It’s no secret that the NFL organization makes billions of dollars every year and the players get a large chunk of those profits. What the players chose to do with their millions is ultimately up to them, but with the average NFL career lasting as little as three or four years, they need to be smart about it. After countless lawsuits of players suing their financial advisors for losing millions in bad investments, the NFL Players Association has finally decided to step in to help protect their players assets.
As of July 2018, the NFL has cracked down on just who can be on their “approved” list of advisors. Before this month, there were only a few series of background checks advisors had to go though as well as a few fees that needed to be paid before being allowed on said list. Now advisors must hold the CFP® designation, obtain 8 years of professional licensed experience, have no criminal record related to fraud, and have no pending customer complaints or litigation.
These new regulations were put in place to ensure the upmost care for NFL athletes and the Players Association recognized that their athletes deserved to be taken care of properly. When it comes to the CFP® standard, there is a drastic difference in fiduciary care between being a CERTIFIED FINANCIAL PLANNERTM versus a non-certified financial advisor. The fiduciary duty CFP® professionals are held to insures that not only NFL athletes, but everyone gets the standard of care that best suits them and their needs.
NFL athletes shouldn’t have to wonder if their money is being well taken care of when they lead such busy lives, and neither should anyone else. When you’re paying someone to make life decisions for you, you should be paying someone you can trust. Working with a CFP® Professional can give you the confidence that you are working with someone who is held to the highest standards.