Guide on How to Manage Your Financial Advisor Like a Professional Sports Team Coach
In the world of professional sports, talent and skill are not the only keys to success. Financial literacy and smart management of resources are equally important for athletes to reach their full potential and secure a prosperous future. Recognising this need, NFL athletes Sheldon Day, Richard Sherman, and sports scientist Tom Zheng have formed The Players Company, a collective and network aimed at empowering athletes to reach their financial potential.
The Players Company, consisting of over 2,000 professional athletes and entrepreneurs across multiple major leagues including the NFL, NBA, and MLB, offers a comprehensive, athlete-focused ecosystem that supports financial growth, education, business ventures, and long-term wealth sustainability during and after athletic careers.
Financial Education and Literacy
At the heart of The Players Company's mission is improving athletes' understanding of their finances. The company focuses on managing unique income streams and long-term wealth creation, ensuring that athletes are equipped with the knowledge needed to make informed decisions about their financial future.
Access to Investment and Business Networks
Members of The Players Company gain privileged access to a wide network of accredited investors, advisors, and opportunities. Partnerships with notable figures like Bob Iger and Maverick Carter provide valuable connections that can help athletes navigate the complex world of finance and business.
Incubator Program
The Players Company's incubator program supports early-stage startups, particularly those enhancing athlete financial literacy, brand value, and NIL (Name, Image, and Likeness) strategies. This program offers mentorship and access to athlete and investor networks, fostering growth and career development beyond sports.
Brand and NIL Strategy Support
The Players Company helps athletes build and maintain lasting brand value and capitalize on NIL opportunities, crucial for modern athletes navigating endorsements and personal branding.
Cross-Border and Cross-Sport Collaboration
Through partnerships with groups like The Players Fund (UK), The Players Company provides global investment opportunities, learning, and community deal sharing to athletes internationally, further expanding financial and business horizons.
The Importance of Trust and High Standards
In building his team of representatives, Sheldon Day assumes the coaching role, advising that pro athletes can't fully trust the people who have historically given them financial guidance. As such, it's crucial to evaluate advisors consistently, holding them to high standards and replacing them if they fail to meet your expectations.
As the CEO of your financial enterprise, you define the high standards for your trusted advisors. This includes asking about their compensation, conflicts of interest, communication preferences, definition of success, standards for privacy, error handling, and termination process. Advisors should have best practices and standard operating procedures, but you define what good looks like. You create the metrics for your personal finances.
Sheldon Day, a former NFL player, experienced financial distress post-sport, as 78% of professional athletes do. However, his experiences have led him to form The Players Company and help others avoid similar pitfalls. Sheldon Day learned that six figures quickly becomes five after taxes, highlighting the importance of careful financial management.
In conclusion, The Players Company offers a unique and valuable resource for athletes seeking to achieve financial success and sustain generational wealth. By providing education, tools, and resources, the company aims to empower athletes to operate at their highest level, just as Sheldon Day does in his coaching role.
- The Players Company, a collective formed by NFL athletes Sheldon Day, Richard Sherman, and sports scientist Tom Zheng, focuses on improving athletes' financial literacy and supports long-term wealth sustainability through financial growth, education, business ventures, and investment opportunities.
- Members of The Players Company gain access to a wide network of accredited investors, advisors, and opportunities, including partnerships with notable figures like Bob Iger and Maverick Carter, to help athletes navigate the complex world of finance and business.
- The Players Company's incubator program supports early-stage startups, particularly those enhancing athlete financial literacy, brand value, and NIL (Name, Image, and Likeness) strategies, offering mentorship and access to athlete and investor networks for growth and career development.
- When selecting financial advisors, Sheldon Day, the CEO of The Players Company, emphasizes the importance of trust and high standards, recommending athletes evaluate advisors consistently and holding them accountable for their performance and adherence to fiduciary duty.
