JPMorganChase announced the creation of a new Athlete Council oin Wednesday, which will focus on helping athletes navigate financial decisions early in their careers.
The council is made up of future Pro Football Hall-of-Famer Tom Brady, NBA legend Dwyane Wade, former U.S. women’s national team players Megan Rapinoe and Alex Morgan, WNBA stars A’ja Wilson and Sue Bird, Giants edge rusher Kayvon Thibodeaux, Knicks guard Jalen Brunson and Peloton vice president Ally Love.
It comes as athletes are making millions at a younger age with the growth of NIL in college sports.
JPMorganChase held a press conference Wednesday, where Brady, Wade, Wilson, Rapinoe, Love and Kristin Lemkau, J.P. Morgan Wealth Management’s CEO, made statements.
“We put this together because we feel like young people in general, but in particular, young athletes are not getting the same kinds of advice that they need around their money,” Lemkau said. “We believe with our banking, lending and investing capabilities, we think there’s an important role for us to play to be able to help bridge that gap.”
“As athletes, the only way we really learned was making mistakes,” Brady added. “When you made a lot of mistakes, you go, ‘OK, I’m not going to do that again.’ With finances, you don’t really want to make many mistakes. It’s way too hard to earn it, and it’s pretty easy to lose it.”
A press release from JPMorganChase added that the firm will support athletes by designing curriculums at universities tailored to athletes and creating a dedicated educational content hub that will include guides to financial success at each point in athletes’ careers.
