In football, the forward pass is a must by today’s standards. In fact, the highest producing NFL offenses are built around the ability to throw the ball around the field. But it wasn’t always that way. The game changed significantly in 1905 when the forward pass was approved for play … but not every team adopted the new rules immediately.
In the early 1900s, football was pretty much a running game. Because of this, concussions and head injuries were very common. One year, 18 deaths occurred on the football field due to the severity of the game. To make football less violent and safer for college students, Teddy Roosevelt worked with school leaders to figure out new rules. Thus, the forward pass was instituted.
Unfortunately, not every school took to the forward pass quickly. Initially, if a player dropped a pass, it was a turnover, and if a pass was caught in the end zone, it was a touchback. If a pass didn’t go five yards, it resulted in a 15-yard penalty. Risks were high in being different.
Saint Louis University’s Eddie Cochem instituted the forward pass into his offense in 1906, when most colleges continued to run the ball. They won their next game, 22-0. Pop Warner began to use the forward pass at a small college, Carlisle Indian Industrial School, in 1907. His teams outscored their competition 148-11 over the first five games of the season. Then, tiny Carlisle took on the University of Pennsylvania football team using the forward pass. Pop Warner’s team beat the mighty school in front of 22,800 fans by a score of 26-6. While that score is decisive, the yardage gain was even more lopsided. Carlisle outgained Penn 402 to 76 yards that afternoon.
The new wave of offense was noticed by bigger eastern schools, and the forward pass began to gain traction.
What’s my point in all this? We need to look toward the innovators within our industry. Using the same withdrawal strategies for our clients will no longer work in economic environments where bond prices and rates are unpredictable, life expectancies are increasing rapidly, and volatility creates anxiety. It’s just like running the football into the middle of the line and getting crushed.
We have to look for new ways to make sure our clients are safe. No rule, legislation or single product can solve the concerns and multiple risks of so many Americans. Instead, financial professionals have to use combinations of products and tools to meet the income demands of retirees. If your client’s retirement income isn't safe, it’s time to change the game and look for new ways to play the game.
Bottom Line: You can’t win the game running the same old offense that won in the past. Times have changed, economics have changed, and client attitudes have changed. Innovate and look for new ways to help your clients win in retirement.
Mike McGlothlin is the Executive Vice President of Annuities at Ash Brokerage. His strength is helping advisors become more efficient and effective in their businesses. He and his team provide income-planning solutions focused on longevity and tax efficiency, and they also assist advisors with entering defined-benefit termination planning and structured settlement markets.
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