New council to tackle short careers, financial literacy gaps and long-term planning challenges
JPMorganChase is tapping the collective knowledge of some of the biggest names in sport as it ramps up efforts to serve athletes’ complex financial needs.
The Wall Street firm’s new Athlete Council is aimed at influencing wealth planning solutions from early career through retirement and is designed to help athletes navigate the unique financial realities of professional sport, including uneven income streams, relatively brief earning windows and limited access to structured financial education.
“An athlete’s career and earning power are unique,” said Kristin Lemkau, CEO of JPMorgan Wealth Management. “Careers can be short and retirement unexpected. We want to develop a program by athletes for athletes to help them from college to professional sports to retirement. Every athlete on this Council has been deeply committed to paying it forward to help the more than 500,000 college, working and retired athletes avoid some of the same pitfalls they stepped in.”
Former NBA standout Dwyane Wade will chair the council, which also includes prominent athletes such as Tom Brady, Megan Rapinoe, Alex Morgan and Sue Bird. Members are expected to draw on their personal financial experiences to help shape advice and services relevant to athletes at different stages of their careers.
“Athletes face unique challenges and opportunities. Having the right educational resources and guidance is critical to making smart decisions about money as your career evolves,” said Wade. “The Council gives us the opportunity to share our experience and insights to help athletes build their financial knowledge and plan beyond their playing careers.”
As part of the broader push, JPMorganChase plans to establish an Athlete Center of Excellence staffed by specialists familiar with the sports ecosystem. The firm also intends to expand financial literacy programming at universities and major sporting events, alongside launching a digital content hub offering guidance tailored to different phases of an athlete’s professional journey.
The bank said the council will collaborate with senior leadership on product development, education initiatives and outreach strategies tailored to athletes. Industry data cited by the firm highlights the financial risks athletes face: fewer than 2% of NCAA competitors go on to professional careers, most athletes retire before turning 35 and roughly one in six NFL players files for bankruptcy within 12 years of leaving the league.
