ROADNIGHT MUSING – NOVEMBER 2024
LUNCH WITH LUKE BALL
HOW FOOTBALL PREPARED HIM FOR A CAREER IN WEALTH MANAGEMENT
Hi Luke
Thank–you for agreeing to catch–up.
At Roadnight Capital, we are focused on delivering superior risk adjusted investment returns for our investors, which is not easy. As part of this ambition, we are continually asking if we can improve our investment process and can we learn from other businesses both in and outside of finance.
We imagine professional sports people and teams are faced with similar challenges as the investment management industry. It is a delight to have you here to talk about your experience in football, and how it prepared you for a career in wealth management.
You had an impressive AFL career, playing 223 games across St Kilda and Collingwood, played in 4 consecutive Grand Finals including the 2010 drawn final, captained St Kilda in 2007, and were best and fairest and all Australian in 2005. However, after retiring from football in 2015 you moved into the Wealth Management industry and are now Head of Partnerships at Partners Wealth Group.
Can you explain your current role at Partners Wealth Group, and a little bit about PWG?
A: Luke – Thanks Andy. Formed in 2003, the PWG business (as the name suggests) has been built on strong and mutually beneficial partnerships with accounting practices, to provide holistic wealth solutions and superior financial outcomes to clients. My role as Head of Partnerships is to oversee and manage our existing business partnerships, who are our main sources of client referrals, as well as sourcing new business partners who are both strategically and culturally aligned to PWG.
Q: Andy – I am sure you looked at a range of career pathways post AFL. What initially attracted you to the wealth management industry, and what process did you go through to understand what life after footy should look like?
A: Luke – Players are acutely aware of the fact that careers are relatively short, and that whilst they should be maximising their opportunity in footy, they need to be giving consideration to the next chapters of their life. My career wound up abruptly and initially I wanted to explore other opportunities in the game (media, administration, coaching). When Covid hit I was forced into looking at a career change, and whilst I was fortunate to have some exposure to “wealth management” while I was playing, ultimately it was the people and the story of the business that attracted me to the role at PWG.
Q: Andy – What university degree did you complete, and how challenging was it balancing study and a full–time football career?
A: Luke – I started a Commerce / Law double degree at Monash University, and initially found it very difficult to balance – on reflection this was more due to a lack of commitment and discipline than anything. Full–time footy is certainly very demanding and all consuming however Clubs, the AFLPA and the industry at large are very encouraging and supportive of a balanced life for players; and training schedules reflect this. I ended up dropping Law (regrettably, in hindsight) but stuck out and eventuall completed a Commerce degree.
Q: Andy – If you had to compare the job of an AFL footballer, with the job of a wealth/investment advisor, are there any similarities or are they just worlds apart?
A: Luke – The ability to work with people underpins any measure of success in both industries. In my experience, whether it’s a footy club or a wealth management business, bringing people together in pursuit of a common goal/s, is critical in setting them up for success. Leaders can wind individuals up, set them loose, and say, “good luck” and hope for the best; or you can spend the time creating a robust and clearly defined strategic and cultural framework that guides individuals and teams within the organisation in the one direction. This is what we’re going to do, how we’re going to do it, and how we behave in this organisation. Individuals should feel free and encouraged to express their talents and personalities within the organisational framework. The final piece of the puzzle is rewarding the behaviours, the wins both big and (just as importantly small) that are valued within the organisation.
Q: Andy – Are there skills you picked up in football that you find particularly relevant and transferrable for your current job?
A: Luke – Working in a dynamic, high–pressure environment where you are constantly challenged both physically and mentally (often publicly) does force you to learn about coping with pressure and setbacks, being resilient and persevering, what makes high–performing teams and what can bring them undone, and just generally how to interact with people from different backgrounds and stories than your own.
Q: Andy – At Roadnight Capital, we believe the cornerstone of being able to deliver superior investment returns is a clearly defined investment process that can assess risk/return in a range of different environments, but also leverages the diverse experience/skills of individuals into a cohesive team. How do AFL clubs go about bringing out the best in individuals for the benefit of the team?
A: Luke – Similarly, a clearly defined strategy / game plan, where individuals are clear on their roles and how they will help the team; and then importantly rewarded for doing so. You hear it now coming out of the premiership team every year – give yourself to the team. This is not at the expense of individuals being encouraged and feeling safe to express themselves but is also not at the expense of the defined and agreed upon team framework.
The Roadnight Team enjoying lunch with Luke Ball
Q: Andy – It seems that to be an elite athlete you need to simultaneously totally believe in your capabilities but be very realistic about your weaknesses and what you need to improve on. Is that the case and if so how did you handle the inherent tension?
A: Luke – Interesting question – Focus on making your strengths stronger or improving your weaknesses? Ideally the answer is BOTH however limited time / energy might make getting the balance challenging, especially in a team sport where a lot of preparation is team focused. Physical training across individuals and teams would look relatively similar and is kept under close watch by high performance staff. A lot more time and resources are dedicated to mental skills these days – players might be able to gain those marginal improvements off the track by training their brain to better cope with what they are going to have to deal with game day.
Q: Andy– Having played with several superstars, are there any common traits that separate a very good player from a superstar?
A: Luke – On top of the obvious God-given talent and genetic blessings, an insatiable appetite to push themselves to get better; to do the work that “average” doesn’t do. Healthy self-belief usually derived from their preparation – greater ability to manage doubt and fear of failure (which everyone has) – and to keep putting themselves in opportunities to be great.
Q: Andy – Your football career would be considered quite long, compared with the average AFL player. While many players careers are cut short due to injury, are there certain techniques that you feel help pro-long a player’s career?
A: Luke – Players are so professional in the way they apply themselves to there profession now. It’s not just in season or preseason, it’s 365 days a year preparing their body and their mind. You do need a healthy dose of luck along the way but the ones who prepare and look after themselves the best generally have the most luck!
Q: Andy – Investing at times can be an emotional rollercoaster. Did you employ any strategies to help manage the ups and downs and deal with the inevitable setbacks in AFL that could be relevant for your current role?
A: Luke – First thing is probably understanding and accepting that they are going to happen which can be a challenge if some early success is achieved (“early success can be a bad teacher..”). On reflection I wasn’t fully equipped for some of the setbacks but sometimes you might just have to learn the hard way and get through it. As long as you learn. Then, when you need too, lean on people who want to help you rather than taking on the burden. This was important starting out in a completely new industry – plenty I didn’t know (still is!) that I found the answer to a lot quicker by just asking.
Q: Andy – Out of all your opposing players through the journey, is there a particular player you really enjoyed going up against on game day and why?
A: Luke – Not sure I ever “enjoyed” going up against most of the players I used to come across! In my first few years the much-vaunted Brisbane Lions midfielders (Michael Voss, Simon Black) were tough and intimidating – earning their respect was a win! I used to love the challenge of playing against Brett Kirk as well.
Andy – Luke, thank-you so much for sharing your insights with the Roadnight Capital team. We are avid sports fans, but it was great to hear your thoughts on setting up for success in AFL, and how many of the lessons learnt are transferrable to the wealth and investment industry. We really appreciate you taking the time.
Luke Ball - Head of Partnerships, Partners Wealth Group
Andy Lally - Head of Partnerships, Roadnight Capital