Financial Planning For Elite Athletes


Financial Planning For Elite Athletes

Zach Conway: Reaching the pinnacle of any type of career takes incredible focus. Corporate executives climb the ranks and compete to become titans of industry, startup CEOs create breakthrough technologies to revolutionize a way of doing things, and elite athletes spend decades fine-tuning skills to master a sport. No matter the field, each professional dedicates much of his or her life to achieving success.

Unfortunately, people with such a singular focus often neglect other parts of life, which leaves them exposed to more problems down the line. Such flag-bearers of success, a lot of times, forget to properly manage personal wealth. As corporate profits soar and the on-field awards pile high, that personal wealth continues to erode without a proper plan in place. While any successful person can encounter money problems, those elite athletes must contend with the perfect storm of financial obstacles. In many sports, careers don’t often last long, even for the most elite athletes. Few earning years, a culture of spending, and that sudden influx of cash can set these stars up for financial failure.

Rather than criticize, non-athletes should take these stories as reminders to get a plan in place. On client meetings in New York City, we’re always talking to fans of the area teams like the Yankees, Knicks, Giants, Jets, and Mets. While we all watch our favorite pro athletes on the field, we all see the headlines about the off-the-field financial problems. As advisors, we always remind even the most successful businesspeople we work with that they may see a bit of themselves in such stories, and with that, we remind them how proper planning can save them from the same fate. With the right plan in place, our clients can go back to what they do best.