Remembering Dave Downey: Making A Difference For Our Profession

Dave Downey lived a life of excellence, and the life insurance industry has lost one of its greatest ambassadors in his passing. From being one of the most accomplished athletes during his time at the University of Illinois, to an acclaimed business professional during his many years of service - he was the ultimate trusted advisor to many. For more than four decades, Dave was an impactful leader at M Financial Group and a critical part of AALU (Finseca), receiving Finseca’s very first Peter W. Mullin Visionary Leadership Award in 2024.

I had the honor of sharing my recognition of Dave when he received the first ever Peter W. Mullin Visionary Leadership Award from Finseca in 2024:

My first encounter with Dave was as a 14 year old addicted to basketball and whose weekly highlight was watching the Big Ten Basketball Game of the Week on Saturdays.   I remember on February 16, 1963 watching Illinois play Indiana where Dave set the school’s record of 53 points that still stands today.   When I first met Dave in person in 1996 as a result of his being part the Search Committee at M Financial who interviewed me for M’s CEO position, he was surprised to hear my recount of that game.  Dave made sure to tell me that the 53 points were scored at the time when there was no 3 point baskets.  Dave then informed me that his basketball success resulted from the homemade basketball hoop that his father made which ended up being narrower than regulation.

Dave was a terrific athlete.  It  led him to being the 30^th draft pick in the NBA in 1963 .  But remarkably, he turned down the chance to be in the NBA in favor of going to law school at University of Illinois which ultimately led him to become a nationally respected trusted life insurance advisor.  I am fairly confident that there has never been an American athlete in any sport who has been drafted in the top 30 of his sport to turn down the opportunity to become a professional athlete -- especially to become a lawyer.  His athletic career reflected his competitive spirit in being the best he could be as well as being a supportive teammate; both characteristics which continued to show up throughout his life.  His time at the University of Illinois developed a lifelong passion for being a proud Illini and serving the Champaign community.  He served as a Trustee on the University Illinois Board of Trustees in the 1990’s.  I attended the opening of Club 53, a courtside club, at the University of Illinois Basketball Center named in honor of Dave and recognition of his scoring record set in 1963. 

Some time ago, I met another former Illini athlete, a couple of years younger than Dave who played baseball for Illinois.  Our conversation ended up talking about his memory of Dave.  The individual had profound respect for Dave.  He never forgot that although Dave was the established athletic star on campus for basketball, Dave would frequently attend baseball games in support of his fellow Illini athletes.  And even more important he remembered the respect he received from Dave as one of the earliest black baseball players at Illinois.   This was reflective of the character that Dave has displayed throughout his life and that aided him in establishing the Downey Group.

In my 21 year tenure at M, it was a pleasure to have Dave on the M Board.  I can’t think of a better individual to receive the first Peter W. Mullin Visionary Award than Dave.  M has been blessed with attracting many of the legendary insurance advisors and leaders to the M Community.   Dave was one of four former AALU Presidents to be on the M Board during M’s formative years and one of seventeen M Principals to have served as AALU President or Chair of Finseca in M’s history.  Dave has always answered the call from AALU to advocate on issues important to AALU membership and the life insurance industry.  Throughout my 21 year tenure at M, both Dave and Peter Mullin provided extraordinary leadership on the M Financial Board with Peter being the Chair.  They instilled the extraordinary core values of M which helped create a nationally renowned transformational life insurance distribution company.  Our Board meetings were incredibly deliberative with thoughtful discussion and often ended in Dave and Peter leading the conversation and feeding off each other’s perspectives.  Dave made sure that all aspects of an issue were thoroughly vetted.  When Dave talked, the M Board, and Peter Mullin truly listened.

I felt honored to having Dave as a mentor to me.  It seems only fitting that Dave is a native son to Illinois.  He has many Lincolnesque qualities.  Both are products of rural Illinois and came from humble means.  Both are tall, statuesque figures who ultimately adopted a fashionable facial hair profile.  Both uncannily became known for their similar admirable character virtues that include:

·       Displaying an extraordinary intellect

·       Treating others with honesty

·       Having humility

·       Engaging in active discussion with civility

·       Being courageous in adherence to his core values

·       And always, always willing to demonstrate leadership especially in a time of need

While Dave will be missed in the years ahead, his remarkable legacy will live on in the clients he advised and organizations he helped lead. More importantly he was a wonderful human being who did much for others. I will deeply miss his friendship and counsel.