Advice for NFL Players, From a Financial Advisor Who's Been There

Also, they probably have a higher standard of living given what an NFL rookie [earns]. So already they're making a lot of money and spending a little more.

[Thus] you set this lifestyle expectation that many times is unsustainable once that amount of cash flow stops.

Playing for the Bills I saw how quickly some careers ended. 

You should think about what you're going to do after football because it's always going to come sooner than you think.

How has being a pro athlete helped you as an advisor?

There are several transferrable skills and attributes. Being able to work on a team is really important as an athlete. As an advisor working on a team, I have that collaborative mindset. 

Also, the ability to handle frequent and unexpected change: You may go into a game expecting the opposing team to do [a certain] thing, but then they do totally different things. So you have to adjust. 

As an advisor, clients will have sudden changes in their financial plans.

The ability to take the emotion out of decision-making and focus on the end goal helps whether you're an athlete or an advisor.

Any other similarities?

There's so much competition as an advisor, and being a pro athlete prepares you for that. 

As an advisor, not only are you competing with other advisors in your own firm but also with advisors that work at other wirehouses, independents and people who think they're financial experts. 

What advice do you have for financial advisors just starting out?

For an advisor coming into this business who wasn't brought into it by their family, my advice is: "Don't give up. You have to be relentless in your pursuit."

You need to have a genuine interest in wanting to help people. It takes time to be successful in this industry. If you work hard enough, success will come. 

What type of advisor should pursue pro athletes as clients? 

I don't think there's a type with certain characteristics. If that's what you want to do, then you should just pursue it. 

But you need to get into it for the right reasons.

Too many people do it for the wrong reasons, like just wanting to be around sports and athletes.

Some get into it because of the vulnerability of the athletes. They know they can charge a higher percentage because of the athletes' [naivete].

What's the right and best way to serve these clients?

To help them, be patient and educate them, know how to manage the pro athlete's income and that the money they make needs to last a long time.

The focus with my clients is getting them to think about the end at the beginning.