Driven by the admiration to defended assets above their arena years — and tales of their aeon authoritative millions on the abutting big affair — amateur investors are a rapidly growing articulation in the apple of abundance management.
But disposed to the advance portfolio of a applicant accepted to accept a abbreviate career and a continued retirement comes with a different set of challenges. A new TV alternation highlights the roadblocks and opportunities that able athletes face as they action to about-face the money they fabricated on the acreage or cloister into investments that will accredit them to alive able-bodied already they’ve larboard sports. The appearance additionally illustrates the problems admiral charge advice break if they appetite to assignment with these one-of-a-kind clients.
Authenticity, for instance, is aloof as basic as alive what risks to take, above athletes say.
“Number one, accept a absolute relationship. It can’t be a transactional accord that’s aloof about numbers and acquirement … These athletes charge absolute advocates,” said Wale Ogunleye, a above NFL Pro Bowl arresting end and arch of UBS Global Abundance Management’s sports and ball division.
Ogunleye, who abutting UBS in 2019 afterwards earning an MBA at George Washington University, confused from the amphitheatre to accounts in an accomplishment to advice the abutting bearing of players abstain his aboriginal advance mistakes.
Before the 2008 apartment bazaar collapse, Ogunleye was talked into affairs bristles Miami apartments after absolutely compassionate the risks. He was additionally one of several players bent up in an declared Ponzi arrangement run by a banking adviser who had been registered with the National Football Alliance Players Association.
“This is the abode area a lot of adumbral characters dwell. There are a lot of individuals who accept appear up in communities area they see these athletes as the alone way out,” Ogunleye said. “They charge admiral who appetite to authority their duke and advise them how to fish, advise them how to accomplish abiding the decisions they’re authoritative are the appropriate decisions — decisions that are activity to actualize a legacy.
“Because the hardest affair for a artistic individual, abnormally an athlete, is to absolutely see the end of their career.”
Viewers will get an central attending at the angle and accommodation authoritative of amateur investors back “Front Office” makes its Nov. 14 admission on PlayersTV.
“Front Office,” presented by UBS, is a new aboriginal alternation that blends the apriorism of “Shark Tank” with the playmakers of “SportsCenter.” During anniversary episode, entrepreneurs attractive to defended early-stage allotment will angle superstar athletes like Chris Paul, Vernon Davis, Allyson Felix, Travis Kelce and Michelle Wie-West.
Ogunleye, who played in the NFL for 11 years, will serve as a drillmaster and motivator to the 10 contestants authoritative their pitches. He said that UBS has been alive on the show’s abstraction for absolutely some time.
“Athletes appetite to be apparent as added than aloof actuality able to distill a basketball or run the football. They appetite to be apparent as entrepreneurs, innovators and creators back it comes to breeding abundance alfresco of sports,” he said. “UBS was positioned to advice change the anecdotal on the way the apple looks at athletes. We’re acquisitive that with this show, we appearance a abundant arrangement for athletes on how they should attending at their affairs and the bodies that should be surrounding them.”
Ogunleye stresses assurance as the best acute aspect of any advisor-athlete relationship. Because there are a bound cardinal of years that an amateur is able to acquire at the accomplished level, anniversary banking accommodation they accomplish carries added weight.
Any absolute or perceived betrayal of that assurance can accident a accord above repair.
“Trust has to be there because there’s not addition way to accomplish millions of dollars alfresco of assault up their bodies,” Ogunleye said.
He added that added than ever, players are entering the alliance with a apperception to invest, crediting amusing media for the uptick in amateur entrepreneurs.
Years ago, there was a barrier amid athletes and the advice bare to accomplish acute investments. Now players can see their aeon do it in absolute time and allotment their successes with the advance of a button.
“I apperceive back I was advancing up, all we could allocution about were bodies like Magic Johnson or Michael Jordan, but we never absolutely knew how it was done. How did they alteration and who is allowance them transition?” Ogunleye said, citation the two basketball greats accepted for their investments in absolute acreage and tech startups. “But now, there is a growing articulation of entertainers and athletes who apprehend (they) accept a abundant befalling to accomplish added money off the acreage and off the date than I did back I was arena or performing.”
Advisors alive with athletes should additionally adapt for the continued haul. Back because what is best for your client’s future, don’t aloof anticipate of them as the amateur authoritative millions in their prime.
Think of them as the above amateur who may be aggressive a career’s account of injuries.
“I don’t affliction if you’re Tom Brady and you comedy for 20 years. It’s still a baby bulk of time and he’s activity to accept to acquisition article to do with all this time back he does retire,” he said. “So our admiral and any admiral cerebration of accepting into the amplitude should anticipate about a abiding accord that should angle the analysis of time. That’s what this industry needs. Added absolute relationships and beneath transactional relationships.”
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