What Athletes Lose When They Choose A Big Wirehouse | Zach Miller, Erik Averill | NFL Players' Series #4
Athlete Wealth Podcast
English - December 16, 2020 21:19 - 12 minutes - 11.4 MB - ★★★★★ - 8 ratingsFootball Sports Business Investing nfl players athlete finances athlete wealth athlete wealth management business finance football players investing nfl oakland raiders Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
You’ve likely at least had conversations with them – Goldman Sachs, UBS, Merrill Lynch, Wells Fargo, Morgan Stanley – but are these big wirehouses the best place for you to build your net worth?
As a professional athlete, you’re in a unique situation, and the reality is that these mass affluent broker-dealers were not built with you in mind. Your unique situation deserves a unique solution.
In this episode, Zach Miller is again joined by Erik Averill where they discuss specifically why these firms are not equipped to handle the complexities that an NFL player’s financial situation demands and what you should be looking out for instead in a firm that can have your best interests in mind.
Episode Highlights
Why are wirehouses not a good solution for NFL players? (00:59)“That's the case with those wirehouses, the UBSs, Morgan's, Merrill's Goldman Sachs. They're not a fit for athletes and they never will be. They try to do this, they will start an athlete division, athlete and entertainment division, and they'll put a former player as the head of it. It's truly a disservice to the players. It's a disservice to NFL players in particular because, at their core, they're just asset managers that do portfolio management and they might tease you and say they have access to some proprietary products, which are just repackaged financial products by that company.” -Zach MillerWhy big brokerage aren’t necessarily equipped to provide you the best solution (3:14)Zach’s issues with the NFL PA financial advisor program (5:57)The solution for the masses vs the solution for the pros (7:57)“Think about who sponsors bowl games, who sponsors the plastering inside the stadiums, you'll see a Merrill banner, you'll see a Morgan Stanley banner, you'll see a Northwestern mutual banner. I always ask [players], ‘You realize that they're actually advertising to all the fans sitting in the stadium.’” – Erik AverillWhy you should demand the best (10:09)The signs to look out for when trying to spot a broker-dealer (10:55)