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Ally Love, Dwyane Wade, Kristin Lemkau, Tom Brady, A’ja Wilson and Megan Rapinoe at the launch of the JPMorgan Chase Athlete Council in New York. Photo by Shane O’Brien.
A group of superstar athletes, including Tom Brady, Dwyane Wade, and Megan Rapinoe, has joined forces with JPMorgan Chase to form a new council that will advise young athletes on managing their finances.
The JPMorgan Chase Athlete Council, launched Wednesday afternoon at JPMorgan’s new global headquarters at 270 Park Ave., features several other high-profile athletes, including Knicks guard Jalen Brunson, WNBA champion Sue Bird, four-time WNBA MVP-winner A’ja Wilson, New York Giants pass-rusher Kayvon Thibodeaux, two-time World Cup champion Alex Morgan, and Peloton instructor Ally Love.
The Council, chaired by Wade, aims to provide young players with financial advice to help them navigate their short careers.
The initiative stems from the unpredictable nature of a professional sports career, with the majority of professional athletes announcing their retirement before they turn 35 and less than 2% of NCAA athletes turning professional. JPMorgan also noted that one in six NFL players declare bankruptcy within 12 years of retiring.
Still, nearly 65% of professional athletes have never received any form of financial education in school, according to the Journal of Athlete Development and Experience.
The newly-formed Council has pledged to help 500,000 working and retired athletes avoid the same financial pitfalls that they experienced, JPMorgan said. The stars will also meet regularly with JPMorgan executives to develop programs that support athletes from the beginning of their careers through retirement.
The group held its inaugural meeting in New York on Wednesday, sharing their own personal experiences and discussing a range of topics about the financial needs of athletes.
At a panel discussion held immediately after that inaugural meeting, Brady noted that players are earning more money than ever before at an earlier stage in their life than ever before.
“If you’re lucky to have people around you that you trust and that care about you, they can help guide you to decisions. But from my experience with a lot of my former teammates, a lot of kids didn’t have that,” Brady said.
Brady added that the Council aims to provide “mentorship” to young athletes so they can avoid some of the mistakes that he and other athletes made during their careers.
Rapinoe, on the other hand, said the Council provides a diverse range of voices, meaning that different members can cater to athletes from different backgrounds and different sports.
“Tom’s needs are different than mine and our lessons our different,” Rapinoe said. “I think we all care deeply about our next generation of athletes.”
Wade, meanwhile, said it is critical to provide educational resources and guidance to young athletes so they can make smart financial decisions as their careers evolve.
“The Council gives us the opportunity to share our experience and insights to help athletes build their financial knowledge and plan beyond their playing careers,” Wade said.
Kristin Lemkau, CEO of JPMorgan Wealth Management, who chaired Wednesday’s panel discussion, said the Council represents an initiative “by athletes for athletes” to combat against short and unpredictable playing careers.
“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,” Lemkau said in a statement.
