The 2020 Japan Olympic games has given us moments of excitement and jubilation over the last two weeks.
The world has seen the spirit, determination and strength of many different athletes who are at the peak of their abilities.
But after these games have finished – sometimes these sportspeople are forgotten – and we question where did they end up?
Some ex-Olympians join the path to becoming a financial adviser.
This is what happened to former judo Olympian Rowena Birch, who was European champion in 1994 and competed at the 1996 Atlanta games.
International Adviser spoke to Birch about her transition from judo to a financial adviser at St James’s Place (SJP) partner firm Prestfield Wealth Management.
Journey
After the 1996 Atlanta Olympics, Birch went on to coach the England Commonwealth judo team in 2002 and then went on to train high performance sports coaches.
But it wasn’t until 2018, when she became a financial adviser and set up her own SJP partner practice.
“It was quite a journey,” she said. “I went into the financial advice sector when I was in my 50s.
“Alongside my coaching, I was doing a project to try and support athletes when they’re transitioning from their careers in sport into whatever they’re going to do next. That’s how I approached SJP. I was looking for sponsorship from them for this project. I hadn’t heard of SJP until that point, and I didn’t have a financial adviser myself.
“But that’s when I’ve started speaking to people in the academy. We had several meetings, and during those meetings, they said ‘have you thought about being a financial adviser, I think we’ve got the attributes that would be useful for it’.
“My initial reaction was I’m a judo player and a coach, what has that got to do with financial advice. They got me involved with their open days, and I went to three different open days and critiqued them to give an outsider’s view on what they were like for someone like me.
“The third one was lovely. It was aimed at women. Suddenly, I listened to people who I could relate to. The speakers who were already financial advisers, I felt that they weren’t so different to me. Then I started to really consider the skills I had, particularly from being an Olympian and then being a coach, I could see the relevance.”
Why advice?
IA has looked at the transition of many second careerist financial advisers and everyone has a different reason for joining the sector.
Birch said that one of the biggest motivations for becoming an adviser was how she could make a “difference” to her clients’ lives and “helping them realise their dreams because I could see how people are missing out”.
She added: “I think another one was someone very close to me, when their husband died, they went to the financial adviser their husband always dealt with and kept saying to me that they don’t trust them. They said that the adviser was not listening to what they wanted to do and what’s important to them.
“I thought that my coaching skills could really help with that and really listen to what people want.”
Birch also admitted she also wanted to help sportspeople with their finances because “they need somebody to talk to who understands their environment and world earlier on”.
“Suddenly, I could see where I could start making a difference and it was exciting to do something new as well,” she said.
Transferable skills
Going from judo to financial advice doesn’t seem like the easiest transition but there are many skills and qualities that sportspeople can transfer to their next career.
Birch believes one of those qualities was her resilience because “it’s hard starting at the bottom and trying to build a business”. Birch stopped running her own business in 2020 to join SJP partner firm Prestfield Wealth Management.
“You’ve got the backup of SJP and all the technical experts within them, but I felt very much alone, and it was overwhelming,” she said. “I then joined the team at Prestfield, which surrounded me with other experts, people who have experience which I could learn from.
“With the resilience, I didn’t give up when things aren’t always going to plan, or just as you want it. You are able to cope with those bumps and look over the plan and review the situation. That’s something you use as an athlete all the time and then as a coach, you unpick and puzzle what would make a difference.”
The European judo champion also believes her capabilities to look situations with a “long term view” helped her along the way.
“When you’re training the next generation of Olympians, you’re not looking for a result tomorrow,” Birch said. “People have this idea that looking at someone’s talent at 12 and 14 means they are going to be an Olympian. But actually, it doesn’t work like that. It’s much more about the attributes and building a strong base, and gradually building that confidence and experience.
“In financial advice, building my own plans is actually not focusing on the moment, the plan is to build a business that’s going to help people long term and keep those clients. It’s about not looking for the quick, easy wins all the time and being comfortable with that.”
Birch also added that her want to learn pushed her to become an adviser.
“Financial services is always changing and always moving,” she added. “In terms of technology, when covid kicked in, we had to learn Zoom and online digital programmes. I’m used to being on a judo mat and having contact with people, not in front of a computer. But suddenly, you have got these screens, so it helps being able to cope with those changes.”
Valuable second careerists
Some advice firms have already seen the light with second careerists as they continue to push recruitment drives to get them in as advisers.
With levels of advisers depleting, they can be valuable for the industry.
Birch said: “I think the biggest thing is we speak the same language as our clients rather than the financial language, which can be quite alien.
“It’s not so long that I’ve forgotten what it’s like to be sat in their seat. I think that’s a major advantage. I think another thing is you’ve got a network from your previous life, people already have your trust in many ways, because they know who you are.
“I think if you’ve been trustworthy and reliable in those previous roles, it can make a very strong starting point.”
Birch also gave her message to prospective second careerist advisers.
“I would say prepare for it to be really hard,” she said. “It’s not going to be a quick thing. But I’d also say it’s something that can be fun, really interesting and you’ve got flexibility in your day for when you’re working.
“If you want to do it, do it. But be prepared you’re going to have to work. I think the rewards are great. I’m not talking financial rewards, as I am still waiting for them, but in terms of personal rewards, helping people and enjoying life.”
