Catching a Tailwind: Bicycling Clergy Gets a Boost from Wespath and EY Financial Planning Services

Rev. Don Richards has always enjoyed bicycling, especially going on rides with his kids and pedaling around town. However, he took his casual hobby to a whole new level about 30 years ago when he accepted an invitation to join Pedaling Parsons (now called Bike Hope Love).

“I remember my friend asked me ‘Hey, how would you like to ride your bike 500 miles a week and help people at the same time?’” Don said.

Bike Hope Love began as a small group of Methodist cyclists who were enthusiastic about riding and helping people. Over the past 30 years they have ridden more than 18,000 miles and raised close to $1 million for mission projects in the U.S. and around the world. Don has been riding with Bike Hope Love every year since 1990 and currently serves as president.

After retiring from his 42-year career as a UMC clergy in 2021, Don also joined the Stark County Bicycle Club (SCBC) out of Canton, Ohio, which boasts 227 members logging more than 202,000 miles over 967 rides in 2023. He is now vice president of SCBC.

For Don, bicycling is more than numbers, “I enjoy riding,” he says. “It’s exercise with a social aspect. And when you're doing the mission part of riding you can actually benefit somebody by doing it, so that’s the best of all worlds.”

Mapping the Ride

Wespath (then known as the General Board of Pensions) first came to Don’s attention early in his ministry. “I just knew that they had this retirement thing—which was a million miles and a million years away from me, so I didn’t give it much thought,” he said. “I was too busy learning how to be a pastor.”

When Don and his wife Tammy first began thinking about retirement, they attended Wespath webinars and annual conference workshops. At those events, they were encouraged to engage with EY for financial planning assistance. Being a self-proclaimed DIY guy, Don initially resisted.

“I wasn't crazy about the idea,” he remembered. “I just said, well, we'll just figure it out or I'll just ask somebody I know what they did, and I’ll do whatever they do.”

Ultimately, Don relented, and they connected with EY. Over the past several years he and Tammy have participated in 10 consultations with Francesca, their EY financial planner.

From the first conversation, Don felt a genuine connection with Francesca. “Here is this bubbly, kind person, and she didn’t make us feel stupid,” he said. “I don’t know a FICA from a mutual fund—it’s just not in my vocabulary or the way I think. But she just talked to us, asked us what our goals were and engaged us in conversation."

With 14 years of client-facing financial planning experience and a Certified Financial Planner designation, Francesca’s expertise is complemented by her caring attitude. “Clients are very rarely guarded with me,” Francesca said. “I establish trust immediately with my genuine passion for helping that can be heard clearly over the phone.”

Francesca notes that Tammy, played a crucial role in the conversations. “Tammy has been a gem throughout,” Francesca said. “I love working in collaboration with spouses because they bring up some great concerns and questions. Spouses feel heard when we work together, and I stress the importance of their involvement in the planning process.”

An Unexpected Solution to Long-Standing Student Debt

Francesca, Don and Tammy also explored the topic of debt. For years, Don had been managing through the challenge of student debt, while conscientiously making payments. Don and Tammy fully expected to continue paying down the debt for the foreseeable future. Francesca could tell it was a mental and fiscal burden on them both.

“We discussed in detail the Public Service Loan Forgiveness (PSLF) program,” Francesca explained. “I walked Don through the application process, and although he had already exceeded the length of time needed to be eligible for forgiveness, we both thought it was time well spent to apply.”

Francesca’s encouragement and Don’s persistence paid off. He diligently responded to requests for additional documentation, and in 2023 received a letter confirming the forgiveness of his remaining loan balance of over $50,000. “That was a huge relief,” Don recalled. “It was like a weight had been lifted off our shoulders. We were finally free to focus entirely on our retirement without that looming over us.”

After many hours of planning and number crunching, the Richards and Francesca developed a plan for their future that included enrolling in Wespath’s LifeStage Retirement Income. Francesca’s thorough approach brought to light critical details that might have otherwise been overlooked. The result was a plan that enabled them to live the retirement they envisioned.

Don was very appreciative of the level of counseling available to them via EY. “I don't know how people prepare for the financial aspect of retirement without some kind of counsel, because there are just so many things to think about and figure out,” he said. “Francesca didn’t have a magical formula—she explained what she was doing and what made sense for us.”

Coasting Into Retirement

Looking back, Don and Tammy couldn’t be more grateful for the decision to engage with the financial planner.

For Francesca, working with the Richards has been equally rewarding. “I genuinely enjoy helping clients like Don and Tammy achieve their financial goals,” she says. “Seeing their relief and confidence grow over time is the best part of my job.”

Don continues to cycle throughout the week, even when the weather isn’t perfect. In fact, he might even prefer it that way.

“I love a tailwind—I can’t resist a tailwind, in fact,” he said. “I actually have a higher heart rate and more exertion with a tailwind than I do a headwind because I get so intoxicated with the speed. With a tailwind you just go, go, go."

Explore EY resources or schedule an appointment with a financial planner at wespath.eynavigate.com, or by calling the EY Navigate™ Planner Line at 1-800-360-2539, business days from 8:00 a.m. to 7:00 p.m., Central time.