Any of you work with or interested in working with pro athletes? We need to hear from you
Background: An important channel, at the core of the community we are building, is driven by high quality content from professionals in the field. The goal of this is to not only educate professional athletes and their agents, but also educate and inform the service providers working with them to increase the strength and effectiveness of the ultimate relationships for the short term and long term. With the looming lockouts in the NFL/NBA, this is prime time for the athletes to have their eyes/ears open to looking at their financial health (1 reason, athletes are not paid during a lockout).
Question to the FA's out there: Per Sports Illustrated stating that 78% of NFL players are bankrupt or in financial ruin within 2 years of retirement and 60% of NBA players are broke within 5 years of retirement,
• What is the single biggest reason their current financial plans (or lack of plans) failed these athletes?
• What is the first step pro athletes can take to strengthen their short/long term financial health?
• What is the best way for an FA to make a connection with an athlete to develop a relationship?
We are going to be posting high quality content you provide within our blog posts. PM or email me, [email protected], with your thoughts on the above questions. In doing this, answer all 3 or pick the one question you have the best feel for. The WSJ is doing a piece on us late February which will be driving high traffic to our website providing nice exposure to you/your brand.
Here's some recent media spots on us, www.proathletedirect.com/media
With the potential NBA/NFL lockouts there's a MASSIVE opportunity, right now, for the FA's looking to create relationships with pro athletes. Thanks for checking this out, we look forward to hearing from you and getting the word out. Brian
What is Pro Athlete Direct™? Our network database allows financial advisers to connect with +6,200 professional athletes and their agents. Financial Advisors go to: www.proathletedirect.com/financialadvisors to learn more. To contact us send a PM or email me direct at [email protected].
So, I have a question and an example. I had the opportunity to meet the father of one of the best paid pitchers in the big leagues. I asked him how his son handled making millions of dollars every year. He said he never gets to see it because he's got a couple of advisors who work for his agent and they handle all of the money. They do the saving, investing, bill paying, etc. Everything. He said his son's job is to pitch, not to handle money. I would assume that almost all professional atheletes have an agent with a similar setup.
Here's my question - do these guys really need ANOTHER financial advisor in their network? Or is this a systemic problem that any number of financial advisors can't fix? If 78% of NFL players are bankrupt in 2 years there's a lot deeper issue than just finding a different advisor. It's either a lack of education on the part of the athelete, lack of restraint by the financial advisor/agent, lack of any sort of planning beyond the next contract, or a combination of them all.