Geier Asset Management has been helping professional athletes successfully manage their finances for many years—and in that time, we’ve come to understand many of the struggles they have to face. Our highly experienced and professional asset management team can help you ensure none of the following common challenges are a difficulty for you.
Professional athletes are constantly being approached for various forms of financial assistance by those close to them. Situations like this can become very uncomfortable, and having someone to act as a gatekeeper and diffuse the awkward situation helps tremendously. We try our best to take on this role and ask any family, friends, or acquaintances requesting financial assistance to contact us directly so that we can act on the athlete’s behalf and either break the news that lending money is not in everyone’s best interests at this point in time or structuring a promissory note for those times the athlete feels lending money is warranted.
Professional athletes are also targeted as the perfect investor to provide the large capital oftentimes required for “the next big investment.” We’ve heard some pretty crazy things over the years, so we can say with confidence that 95 percent of these “can’t go wrong deals” will and do go very wrong at the expense of the professional athlete if they’re not careful. We review and research each “opportunity” placed before our clients to ensure their money is only being invested in worthwhile and legitimate investments—investments that will add, not detract, value.
Having a career that constantly pulls you away from your family is emotionally taxing. Professional athletes are on the road for a large percentage of the season as well as during spring training. Balancing marriage, parenthood, and a career is tough enough when one is stationary—add a nomadic lifestyle to the equation and there is a lot of room for emotional exhaustion and quite possibly marital problems. Studies have put the divorce rate among professional athletes at about 60 – 80 percent. When a major life event such as this occurs, you should consult your financial advisor to ensure everything is being addressed properly. Divorce will not only touch property and investment accounts but retirement plans and pensions as well. We highly recommend prenuptial agreements be executed prior to any marriage to help mitigate these potential conflicts. During a time like this the professional athlete may need some extra guidance or support to help keep them focused and organized.
The important thing to remember is that there are resources available to help you navigate through these daily challenges. Don’t be afraid to seek them out and use them.