Tom Brady looks on prior to an NFL game between the Baltimore Ravens and the Dallas Cowboys at AT&T Stadium in Arlington, Texas, Sept. 22, 2024.
Cooper Neill | Getty Images Sport | Getty Images
JPMorgan Chase has recruited some of the biggest names in American sports to help tackle a persistent problem: professional athletes going broke.
The bank on Wednesday announced an initiative called the JPMorgan Chase Athlete Council, led by two-time NBA Hall of Famer Dwyane Wade and featuring other high-profile athletes including Tom Brady, Sue Bird, Alex Morgan, Megan Rapinoe, A’ja Wilson and Jalen Brunson.
The stars will meet with JPMorgan executives to help the bank craft programs designed to serve athletes from college to professional life and retirement, JPMorgan said in a release.
The move reflects growing competition among banks and wealth managers to serve athletes, the most prominent of whom are increasingly becoming entrepreneurs, investors and media personalities.
Most athletes don’t receive personal finance education in school, and their relatively short careers leave a narrow earning window that requires careful planning, according to JPMorgan, the biggest U.S. bank by assets. About one in six NFL players declare bankruptcy within 12 years of retiring, the bank said.
“An athlete’s career and earning power are unique,” said Kristin Lemkau, head of JPMorgan Wealth Management. “Careers can be short and retirement unexpected. We want to develop a program by athletes for athletes.”
Wade said in the release that the initiative gives athletes a chance to share hard-won experiences with the next generation.
“Having the right educational resources and guidance is critical to making smart decisions about money as your career evolves,” he said.
The bank is also standing up an Athlete Center of Excellence staffed by financial professionals with sports experience and launching a content hub with checklists for athletes navigating the name, image and likeness, or NIL, system and guides for assembling a roster of advisors.
