Athletes’ maximum earnings period are relatively short. Building financial plans that help them remain financially independent is extremely gratifying. Gerry Klingman
In your sport, you're the expert – you've dedicated years and countless hours to honing your skill and sharpening your instincts. All of that hard work led you to a lucrative career, but it probably left you little time to consider the finer points of money management or how you'll maintain your financial success after your playing days are over.
Among athletes, stories of bankruptcy and staggering debt seem nearly as frequent as reports of eight-figure contracts. A report published by Sports Illustrated showed that 78% of NFL players will struggle financially within two years of retirement, while 60% of NBA players will run out of money within five. While the challenges of sudden wealth aren't limited to athletes, because of the sheer size of the sums in play and the relatively short span of pro careers, they often have the most to lose.
That's why we place an emphasis first and foremost on educating our athlete clients, helping them understand how the decisions they make will affect them in both the short and long term, and how restraint and sound planning can have a huge – and lasting – impact. Our team has worked extensively with athletes and their management to provide financial education, budgeting, retirement and long-term wealth planning, tax planning strategies, charitable giving strategies and charitable foundation setup. We also work closely with our professional athletes to help them make follow-up career plans.
Securities offered through Raymond James Financial Services, Inc., member FINRA/SIPC.
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