JPMorgan Chase has tapped seven-time Super Bowl champion Tom Brady, three-time NBA champ Dwyane Wade and other sports figures for a new effort to help the company guide athletes in their financial lives.
The new JPMorgan Athlete Council seeks to help athletes from early career through retirement, the company announced Wednesday, noting sports careers can be unpredictable. Its members will meet periodically with company leaders to discuss athletes' financial needs and guide program development to address them, the firm said.
Wade, an entrepreneur and two-time NBA Hall of Famer, chairs the nine-member council.
Other participants include former soccer pro Megan Rapinoe, who co-captained the U.S. Women's National Soccer Team and won two World Cup titles and an Olympic gold medal; Sue Bird, Seattle Storm WNBA champion, 5-time Olympic gold medalist and now USA Women's Basketball managing director; and Kayvon Thibodeaux, New York Giants edge rusher.
"An athlete's career and earning power are unique," said Kristin Lemkau, J.P. Morgan Wealth Management CEO.
"Careers can be short and retirement unexpected. We want to develop a program by athletes for athletes to help them from college to professional sports to retirement. Every athlete on this council has been deeply committed to paying it forward to help the more than 500,000 college, working and retired athletes avoid some of the same pitfalls they stepped in. At JPMorgan Chase, we can help every athlete regardless of income level manage their financial plan for the future," she said.
Most pro athletes retire before 35 and about one in six NFL players declare bankruptcy by 12 years post-retirement, while 65% of athletes say they never learned about finances in school, JPMorgan says. The company also offers a new Athlete Center of Excellence run by financial professionals who understand the athlete experience, provides financial education outreach at universities and sports events, and runs a content hub for athletes.
Participation on the council or at JPMorgan events doesn't constitute an endorsement related for J.P. Morgan Securities' investment advisory services or advisors.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.