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 advisor 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.
“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 advisor, 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.