Late last month I had the opportunity to attend the 2024 NFLPA Joint Conference of Agents and Financial Advisors.
As a Member of the NFLPA Registered Player Financial Advisors Program, I was excited for the invitation to attend the conference.
For those that don't know, the NFLPA stands for National Football League Players Association and the NFLPA is the union that represents the players in the NFL.
The conference was an opportunity for NFLPA contract advisors (also known as agents) and financial advisors to network together to better serve NFL players. Moreover, it was a chance to learn about the benefits players receive as well as unique challenges and planning opportunities that NFL players face.
Since this was my first conference I was very excited to attend so I could learn as much as possible so I can be well equipped to serve NFL players to the best extent possible.
The conference was for 2 days and held in Chicago.
Visiting Chicago was another first for me so that was cause for more excitement.
I was fortunate enough to be able to fly direct out of Colorado Springs to Midway Airport in Chicago. If you've ever flown out of Colorado Springs, you know how nice and convenient it is compared to Denver.
I was able to fly into Chicago the night before the conference so I wasn't rushed, but more importantly I was able to try some authentic Chicago Style Deep Dish Pizza from Giordano's. I must say, it was INCREDIBLE.
I highly recommend it.
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The next day was the first day of the conference.
Honestly, not much happened this day.
First you had to complete registration for the conference, and then I got a chance to learn briefly about some of the benefits and support that the players have from the union and the league.
For example, there is support for mental health, tuition reimbursement and transition assistance for players after their playing days are over. I thought that this was great for players because after spending a majority of their life and career in the routine of football it can be a little daunting to transition into the next phase of a player's life. Having support to make that transition is a huge benefit for players.
Afterwards, there was a nice dinner where we had an opportunity to network and get to know fellow advisors as well as agents.
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The next day, Day 2 was where it was at in my opinion.
Me, and a bunch of other advisors and a few agents got to hear from a handful of ex-players, the benefits manager and NFLPA the executive director, to name a few, about the benefits that players receive, unique needs and concerns of NFL players and what the NFLPA is doing to support its players while trying to manage the balance of giving the NFL team owners what they want while giving the players what they want and need.
It was a very interesting day filled with great information and it left me with a huge desire and a lot of excitement to be able to help these players, both from a financial standpoint but also in life in general.
As a financial advisor we go beyond just the money side of things. While money is obviously important and finances is what we as advisors specialize in, there is more to life than just money. We can also be a valued person in our client's life, which is arguably the most important role we can play. Personally, I want to be here for my client's whenever they need me, not just when it comes to money but for anything in life they feel they need help with, even just someone to talk to. Wealth is more than just money.
Here are my biggest takeaways from the 2024 NFLPA Joint Conference of Advisors and Agents
1) Players are often targeted and victims of financial crimes and scams.
It's well known that a career as an NFL player can be a very lucrative career, and sometimes can be a very high profile career where you are constantly in the limelight.
Because of this, NFL players are often targeted in financial scams. Often times through social media, but also in person. These scams can include investing in cryptocurrency, dating app scams and more. As an advisor to NFL Players it's important to be aware of these scams targeting players and to help players avoid these potential traps and scams.
2) The NFL has some incredible benefits for their players.
Benefits include:
401k, 401k match, cash balance plan, annuity program, capital accumulation plan, pension plan, health insurance, disability insurance and tuition assistance just to name a few.
I was pleased to see all the NFL does to incentivize and compensate their players because the players are priceless. The players are who fans connect with, they are the face of the game and the league. They deserve to be taken care of.
Part of my job as an advisor to make sure that the players understand their benefits and to help them asses how these benefits fit into their overall personal wealth management plan.
3) NFL Players are nickel and dimed
From a tax standpoint they are at least.
NFL Players obviously pay federal and state income tax.
But what most people don't know is that they pay state income tax in the state where they play their games, not based on the state where the NFL team they play for is located.
Depending on what tax bracket a player falls in they might be paying nearly 50% in taxes on a portion of their income.
Also, certain city and local governments impose other "fees" and taxes on these players whenever they play a game in their city.
For example, the City of Pittsburgh charges a "facility usage fee" of 3% of income for nonresident players and 1% for resident players.
When a government "fee" is based on a % of the income you earn, it is not a "fee" it is a tax.
This reality makes tax planning critically essential for NFL players. Proper tax planning will help NFL Players keep as much of their income as possible, which will be helpful when they decide to transition out of the league but also so they are in a position to bless their families, bless others and support causes that are important to them.
4) As advisors to NFL players we need to help players on a unique level
When players come into the league they are very young, 20, 21, 22.
And a lot of these players come into money, and some come into that money very quickly.
Being young and coming into money quickly can be problematic since when you are young you likely have no idea how to properly manage money. Basically you can be at risk of "blowing all your money".
This in and of itself is a problem.
But there's another unique problem.
A Player might have people from their past that feel like they are owed something, or they might look at the player as their own personal ATM.
Players might be put in a position where they are pressured to financially support anyone and everyone from their past that asks for a handout.
Players need to be ok with saying, "no" to friends and family if they don't want to support them financially. And this can be a very hard thing to do.
Players might feel guilty for not always wanting to support people from their past financially. If the player wants to support someone financially and it won't cripple the player, then that's all good. But it should ultimately be the player's choice.
Bottom line, Players will need help with the emotional and behavioral side of money.
Money isn't always about the numbers, spreadsheets and modeling.
A lot of times it has to do with emotions and feelings.
As an advisor and Member of the NFLPA Registered Player Financial Advisors Program, that's just another way we need to be there to support our clients, and NFL Players in particular.
5) Players desperately need people they can trust around them
The sad reality is that there are a lot of people out there that are trying to take advantage of NFL Players, due to their high profile status and high income.
Without trusted people around them that are looking out for their best interests, NFL Players can easily be taken advantage of.
As an advisor and Member of the NFLPA Registered Player Financial Advisors Program it is critical that we are trustworthy, acting in the best interests of the player and have a genuine desire to want to see these players succeed, both financially but also to be thriving in life.
As Member of the NFLPA Registered Player Financial Advisors Program my goal is simple:
To help players make the most of their opportunity in the NFL by implementing a personal wealth management plan to put the player in a position to bless their families, bless others and pursue a successful transition after their playing career.
All in all this year's conference was great and I can't wait to get to next year's conference.
Cheers,
Michael