Last month, the National Collegiate Athletic Association (NCAA) voted to allow players to profit off their name, image, and likeness (NIL) without jeopardizing their amateur status.
The NIL market is a potentially lucrative opportunity for financial advisors as well. College athletes now can earn money through endorsement deals while their universities' athletic departments generate billions of dollars based on the athlete's labor.
Ashton Lawrence, a partner at Goldfinch Wealth Management, stated, "Financial advisors will be highly equipped to satisfy the needs of college athletes, bringing a holistic picture to the table." Lawrence also emphasized that financial education should come first before advisors attempt to manage any assets.
According to John Bovard, owner of Incline Wealth Advisors, advisors can make a long-term impact on young athletes with whom they work. The NIL rules provide an excellent opportunity for financial advisors to assist young athletes in establishing good financial habits early in their careers.
Financial advisors have much to offer young athletes. But the relationship between young athletes and financial advisors presents several challenges. The challenges include connecting with and building relationships with young athletes. The biggest challenge is attempting to facilitate a connection.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.