JPMorgan Wealth Planner Targets Athletes in Locker Rooms

Key facts

• JPMorgan's Athlete Center of Excellence aims to educate athletes on financial management.
• Wealth advisor Mikael Lemieux visits universities and sports teams, often meeting athletes in locker rooms.
• Athletes face unique financial challenges including short career spans and earning money at a young age.
• The initiative helps athletes manage finances, navigate endorsement deals, and filter financial requests.
• Building trust with athletes, coaches, agents, and parents is key to the program's success.

JPMorgan has established an Athlete Center of Excellence, a new educational resource aimed at helping athletes manage their finances. Mikael Lemieux, a wealth advisor with the firm, travels extensively to universities and professional sports teams, meeting athletes in settings like locker rooms to discuss financial planning, investing, and managing endorsement deals.

Lemieux, who has a background in major junior hockey and comes from a renowned hockey family, understands the unique financial landscape athletes navigate. Their careers are often short, they earn significant money at a younger age, and they face numerous uncertainties. The program emphasizes an 'athlete as CEO' framework, encouraging them to think about long-term financial futures.

Financial institutions like JPMorgan are increasingly focusing on the sports and entertainment sector, especially after the NCAA's 2021 Name, Image, and Likeness (NIL) rule changes. This has opened up substantial earning potential for college athletes. Other firms like Merrill Lynch, Wells Fargo, and Morgan Stanley also have dedicated sports and entertainment teams.

Lemieux noted that athletes often ask about investing and how to handle financial requests from family and friends. Having an advisor can act as a buffer, helping them manage these demands. The initiative also touches on personal branding and strategic endorsement deals, including taking equity stakes in companies. Building trust within the athletes' networks, including coaches and agents, is a critical component of the program.