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 Penn Mutual Life Insurance Company, for example, is discovering that
its three-year, $1.5 million sponsorship, through 2017, of the
Collegiate Rugby Championship, is not only getting the company's
name out there, but is bringing in some enthusiastic new hires.
Erin Sinclair, who played rugby at the University of Kansas, started
with Penn Mutual about two months ago. Sinclair brings the same
passion for rugby to tackling insurance sales.
“Rugby players are used to performing under pressure; we’re very
driven,” Sinclair said. “All athletes are driven.”
Attracting athletes to the ranks also has other benefits. As
advisers, they can tap into their network of former and current
players. Having a former high-level athlete on board also telegraphs
to clients that the firm understands the needs of players and is
reputable.
Another former athlete with Penn Mutual, Adam Paoli, joined soon
after he graduated from Northwestern University, where he played
football all four years despite five knee surgeries. Paoli said his
persistence gave him the discipline and faith to keep going as an
adviser, even in the early years.
“That competitive spirit doesn’t die in you,” Paoli said.
Jon Rotter, co-founder of Penn Mutual’s The Heartland Group, in
Chicago, recruited Adam.
Athletes, he said, are used to being coached so they take direction
well and their competitive spirit means they are self starters who
do not need their hands held every step of the way.
“We look for people who possess the traits that we can’t train,”
Rotter said.
Patricia Bates, regional president for the Mid-America market with
Well Fargo, agrees. “Whether it’s at the Division I college, or
professional level, they have that drive, and that translates very
well in our business,” she said.
Marc Wilkins, a financial adviser with Wells Fargo, says his
experiences as a former professional baseball player with the
Pittsburgh Pirates are “priceless” when it comes to attracting other
players.
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“When I sit down with a baseball player, major or minor, they
usually know about my background. It offers instant credibility,” he
said.
Wilkins was a year away from a multi-year contract with the Pirates
when a shoulder injury ended his pitching career.
Since he came up through the minors, and lived on $450 a month with
three roommates in the beginning, Wilkins learned to be careful with
money.
The experience gave Wilkins a real appreciation for the transient
nature of cash and the time value of money, he said. As an adviser,
it has stoked a desire to instill good financial habits in his
clients, including among fellow athletes.
Wilkins provides athlete clients with customized budget spreadsheets
that include items such as clubhouse dues and frequent travel. He
also reminds them that it’s better to tuck away money in an IRA than
spend it on Dom Perignon.
“I have an interest, and a passion, and especially an interest in
helping this group of people,” Wilkins said.
(Reporting by Hilary Johnson; Editing by Suzanne Barlyn and Alan
Crosby)
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