Scouting report: Finding pro athletes

SEP 23, 2011
Financial advisers want to work with professional athletes. And professional athletes surely can use the help, considering that 78% of NFL players are bankrupt or under financial stress within two years of retirement because of joblessness or divorce, according to Sports Illustrated. Sixty percent of NBA players are broke five years into retirement, SI said. Enter Pro Athlete Direct, a database of 7,000 pro athletes. “Our tool can help advisers grow their businesses and help fix those SI stats by improving the financial direction of these athletes,” said S. Brian Ouellette, who created the database after spending a decade in the money management industry. The database is meant to act as a hub among athletes' agents and advisers, other service providers, marketers and nonprofits. “The gatekeepers are the agents, and while there are some celebrity databases out there that [the athletes] are in, we think we have built the first athlete-only database of its kind,” Mr. Ouellette said. It contains athletes' names, teams, salary ranges, agents, agencies and contact information, among other data. While the information comes from publicly available sources, it took 18 months to compile. A one-year single-user subscription to the service costs $2,500, and a corporate license for five users is $8,000. The firm plans to limit the number of licenses sold each year to money managers, real estate agents, luxury-goods providers and universities, for example, Mr. Ouellette said. But he noted that athletes and their agents still must do due diligence on contacts that they make through the database, because it doesn't screen buyers. “The best advisers and planners would rise to the top,” Mr. Ouellette said. “The goal ultimately is not just financial planning but overall planning for life after retirement — and teaching athletes the right way to do this early on.” For more information visit Pro Athlete Direct online.

Latest News

Dump investment banks, buy alternative asset managers, says Oppenheimer
Dump investment banks, buy alternative asset managers, says Oppenheimer

"Shares of alternative assets managers have lagged this year as investors grow wary of private-credit exposure."

TaxStatus rolls out rules-based tool to flag advice gaps
TaxStatus rolls out rules-based tool to flag advice gaps

The fintech platform is touting a new AI-free Planning Observations feature, which draws on IRS tax records to uncover opportunities for advisors.

Carson Group deepens Colorado presence with Arvada advisor deal
Carson Group deepens Colorado presence with Arvada advisor deal

The Omaha, Nebraska-based RIA's latest acquisition expands its Rocky Mountain footprint after two prior Colorado deals last year.

Slow advisor transitions are costing RIA firms money and talent, and the industry is starting to act
Slow advisor transitions are costing RIA firms money and talent, and the industry is starting to act

Operational drag between an advisor signing and accounts going live is emerging as a competitive liability for wealth management firms.

M&A on course for second-highest year ever as megadeals surge and AI complicates the deal equation
M&A on course for second-highest year ever as megadeals surge and AI complicates the deal equation

Bain says companies face a "winner's paradox" as AI transformation collides with complex integrations.

SPONSORED Who builds the income when the pension disappears?

Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income

SPONSORED Why direct indexing stopped being optional

Direct indexing is on pace to outgrow ETFs and mutual funds. Northern Trust's Ken Lassner explains why the advisors who get it wish they had started sooner.