Here's what athletes actually need from financial advisors

June 30, 2026 - 14:16

I played in the SEC and spent three decades on Wall Street. That combination gave me a clear view of what young athletes are missing when it comes to financial advice. Most of what they get is generic, sales-driven, or just plain wrong for their situation.

The biggest problem is timing. A college athlete's earning window is short and unpredictable. An injury, a bad season, or a coaching change can end a career before it really starts. Yet many advisors treat them like long-term clients with steady income. They push retirement accounts, insurance products, and complex investment strategies that make no sense for someone who might only earn significant money for three to five years.

What athletes actually need is cash management. They need to understand how to handle a sudden influx of money from NIL deals or a signing bonus. They need to know how much to set aside for taxes, how to budget for a lifestyle that doesn't balloon overnight, and how to protect themselves from family and friends who suddenly want a piece.

They also need honest risk assessment. Most advisors won't tell a 22-year-old that they should probably save aggressively because their peak earning years are happening right now. Instead, they talk about long-term compounding, which is fine for a doctor or lawyer but not for a running back with a four-year career expectancy.

The best thing an advisor can do for an athlete is keep it simple. Avoid the jargon. Skip the complicated products. Focus on liquidity, tax planning, and a realistic view of how long the money has to last. That is what players are not getting, and it is what they need most.