Steve Thompson of Skylight Attends the NFLPA Financial Advisor Conference
We’ve all heard plenty of stories about NFL athletes who are bankrupted two years after they retire or financially struggling. At the conference, they put this figure to be at around 75% of players who have suffered such tales of woe. Helping professional athletes dodge the pitfalls of poor investments, splurging, and poor financial advice was, therefore, a major goal of the conference. We learned about the incredible resources that the NFLPA provides to its players during and after their career and received great insight into the player’s entire journey through football – from what they can expect when they’re drafted to the benefits they receive each year. We also gained an appreciation of how their development and staying active in the league is crucial to their future planning and success.
It’s was great to hear first-hand from both active and veteran players who shared their successes and failures in terms of financial decisions they have made over the years. The pivotal role of financial advisors, like myself, was discussed with a view to ensuring that the best financial planning process is offered to the 21-year old who experiences “sudden wealth”. For many of these professional athletes so much rests on them having a proactive and strong-willed advisor who can help them make the right choices early in their career and take advantage of the NFLPA programs so that they are set-up for the future.
As I go back to my day-to-day, the conference has left me even more dedicated to serving the professional athlete. I’m excited to have an even greater understanding of their journey and this will help me provide the best planning process based on a “player-centric” model. Everyone has different needs, goals, and dreams for the future – our process is designed to identify these needs and develop a specific plan to help them get to the goal.
Steve Thompson, MSFS, ChSNC, BCAA, CAS, CFS, is one of four NFLPA Registered Player Financial Advisors in Ohio, has over 25 years of experience in the investment arena and is the Investment Specialist for Skylight. He is also Managing Partner and Co-Founder of our Special Needs Planning Team and frequently lectures at conferences around the country.
Steven Thompson is a registered representative of and offers securities, investment advisory and financial planning services through MML Investors Services, LLC Member SIPC. 2012 W. 25th Street, Suite 900, Cleveland OH 44113. 216-621-5680.