JPMorgan taps A’ja Wilson, Tom Brady in athlete wealth management push

JPMorgan Chase has enlisted the help of some of the most prominent names in American sports to address a pressing issue: professional athletes facing financial difficulties. The bank recently unveiled the JPMorgan Chase Athlete Council, a new initiative led by NBA legend Dwyane Wade and featuring a star-studded lineup of athletes including Tom Brady, Sue Bird, Alex Morgan, Megan Rapinoe, A’ja Wilson, and Jalen Brunson.

This Athlete Council will collaborate with JPMorgan executives to develop tailored programs aimed at supporting athletes throughout their careers, from college to retirement. With athletes increasingly venturing into entrepreneurship, investments, and media ventures, there is a growing need for financial education and guidance in the sports industry.

According to JPMorgan, many athletes lack formal financial education and face a limited earning window during their careers, making sound financial planning essential. Shockingly, about one in six NFL players end up declaring bankruptcy within 12 years of retiring. Kristin Lemkau, head of JPMorgan Wealth Management, emphasized the importance of providing young athletes with the necessary resources and advice to make informed financial decisions.

Dwyane Wade expressed his enthusiasm for the initiative, highlighting the opportunity for seasoned athletes to share their experiences and knowledge with the next generation. A’ja Wilson, a WNBA player, underscored the significance of imparting money management skills to upcoming athletes, stressing the importance of building trust and boundaries when it comes to finances.

In addition to the Athlete Council, JPMorgan is establishing an Athlete Center of Excellence staffed with financial experts with sports industry experience. The bank is also launching a content hub featuring checklists for athletes navigating the name, image, and likeness (NIL) system, as well as guides for assembling a team of advisors.

The collaboration between JPMorgan Chase and these esteemed athletes reflects a proactive approach to addressing financial challenges within the sports community. By leveraging their expertise and influence, the Athlete Council aims to empower athletes to make informed financial decisions and secure their financial futures.

This post was written in reference to an article published by CNBC, with contributions from Laya Neelakandan.