Professional athletes have reputations for being cavalier about how they spend their money, especially with stories about how many are ripped off by financial advisors and are left broke shortly after their playing careers end. Detroit Lions safety Glover Quin is not that type of player. Quin and his family abide by a 70/30 save/spend strategy formulated by his financial advisor Humble Lukanga, of Life Line Financial Group. Quin saves 70 percent of his take-home pay, investing it in well-known, publicly traded companies. He lives on the other 30 percent, about $6,000 a month—$72,000—a year. His five-year projection for his savings, which do include some private equity investments, is expected to match the $21 million, before taxes, that he will have made in his eight-year career when his current contract expires in 2017. “I’ve always trusted in the plan and never really let other people sway me away from it,” Quin told ESPN. “I like to call it tunnel vision. It’s not good to have tunnel vision on the field, because you need to know what’s going on around you, but when you’re in life, especially in this field, you need to have tunnel vision, because you see so many guys around you buying cars, buying jewelry, doing this, spending money, talking about the money that they spend. And you’re sitting there like, ‘Man, I’m living off this much money every month, and this cat spending this much money every day.'"
Envestnet announced this week that it has finally integrated Yodlee into its financial advisor platform, more than a year after acquiring Yodlee for $590 million. Yodlee’s aggregation capabilities can now take advantage of Envestnet’s reconciliation process, helping advisors see both managed and non-managed accounts from 15,500 sources. The integration also allows third parties working with Envestnet’s open application programming interface (API) to build their own applications that take advantaged of Yodlee’s aggregation data. The company also expanded on the enhanced MoneyGuidePro integration it announced last week, revealing that advisors can also access PIEtech’s related technology—Best Interest Scout and myMoneyGuide—to help comply with the Department of Labor’s new fiduciary rule.
San Francisco private investment bank US Capital Partners has created a new wealth management division, the bank announced. US Capital Wealth Management will be led by Nicholas Atkeson and Andrew Houghton, founding partners of Delta Investment Management, who signed an operating agreement with US Capital. The duo will serve as managing directors of the new division. They've worked together for years, dating back to their roles as partners and portfolio managers for the hedge fund Delta Force Capital. They are also co-authors of the book Win By Not Losing: A Disciplined Approach to Building and Protecting Your Wealth in the Stock Market by Managing Your Risk. “We are delighted to be working on the US Capital Partners Wealth Management team as our combined capabilities create a robust wealth management solution for clients,” Atkeson said. “From $4 billion worth of deal flow reviewed each year, US Capital Wealth Management will be offering only the best-of-the-best investment opportunities to its clients, with a focus on personalized service and mitigation of the risks inherent in investing. Our mission is to provide clients with exceptional wealth management service with the appropriate balance of growth and protection that best serves their long-term investment objectives.”