Consider whether the term “soldier” or “financial planner” would fit in the following statements:
- A leader who can instill a sense of confidence in others, a confidence based on a plan of action tailored for a particular mission would make an ideal ___.
- Operating with limited resources to reach a known target is important for the ideal ___.
- Leadership, persistence, knowledge, and empathy are marks of an ideal ___.
If you filled in the blanks with “soldier,” you would be right. If you filled in the blanks with “financial planner,” you would also be right. That’s because many of the key characteristics of a good soldier are also the key characteristics of a good financial planner.
Perhaps the most important element for both professions is a calling to service.
Fielding The Call To Service
Following the attacks on the World Trade Center, priorities suddenly shifted for many men and women. College and career plans were deferred as these Americans volunteered to fight at a time when fear was the national pastime.
What they had wanted to do with their lives suddenly didn’t matter as much as participating in a cause greater than themselves. As their tours of duty in the military came to a close, they had to open new doors and try to find a meaningful and rewarding purpose as they made the transition to civilian life. Many found the opportunities they were looking for in the financial services profession.
Why Financial Services Fits Veterans Well
In the financial services industry, working with clients is viewed less of a job and more of a vocation. It is a perfect fit for veterans because it requires the same kind of energy and commitment demonstrated during their time in military service. Instead of working within a military unit, they are collaborating with other professionals and with their clients devising the best plan to move families forward toward financial security. They make sure their clients have adequate protections against the risks and perils that can quickly unravel their clients’ dreams. They use the resources at hand, which are often limited, to reach the financial goals of their client.
Veterans can adapt to even the most stressful situations because they have a carefully crafted plan in place. They have a high level of personal responsibility and a high ethical standard. They have a real empathy for those going through life-changing circumstances. They know what is really important, and what is not, because they have seen it all during their deployments. They derive great satisfaction from making a positive difference in the lives of everyday people.
At the Penn Mutual Center for Veterans Affairs at The College, service is the name of the game. Established in 2012 with a generous donation from the Penn Mutual Life Insurance Company, its stated mission is to provide educational support and career opportunities to military men and women transitioning to civilian life.
Scholarships are made available to empower eligible veterans and their spouses to study for an array of professional designations and graduate degrees offered by The College, long the nation’s leader in financial services education. Over 120 students are benefitting from this program and are gaining the professional knowledge, the technical skills and the self-confidence to move on to meaningful and successful post-military careers.
Individual interviews, which are just one part of the scholarship application process, reveal the candidates to be exceptionally caring and service-minded young men and women who are hoping to make a difference in the lives of others. In other words, they are just the kind of people the industry needs.
Promoting Financial Literacy
In the increasingly complex financial world of today, financial literacy is more important than ever. Often, young service members fall victim to predatory lending and can get themselves into trouble upon transitioning out of the military. Many of them have a housing allowance or disability checks arriving every month, and if they are not educated on best practices early on, they could make poor decisions that set them up for long-term financial disaster. It’s been said that good advice comes from bad experiences.
Many of the Center's scholarship students have stated that they want to use their education to help prevent younger service members from making the same mistakes that they had made.
“I’ve always loved helping people learn things that they can use in their life, and what can you use more in your life than money?” said one scholarship recipient. Another student said they get an adrenaline rush knowing they have made the financial lives of families just a little bit better.
A Commitment to Service Beyond the Military Realm
The need for sound financial guidance exists nationwide for civilians as well. Modern families bring a slew of new challenges to financial advisors. There are single mothers who have to juggle family and work responsibilities, blended families with their unique needs, disabled people who will require special planning, insurance protection and retirement needs to be done for all. Throw in taxes, investing, estate plans, wills and business succession strategies for good measure and there is little doubt that the need for solid financial education is so much more than a blip on the radar. Enormous needs require enormous commitment to the mission at hand.
The Penn Mutual Center for Veterans Affairs aims to equip its scholarship students with the necessary knowledge and skills to help families gain a good financial foothold on their future security.
Helping others is a product of the honorable tradition of service that dates as far back as the military itself. The word “hero” often conjures up images of military glory, of sacrificing oneself for another in the heat of combat. But to a single mother sitting across from a financial advisor, who has just found out that she will be able to save for her children’s future, or to a young couple who thought home ownership would never be a reality for them, these men and women will remain heroes long after turning in their uniforms.
For the scholarship recipients of The American College Penn Mutual Center for Veterans Affairs, this calling to serve is an attribute that has not only informed their military careers, but will continue to inform the next chapters of their lives.
During an especially memorable interview, one student said “I see this industry as an extension of my time in service, and serving your country is the ultimate honorable thing that you can do.” After doing their part to secure our nation’s freedom, our students are dedicated to helping others secure their financial freedom. Now that’s service!
