Andre Mirkine, president of the Sports Financial Advisors Association, talks about how financial advisers can attract professional athlete clients and what they must do to serve their unique needs while working with them.
Working with professional athletes is-- it can be a pretty
exciting market for financial adviser. A lot of advisers aspire
to work with athletes because they find it sexy-- I
mean, for lack of a better description. A lot of
financial advisers are fans. To meet a professional athlete is
very difficult. There are NCA regulations that prevent financial advisers
from going on to college campuses. At certain times, there
are registration processes, and certain colleges and states have rules
and regulations on top of that. Getting in to a
training camp, very difficult. So, you have to be creative.
How do you rain them in? It's a conversation that
you have to have with the athlete before he signs
his contract, prefer-- or she sign her contract, preferably. And
if you can get-- have that conversation and get a
sense that there's gonna be some acceptance of the fact
that there may be a short career and that they
need to save money, then you've got a chance. It's
a-- that's a really tough barrier. So, I will tell
an athlete client in this situation that I described, "Tell
your friends, tell your family members to call me if
they want money for something. Let me be the bad
guy. -Uh-huh. -Let me be the guy that say no.
I would urge any financial adviser interested in working with
athletes to not only work on a path directly to
the athlete, but also past what's around the athlete, so
members of the athlete's financial team.