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How a CFP Professional Protects Athlete Wealth

Updated: 6 days ago

When I began my career in financial advisory in 2013, I frequently heard heartbreaking stories of athletes who made millions but ended up broke and even homeless. It wasn’t just bad luck; it was a pattern. Some were misled by people they trusted, while others simply didn’t have the right financial guidance. Seeing this happen over and over again made me realize that I wanted to be part of the solution.


That’s why, when I went independent as a financial advisor, I made it my mission to earn the CFP® certification—not just to set myself apart but because I knew athletes deserved comprehensive, fiduciary financial advice that prioritized their long-term well-being.


Basketball coaching clipboard with strategy diagram and whistle, symbolizing financial game plans for athletes to secure long-term wealth.
Strategic financial game plan for athletes’ success.

The Unique Financial Challenges Athletes Face


Unlike most professionals who earn a steady paycheck for decades, athletes make the majority of their lifetime earnings in a very short period. For example, former NBA player Antoine Walker earned over $108 million during his career but declared bankruptcy just a couple of years after retiring due to poor financial decisions and excessive spending during his playing career.


Bar chart showing average career span of athletes in different sports, highlighting the short earnings window for most professional athletes.
Average career span of pro athletes by sport.

If not managed wisely, that money can disappear just as fast as it came in. Some of the biggest pitfalls athletes face include:


An Athlete's Short Career Span

The average NFL career is just 3.5 years, while NBA and MLB players only last about 4.8 and 5.6 years, respectively. Even soccer players, with an average of 8 years, must prepare for a long retirement. Golf is one of the few exceptions, with careers averaging 20 years.


High Spending and Lifestyle Creep

Many athletes feel pressure to maintain a lavish lifestyle, whether it’s buying multiple luxury homes, expensive cars, or supporting extended family and friends.


Poor Investment Decisions

From shady business ventures to bad stock market bets, many athletes lose money by making uninformed investment choices.


Tax Mismanagement

Earning millions in a short window means athletes often face complex tax situations, which, if mismanaged, can lead to major financial problems.


Predatory Financial Influences

Whether it's bad business partners, dishonest financial advisors, or friends who don’t have their best interests at heart, athletes are often targets for financial exploitation.


How a CERTIFIED FINANCIAL PLANNER® Professional Helps Athletes Secure Their Financial Future


As a CFP® professional, I bring fiduciary, fee-only financial advice to the table—meaning my only obligation is to my clients, not commissions or outside incentives. Here’s how I help athletes preserve and grow their wealth for the long term.


1. Building a Sustainable Wealth Plan

The goal isn’t just to make money—it’s to keep and grow it so that it lasts a lifetime. I work with athletes to develop a comprehensive financial plan that includes:


  • Cash flow management – Budgeting for both peak-earning years and post-career life.

  • Long-term investments – Diversifying assets to ensure steady income beyond their playing days.

  • Retirement planning – Maximizing contributions to 401(k)s, IRAs, and annuities to create long-term security.


2. Smart Tax Planning

Taxes can eat away at an athlete’s earnings if they’re not planned for correctly. I provide strategies like:


  • State tax optimization – Minimizing taxes by considering residency in tax-friendly states.

  • Deferred compensation plans – Structuring payouts to reduce tax burdens in high-earning years.

  • Utilizing tax-efficient investments – Strategies such as municipal bonds, tax-loss harvesting, and Roth conversions.


3. Protecting Wealth from Predators and Bad Investments

One of the most important roles I play as a financial advisor for athletes is being a safeguard against bad financial decisions. Many players are pitched risky or fraudulent investments—whether it’s a “sure-thing” business deal, a get-rich-quick scheme, or even financial advisors with conflicts of interest.


Shohei Ohtani at a Dodgers press conference with his translator, highlighting financial risks athletes face without fiduciary oversight.
Shohei Ohtani case highlights athlete financial risks.

A recent high-profile example of financial mismanagement in sports is the Shohei Ohtani case, highlighting the financial risks athletes face without independent financial oversight. With his trusted translator allegedly misappropriating millions, this situation demonstrates the importance of having a CFP® professional to conduct regular audits, ensure transaction transparency, and implement fraud prevention strategies to protect an athlete’s wealth. His trusted translator, Ippei Mizuhara, allegedly stole millions of dollars from him to cover gambling debts. This situation underscores how even the most successful athletes—Ohtani signed a $700 million contract—can still fall victim to financial fraud when they don’t have independent, fiduciary oversight.


As a CFP® professional, my role extends beyond just investing—I act as a separate, objective set of eyes to ensure that all financial transactions are in the athlete’s best interest. Some key ways I help prevent financial fraud include:


  • Regular financial audits – Ensuring all transactions align with the athlete’s financial goals.

  • Independent verification of all financial decisions – Cross-checking with a network of trusted legal and accounting professionals.

  • Strict cash flow controls – Monitoring spending and investments to prevent unauthorized withdrawals or fraud.


4. Creating Multiple Streams of Income

Athletes shouldn’t rely solely on their playing salaries. For instance, Shaquille O’Neal successfully leveraged his brand by investing in businesses like Five Guys (sold in 2016) and Papa John’s, ensuring a stable income after basketball. I help my clients create diverse income streams through:


  • Real estate investments – Buying income-generating properties.

  • Brand partnerships – Structuring deals that create long-term revenue instead of one-time paydays.

  • Business ventures – Advising on smart, sustainable business opportunities.


5. Planning for Life After Sports

Too many athletes retire without a plan for what comes next. I help them map out post-career income strategies, whether that means broadcasting, coaching, entrepreneurship, or passive investing.


A great example of an athlete who successfully transitioned is Magic Johnson, who turned his NBA earnings into a billion-dollar business empire.


Final Thoughts: Athletes Need a Trusted Financial Team


Athletes train hard to succeed on the field, but achieving financial success requires an equally strategic approach. Working with a CERTIFIED FINANCIAL PLANNER® professional ensures that their wealth is protected, grown, and managed responsibly—so they don’t become another statistic of financial downfall.


If you’re an athlete (or represent one as an agent), let’s talk about how I can help you create a game plan for long-term financial success. Schedule a free consultation today.

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Certified Financial Planner Board of Standards Center for Financial Planning, Inc. owns and licenses the certification marks CFP®, CERTIFIED FINANCIAL PLANNER®, and CFP® (with plaque design) in the United States to Certified Financial Planner Board of Standards, Inc., which authorizes individuals who successfully complete the organization’s initial and ongoing certification requirements to use the certification marks.

 

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