UK
On paper Drew Hickey is making a bigger career change that most of us could ever imagine: He’s swapping rugby union for financial planning. But Hickey – who has just hung up his boots after an 11-year career in the top flight – says the two professions aren’t quite as different as you might think, especially when it comes to working behind the scenes.
“People think the work of a financial planner is all about face-time with clients, but in reality each meeting requires a lot of preparation. In the same way, rugby isn’t just about the big match: It involves a lot of training hours,” he tells eFinancialCareers.
Hickey knows all about training hard, after playing rugby in three countries, including a stint with the NSW Waratahs from 2000 to 2002. Moving to England, he joined Worcester Warriors and helped propel the team to triumph in the 2004 Guinness Premiership. Between 2008 and 2010 he turned out for Kubota Spears in Japan.
Now back in Australia, Hickey is a part-time coach at Sydney University Football Club, but his future career is firmly focused on financial planning. He has just completed an intensive training course at AMP Horizons, a boot camp for those seeking a springboard into the sector.
A planner from the start
Hickey realised the importance of financial planning early on in his rugby days. “As sportspeople, we are in the unique position of having relatively short careers. Even back in 2000, I was planning for my retirement from the game. I often spoke to advisors in Australia, the UK and Japan about my own investments, and I thought it would make a very rewarding second career for me after I stopped playing.”
Building on his economics degree from Sydney University, Hickey completed a Masters in Applied Finance and a Diploma of Financial Services (majoring in financial planning) from Kaplan University, to ensure he developed a strong technical understanding of the industry. And as a former rugby player, he had access to senior financial services professionals who provided career advice.
He chose to make the transition into fin planning via AMP Horizons because it “puts resources into people at the start of their careers” so they can progress into their first jobs more quickly and at a higher level. “The course involves exams and also role plays to test your soft skills. It’s important to learn how to relate complex financial information to people who don’t work in the industry.”
His advice for those thinking about doing the program: “Soak up everything you possibly can from the experienced mentors – Horizons allows you to fast track your development.”
Sports talk
After completing six months at Horizons, Hickey was recruited by one of AMP’s leading financial planning practices, Navwealth, and is looking to develop a client base of professional sportspeople. “Athletes have distinct career lifecycles and my background means I have a better understanding of them than most other financial planners do. I know where they are coming from. I’ve seen the mistakes people make.”
Most sportspeople experience a large fall in income when they retire from the game – that’s why they need sound financial advice. “The decisions you make at a young age have a great effect. As a sportsperson you might earn 70 to 90 per cent of your lifetime earnings by the time you’re 35.”
Providing financial planning to sportspeople is a growing market, according to Hickey. “The need for good quality advice is high. You might be 24 and earning $600k a year, but you’re only ever one bad injury away from losing that. There are barriers trying to get this across to a young person, but if you succeed, you have the potential to make a profound difference to their and their families’ lives.”
With high incomes and the potential to work abroad, many sportspeople have complex financial concerns, including currency risk and overseas tax. “Financial planning is about laying out a road map for where your clients are going – finding out what’s important to them. But in professional sport, too many people just muddle on through.”
Really good artical. I’ve had a bit to do with athletes over the years and most of them never took advantage of the opportunities that came their way, especially fincially.
If you wait till you retire, you’ve waited too long.