How Do Teams and Advisers Help Athletes Avoid Financial Mismanagement?

An excellent athlete is usually part of a great team: their own. Athletes combat stress and unfamiliar situations by surrounding themselves with helpful, knowledgeable, and creative people. These people range from coaches to fellow athletes, managers to family members, financial advisers to psychologists.

Although athletes typically get bigger salaries as they grow as players, the problem of managing money does not get easier over time. Experienced athletes typically continue to have difficulties tending to their finances. “That’s why we created a (financial planning) program called GAP, an acronym that stands for ‘grow and protect,’” said Pam Provo, executive vice president of business development of Athlete Advisory Services.

Provo says the term also refers to the gap of time, usually 20 years, between a player’s financial career and the point where they can access their retirement funds. Provo improves her planning program by taking suggestions from her firm’s professional athlete’s advisory board. The board includes current and former players.

Read the rest at The Atlanta Post