* Caution: If you are a professional athlete or want to be one, the statistics quoted below are EYE opening and shocking. Most of all, they are TRUE:
“The average professional athlete in the U.S. will make more in one season than most of us earn in our entire lives….[yet,] despite those staggering salaries, 78% of NFL players, 60% of NBA players and a very large percentage of MLB players (4x that of the average U.S. citizen) file bankruptcy within five years of retirement….”
So writes Jason Cimpl (www.wyattresearch.com) in edited excerpts from his original article* entitled Five Reasons Professional Athletes Go Broke.
WE CAN HELP.
Most athletes, who have problems, make one of a few common mistakes: Using “a friend of a friend.” for financial advice. Often times, these individuals are not licensed to charge for financial advice. Frequently this situation leads to THEFT. Athletes are “shocked” that someone they trusted has taken advantage of them. Any so called “friend” who takes ADVANTAGE of your generosity is not a friend. We are not afraid to talk to you about these issues, and even the more personal relationship issues that can lead to financial devastation.
If excessive spending is a problem, we are not afraid to talk about it before it’s TOO LATE. In the financial world, we call this “excessive withdrawal risk.” We are experts in dealing with this issue. For example, one solution to excessive withdrawal risk is to take a portion of your earnings, and purchase “an immediate lifetime annuity,” which would grow with inflation, and never go away until your death, giving you a base level of security for the rest of your life. There are a lot of former professional athletes who wish they had done this early on, in their careers.
Professional Athlete Insurance
We can help you navigate through the complex world of “professional athlete insurance,” which covers issues like:
- College Draft Protection
- Loss of Future Earnings
- Loss of Endorsements
- Agent Cost
- Failure to Sign Contract Coverage
- Key Player Coverage
- High Limit Permanent Disability
- Individual Catastrophic Accidental Death and Disability
- Per Game Benefits
- Temporary Total Disability
We have a fiduciary duty to you, and as such, your financial affairs are kept private. We will never tweet them, nor talk to anyone about them, without your permission. If we violate this duty, we could rightfully lose our license in the state of Florida to conduct business.
Most of all, we are reasonable. Our charge is .75% of your assets under management per year.* We will never borrow money from you, and when we go to dinner, we pay
*Example: .75% of $1,000,000 Assets Under Management = $7,500 per year fee (1,000,000 x .0075 = 7,500). This fee is low compared to typical fees charged in the industry.