industry was all about, and I loved it. It just, it really resonated with me. Now, at that time, that rule just wasn't right for me. It wasn't the right time or the right place for me. I had young children at the time. And so moved into the corporate side and was there for almost 20 years. I loved again, that what financial services, the role that it played in people's lives. And so being on the corporate side, it was great to learn. It was great to see the business from a different angle. Over the years and over time, I would meet with different advisors. My roles often had, connections to the advisor role still, and I would feel their energy and it was something about every time I was in a room full of advisors, the energy was something, I just can't even explain the feeling of it. And so there was always this thing inside of me that said, at some point. I feel like that's me at some point, I'm going to do this again, but I'm going to do it my way. In my time being the person that I am today, which was very different than my 20-something woman. And so there was always that inside of me. And then, over time, it just kept getting louder and louder. That nudge kept getting louder and louder. And eventually I just thought, If I don't do this, I'm never going to do it. And it was scary. I had thought about it years and years in the past. But a super scary decision to make.
Laura Beauparlant: You remember the moment that you made the decision?
Tara Downey: I do. It was, a time when our organization was going through another big change and I really thought, is this the time to jump into that next change on the corporate side? Or is this the time to launch my practice and do this thing I've been thinking about for years? I think what really made me take the leap was, My fear and worry that if I don't do this, I may just stay in corporate for the rest of my career. So I think that thought really scared me because I thought, no, I have great things I want to do in this space. I need to do it. And so it was like, A chat with my husband, of course, because we really make a lot of our big decisions as a collective. Of course, even though I knew this is really what I had to do.
Laura Beauparlant: I love that you listened to the nudges, and I think we all get them, but it's whether or not you listen to them. And I always say they start off as a whisper. And they'll end up as a sledgehammer if you don't listen. You didn't get to the sledgehammer point, but I think it is listening to those nudges and you could see yourself in that change. And I think a lot of times, and you said it, You could see just staying in this career forever. And would that be terrible? No, you enjoyed it, but you knew there was something else out there for you. And a lot of people get stuck with those golden handcuffs of, okay, this is comfortable. I know this. But the change happens inside of organizations, and you don't have any control over the direction that may go. And so now you have full ownership of your life and your business and its success.
Tara Downey: For sure. And I remember in the moment thinking, this is either the smartest decision of my life, or it is the dumbest decision of my life. You're leaving your salary and your pension and all the things that were those stable pieces in your life to jump to something that is completely unknown. The path isn't set out for you. The road is not clear. So all of those things were in front of me. But I think in that moment, I remember feeling that belief in myself. If I put the energy and the time and the effort into building my financial practice the way that I put that time, energy and passion into my corporate career, this is going to be amazing, but it was that belief without having any of the things in front of you.
Laura Beauparlant: Yeah, that can definitely be scary and detract a lot of people from it. So what was it that made you decide to Invest in your branding? I think that's an interesting thing for people to consider. A lot of times people think I'm going to get my business going and make some money and then I'll invest in branding. And I remember you saying you knew the importance of branding right up front and you were willing to put the money in before you made a cent from your business, which again, a big risk in a way. So can you walk us through the thought process around that?
Tara Downey: I love when you play it back for me, it's like, again, I haven't made a dime, but I'm investing in my business right from the very beginning. I knew I wanted to do it right. I had a vision in my soul, but I didn't know how to necessarily bring it to life in a public way and in a space where, you know what, we're in the middle of COVID. And I don't even know how to get clients right now because I can't go to networking events. I can't see people the way that I could maybe in the past. So not only was I dealing with starting my own practice, all of the things that I knew about the business from the past were thrown out the window in this moment that I was saying, let's go. Let's go. I remember talking to a friend of mine who was a great mentor as I was going through some of this and she knew you and I was talking a little bit about like my name and the work that I was doing. And she said, I've got the perfect person. You know, things just happen in the universe. Like you have these conversations and it connects you to these people or things that's really how it happened. And I knew I needed to partner with someone to again, do it right. That's not my skill. I originally thought I was going to get my logo and my branding, but it was so much more than that. So it went way deeper than I anticipated, which was exactly what I needed as well. At that time, when I had all these thoughts and I was just trying to create and formulate them into who I was. As a business owner and what my practice was going to be.
Laura Beauparlant: Yeah, it's always so amazing to hear back these stories after a few years, hearing the impact that it had on your business, getting it right from the beginning. And I think that makes a huge difference. So thanks for sharing that. You're mostly in a male-dominated industry. And it's an industry that can often be seen as stuffy and transactional and, golf course deals and things like that. So how do you maintain your authenticity? You're a jeans and heels kind of gal, right? So how do you maintain that and really bring a sense of joy to the subject of money, which is a tough subject for so many people. It's so wrapped up in emotions.
Tara Downey: That also for me was very scary because again, growing up in this industry, I was very familiar with how advisor practices operated and how typically we built relationships. And when I decided to again, take this leap, I really was committed to doing it in an authentic way that felt right to me. That didn't feel like I was doing all these things because that's how you had to build relationships or how you had to build your client base. When we did a lot of our work, I think some of it came from that too. I was nervous to talk about joy or talk about money in a fun way, because that's not what I've seen or what you see often. Out there, so having a voice that said these words and still represented a competent financial practice was an odd place for me to be. But again, I think I just went into it with, I felt like there was a need out there. For a different approach and a different way of seeing money, talking about money and quite frankly, working with a financial planner, financial advisor. And so I had to really just stay focused on that because I felt deeply in my heart that it was needed out there. And so I wanted to Have my authentic voice and really speak from the heart, then say things that just weren't me. Then why do this whole thing?
