Here’s why wealth managers like to hire ex-athletes

Elite athletes, be it at the high school, college or professional level, proved themselves to be competitive and dedicated enough to make their mark on the playing field.

But does the same mindset that enabled them to stand out on the playing field give them an edge in the wealth management arena?

Phil Fiore, co-founder and CEO at Procyon Partners, believes so, and he is also a fan of hiring former athletes. In his view, athletes bring a unique set of skills that align perfectly with his firm’s values and operational goals.

“They excel in teamwork, demonstrate a strong goal-oriented mindset, and possess resilience and adaptability, all qualities that are crucial in the dynamic financial industry,” said Fiore. “Their discipline and work ethic are also exceptional, making them well-suited for the demanding nature of financial advisory work.”

Along similar lines, Abby Salameh, chief growth officer at RFG Advisory, welcomes athletes that competed at high levels to her firm due to their “determination, grit, and discipline to understand what it takes to be successful.”

And for those athletes that reached success in the professional ranks, she says they also have the specific knowledge of what it’s like to come into sudden money – not to mention all the baggage that comes with it.

“From family dynamics, to agents, and likely an entourage of people who have their hands out, they are specifically good with working with other similar professionals like other athletes, models, actors, singers, performers,” said Salameh. “They understand that world and can impart real life wisdom.”

Amit Dogra, president and chief innovation officer at tru Independence, agrees that former athletes, or those who have served in the armed forces, have backgrounds that make for successful advisors. Athletes tend to be natural leaders, according to Dogra, and bring experience with high-stakes decision-making, regardless of the level that they competed at.

“It also helps you realize that losses and mistakes will happen, that they are a part of life and not worth dwelling on,” said Dogra. “It’s what you learn from that mistake, or loss, what you do next to make sure you learn from it that matters most.”

Colin Falls, CEO at GeoWealth, played professional basketball after a successful college career at Notre Dame where he was named team captain, MVP and All-Big East in his senior year. In fact, Falls still holds the Notre Dame record for three-point field goals.

Aside from the drive and seriousness that former athletes demonstrate when they enter into their financial careers, Falls believes student athletes become masters of time management, a talent that serves later in life as they juggle not just academics and sports, but now also their professional obligations.

“I find ex-athletes to be some of the most dependable hires you can make, since they are self-driven, they hold attention to detail, and they strive to improve,” said Falls.

Finally, Lisa Cregan, head of field leadership readiness and acquisition at Morgan Stanley Wealth Management, also leveraged her elite athletic status as a competitive equestrian into a successful financial career. And for her it’s all about the “fierce will to win.”

Cregan says she does a number of things to attract top athletes to Morgan Stanley Wealth Management, including being involved in the Women’s Sports Foundation where she served as a trustee for ten years, and is now a trustee emeritus. She is also involved in the Equity Collective that Morgan Stanley founded as a way to raise awareness among collegiate athletes about the wealth management industry. 

Related Topics: Morgan Stanley