The Challenges Facing Financial Advisors in the 21st Century with Special Guest Tywanna Smith

I discuss the challenges facing financial advisors in the 21st century with special guest Tywanna Smith of Athlete’s Nexus

Podcast Details:

Podcast Title:  The Challenges Facing Financial Advisors in the 21st Century with Special Guest Tywanna Smith
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:

I discuss the challenges facing financial advisors in the 21st century with special guest Tywanna Smith of Athlete’s Nexus (on Twitter @AthletesNeXus)

  • Who is Tywanna Smith (2:25)
  • Tywanna talks about her idea behind writing  “Surviving the Lights: A Professional Athlete’s Playbook to Avoiding the Curse”.  (4:50)
  • Tywanna and I dive into her book -“…
    • we don’t exploit athletes for revenue; we prepare them for life” (6:40)
    • How many athletes really understand how to leverage their brand to set up “life after the sport” (10:10)
    • For generations, the African-American culture has instilled a “loyalty” complex in its offspring to make decisions based on emotion rather than logic. (12:45)
    • Athletes operate best with good coaching, guidance, and teaching, and they are most receptive when someone connects with a level of understanding… (16:40)
    • As an athlete, how do you build a great team around you (20:04)
    • How athletes can use their current influence (29:30)
  • How to increase the level of financial literacy among athletes (31:25)

#financialliteracy #financialplanning #financialeducation #financialadvice #athletetransition #financialadvisor

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About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

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#FinancialLiteracyBootCamp

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FLBC 032: Solutions for Fixing the Athlete Fraud Problem

Discussion with Chase Carlson and Jonathan Miller about the fraud problem in the athlete and entertainment world.

Podcast Details:

Podcast Title:  Solutions for Fixing the Athlete Fraud Problem
Podcast Series: Financial Literacy Boot Camp
Video and illustrations available on our YouTube channel here.

 

Questions/Issues We’ll Address on this Episode:
My discussion with Chase Carlson and Jonathan Miller about solutions to fix the athlete fraud problem.

Helpful Links:

Submit a “Boot Camp Listener” question

Sign up for more updates like these

Subscribe to the podcast!

About Me:
Dominique Henderson, CFP® is founder of DJH Capital Management, LLC., a fee-only, registered investment advisory firm specializing in comprehensive financial planning and wealth management.

Where to Find Us:

Facebook-Icon78-3 twitter-icon youtube google
#FinancialLiteracyBootCamp

Sound bumps provided by www.bensound.com

When Is Enough, Enough?

Is there a point at which we won’t hear so much about athletes being the victims of financial fraud?

For years, it seems the spotlight has been inexorably drawn to athletes (as opposed to Joe Blow consumer) that have been prey to bad financial advice.  We’ve all read the stories of grand fraud perpetrated under the guise of “financial advice”.  I wonder just how de-sensitized have we become to this phenomenon.  Just recently, 60 Minutes aired yet another example of fraudulent behavior that cost athletes $43 million (of which in all likelihood, there will be little to no recovery).  Couldn’t the major sports organizations create higher barriers of entry to current and “would-be” financial advisors wanting access to their players?  I think having not done so at this point sends a certain message. (I’ll leave that message up to your own imagination.) It has been estimated that just since the NFLPA’s financial advisor program launched in 2002, athletes receiving advice from advisors approved by the program have lost $150 million.  Obviously, there are a lot of ways to attack this problem and it may indeed start with better athlete education.  If so, maybe it is incumbent on organizations like the NCAA to get more involved since the large majority of athletes have to spend some time in an undergraduate classroom before their pro career.  How about making a personal budgeting and financial literacy class mandatory in order to continue NCAA eligibility?  Oh, I’m sure it would get a lot of pushback, but after all, we are asking them to look beyond the next 10 years to their “future” self.  Sports leagues with formal programs like the NFLPA’s Financial Advisor program could radically help efforts by just requiring (or even engaging in) an annual audit of participating advisors (something similar to what FINRA or the SEC would conduct).  We all know that the “Top Four” professional sports leagues have deep enough pockets to fund something like that.

Ultimately, it may have to begin with the athletes willing to speak up to allow change to occur.  Considering the relatively short career of the average athlete, that time may need to come sooner than later.  But then again, maybe no one really cares…