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At first glance, the basketball court or the ice rink may seem completely foreign to the wealth management industry, but it is in these environments that some advisors have learned the skills necessary to serve clients whose backgrounds sometimes mirror the their.

Adam Hesse vice president at Chief C.W. at Cyndeo Wealth Partners, which holds $1.2 billion in client assets, is one of them. Hess spent more than 12 years as a professional basketball player in Germany during Hagen Phoenix and now works with a clientele that includes professional athletes. CW Boss is a dedicated team that specializes in helping customers in sports and entertainment.

Because of his basketball career, Hess has an idea of ​​the kind of advice athletes need.

“First, they have to be careful because they don’t know when the revenue streams are going to disappear or when they’re going to skyrocket or when they’re going to go down,” Hess said.

“Because I did it before and to a lesser extent than the National Football League and the National Basketball Association guys, but built a similar lifestyle on less money, I knew what they were going through, and that made it a little more comfortable when I walked into a room and talked about [financial advice],” he added.

Adrianna Stasiukgeneral manager at Aaron Wealth Advisorswhich has $1.3 billion in client assets, compares working with its clients to a coach-player relationship.

“I think the direct link comes with the concept of training as well as the ability to be coachable,” she said, describing how her experience as a volleyball player at Notre Dame University shapes its interactions with customers.

Stasiuk noted that she’s able to “really educate them on their wallet or how to really prioritize their goals and in their financial lives.”

But this coaching is not a one-way street. “I’m constantly learning from my clients as well. And they’re constantly teaching me new things,” Stasiuk said.

Sometimes this give and take is even more specialized, focusing on one sport.

Gavin Stewgeneral manager of Gavin Hockey Heritage Specialistswhich has over $500 million in client assets, has spent nearly 15 years playing in the National Hockey League — on the Toronto Maple Minnesota Leafs, Hartford Whalers and North Stars — and uses its experience to serve a clientele that includes professional athletes.

Having traveled this road before, Gavin said his company was able to put together a program with comfortable terminology for athletes familiar with specialists such as “coaches, nutritionists and agents”. This program includes everything from cash flow and understanding payroll to taxation.

For CW Boss’ Hess, a previous sports career not only helps guide clients, it also helped him early in his career in wealth management. The sales aspect was “intimidating” at first, he noted.

In sport, “you are constantly taking risks and trying to find solutions. And you keep going over and over until you succeed,” Hess said.

That experience helped Hess “get over the idea that people are saying no” and understand that “you have to keep breaking down barriers to get clients and things like that,” he said.

Making mistakes is a common thread Victoria Greeneinvestment director at G Square Private Wealth Managementwhich has $550 million in client assets, connects to sports and financial advice, noting how the industry involves “things that we don’t control, like the market.”

“And I think failure is such an important part of growing and understanding,” said Greene, who played polo at Texas A&M University.

“[W]hen the market drops 20%, how do you deal with adversity? she asked. “[A]Are you able to get up? Are you capable of being your client’s lawyer? Are you able to help them through difficult conversations? »

Former athletes have also transferred successful work habits into their careers as financial advisors.

According to the CEO of Gavin Hockey Wealth Specialists, the sport has instilled focus, discipline, work ethic and perseverance. Gavin uses his experience to help advise clients “on the realities of their careers and ensure they are realistic with what the end goals and goals might be, knowing they could and usually far exceed what ‘they think originally’.

And for Aaron Wealth Advisors’ Stasiuk, a competitive nature has been a plus as a volleyball player and advisor.

Being competitive “is really part of my DNA and it’s what I’ve thrived on during my volleyball career,” she said.

“But that now, as a wealth manager, really fuels my ability to compete for clients’ business, whether it’s … pitching a client against other businesses or even just fighting to get a meeting with a potential client,” she added.

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Geraldine L. Melton