Laura Beauparlant: Yeah.
Tara Downey: That was is me.
Laura Beauparlant: Yeah. And I remember your photoshoot for your website was you in jeans and heels and a t-shirt with your tagline on it. And that's not what you typically see. It's the dark suits and the crossed arms and it's no, that's not Tara. So how has that been received? You putting yourself out there as your authentic self?
Tara Downey: It has been amazing. It has been really well received. I love when I run into people and they feel like they know me, it's not that I'm saying these things and then you meet me and it's a different thing when they say that it makes me feel like, yes, this is what I was hoping for, you never know what that outcome will be and even fellow colleagues and other advisors in my network love my approach. And I think what's amazing in our industry is there is a right fit financial planner out there for everyone. And I may not be everybody's cup of tea; someone else might not be your cup of tea, but there's so many different approaches out there and so finding the right person for you to be a part of your financial journey is so important. And I think that's why we all have to go out there as our authentic selves so that you can find your fit.
Laura Beauparlant: Yeah, and I think you're a breath of fresh air in the industry.
Tara Downey: Thank you.
Laura Beauparlant: So you help people navigate their personal money stories. So can you share a little bit about how you approach that and maybe if you want to share some of your own money story?
Tara Downey: I always approach the relationship as again, we're building from the very beginning. So understanding your past money story. Where are you starting from? How do you feel about money? Because really, when we are trying to get all the way down to achieving your financial goals, if we don't start with understanding what's going on, and how do you feel about that? And what might some barriers be along the way? And how can I help you with that? It would be really difficult to get to that end result without talking and addressing some of these things. Also, spending a lot of time on goals, like digging into what are your goals, whether they be personally, professionally so that we can align every financial decision you're making. A lot of the work we do upfront is that before we even get to the what are some solutions or what are some things that you can do to help achieve your goals, that comes as part of the process, but spending the time upfront really understanding who we're working with. And what they're all about is very important to our process.
Laura Beauparlant: And I'm assuming a lot of people's negative money stories from their childhood, maybe how they grew up without money, or maybe they don't feel like they deserve money or they feel like there's like all of these labels that get attached to it and people don't really want to talk about it. Are there some common money stories that you see playing out with your clients?
Tara Downey: Yeah, for sure. So I think a lot around fear and scarcity around money. And I think it's potentially your upbringing how your parents either didn't talk about money or talked about money in a really negative way. And I grew up with that myself. Just, not talking a lot about money which is funny because now I'm in this business, but I think that's part of what inspired me to, for the love of it was to get people talking about money. And that wasn't something that I grew up with. And I know I had money scarcity. I had a piggy bank, which I still have today. And I remember putting my money in it and hiding it under a, like a wooden plank in our floor. Like I was hiding my money. So it would be safe. But, and I think over the years that would creep into my thought patterns around money, and it's really changing some of those thought patterns and also changing your habits around money. I was just talking to someone earlier this week and we were talking about, money being your friend, and how would you treat, like, how do you treat your friends? You treat them with kindness and you love them and you say great things about them, and so if we think about money as that energy, what energy are you putting out? And so if you're putting negative energy out to money, what kind of relationship are you going to have? Probably a pretty crappy one. What shifts can we make so that you feel great about that? That piece really, I think shifts. People's mindsets and their feelings about money because they feel like, oh, I can, I have control over this. I can make shifts to a more positive money mindset.
Laura Beauparlant: It. So when you think about your legacy and the brand that you're building with True Insurance Investments, what is the impact that you're hoping to leave behind in your own life with your clients and maybe in the financial services world?
Tara Downey: I work with women, families, but I do feel like one legacy, one piece that I'm really passionate about is helping women feel more confident about their money decisions and their money journey, helping them embrace their financial power. Because I do think we, as women, we go through different things in life. And how do we navigate our money story during times of, taking time off work, being out of the earning world for 9 months or a year while you're on that leave, there are things that we experience and so creating confidence around money. Is one of the pieces that I have been focused on as I'm building my practice because I want women feeling amazing and confident about building their wealth and making amazing decisions around their money. If I can get more families, more people talking about how they're feeling about money, that would be a huge win.
Laura Beauparlant: So what's your vision for the future of the business. Do you have big plans?
Tara Downey: Oh, I have so many big ideas, but I am excited to keep growing this practice. Growth is where I'm at in terms of wanting to help more and more people with their money stories and creating money stories that they can feel excited about and happy about and joyful about. And so for me, working with more and more amazing clients is what I'm really focusing on.
Laura Beauparlant: I love it. So if somebody is listening to this and they are currently in a corporate career, maybe they've been in it for 15 years, 20 years, 30 years, but they're thinking, they're like, there's something else for me. I know I want to do something more, but they're hesitant to start something maybe later in life or wherever they are. They've got those golden handcuffs that I mentioned. What advice would you give them?
Tara Downey: Do it, take the leap and at any age. Looking at what do you want the next 20 years to look like? What do you want your future to look like? And if it's not where you currently are, if you know that. in your gut, then do it. It's going to feel scary and it's going to be work. It's not without putting in that effort, but you will feel amazing about it. It was a scary thing for me, but you just move forward and you're learning along the way. So I think what's the worst that can happen? You take the leap, you learn something, you pivot, you learn something just part of the learning journey.
Laura Beauparlant: I think it's one of those things too, that you take the leap and even if it doesn't work out the way you hoped or you planned, something else will come or happen. And like you mentioned that pivot, I think the biggest challenge for people is the regret they may have that they never tried. And I would say, I'd rather try and fail at something or learn