UBS is latest firm OK'd by NFL players union

The NFL Players Association, which operates a unique program to provide its members with qualified financial advisors, said Tuesday that UBS, and specifically its U.S. athletes and entertainers group, is the latest firm to gain the union's approval to work with current and retired players.

The NFLPA's registered financial advisor program, which is more than two decades old, for years was limited to individual financial advisors. There are currently 117 individual advisors in the program.

After a handful of instances of approved advisors getting into trouble, the program was expanded to include firms. The union approved Goldman Sachs and Bessemer Trust in 2019, Morgan Stanley and Bernstein Private Wealth a year later, and now UBS.

The problem financial advisors included Jeff Rubin, a one-time NFLPA approved advisor who recommended to 31 NFL players that they invest in a casino project that led to losses of $43 million. In 2013, the Financial Industry Regulatory Authority Inc. barred Rubin from the industry in relation to the matter.

In 2020, UBS hired former Dolphins and Bears pro bowler Adewale Ogunleye to lead its sports and entertainment group, and that move has paid off with the agreement with the NFLPA, one industry observer noted.

Ogunleye "has some star power and credibility with athletes, and I've seen him on social media," said Louis Diamond, president of Diamond Consultants. "He's actively promoting the UBS brand with athletes and entertainers. This is clearly a priority for UBS."

"Athletes may begin referring friends," Diamond added. "They need specialized resources and a group that understands their needs better. It's also an extra recruiting tool for firms like UBS to attract financial advisors."

Football players are a unique bunch when it comes to their finances: They have a higher rate of bankruptcy than their compatriots who play professional baseball, basketball and hockey for a living. Their careers are shorter, they get paid less and, if they divorce after ending their careers, they often wind up paying alimony based on past, not current, earnings.

Add in the free-spending lifestyles of some players, and the financial planning picture is potentially a disaster.

UBS' goal is to provide holistic financial advice and guidance to the 2,000 active and retired NFL players to help them build their financial futures and create lasting legacies, the NFLPA and UBS said in a statement Tuesday morning.

“As a former member of the NFLPA, I’ve seen what happens when players make questionable financial decisions or listen to poor advice,” Ogunleye said in the statement. “We’re focused on making sure our clients have access to the advice and guidance they need to help them protect and grow their wealth and prepare for life off the field.”