Other athletes, like Murphy, use their training to develop discipline for a financial career. He had always been interested in finance and studied it at Dartmouth College, where he was picked for the rowing team. He subsequently made it to two Olympics, winning a silver medal in Sydney in 2000.
In 2002, Murphy became a financial advisor. He now works as a sole practitioner in Mill Valley, Calif., for Merrill Lynch and is a CFP licensee.
Other Olympians have made similar career choices. Eric Flaim, a two-time Olympic speed skating silver medalist, works for Ameriprise; soccer player John Strollmeyer, who competed in the 1988 games, works for Raymond James; and David Emma, who competed in the 1992 games on the USA hockey team, works for HighTower.
"There is a lot of uncertainty to face after you complete the Olympics," Murphy says. "Getting to the Olympics has been an all-encompassing goal. You get the high of that competition, but then what? You have put your career on hold, so now you have to fill that void.
"Then there is the other aspect of how do you steward that newfound wealth," he says. "There is a lot of pressure around making that money last."
Murphy says he uses the same discipline and goal orientation that got him to the Olympics to help his clients with their investment goals. Most of his clients have $1 million or more to invest and are corporate executives, private equity principals, attorneys, entrepreneurs and owners of closely held businesses. What he tells them, which he learned from his years of athletic discipline, is that you have to be invested for the long haul and not worry about timing the market.
-Karen DeMasters