By James Thrash
Manager, Player Engagement
With the playoffs and Super Bowl behind us, the offseason is now in full swing. Football season is a time when you must use all your energy on bettering your skills for the game. Offseason is a time when you can focus more on preparing for your future. The kickoff for this offseason was the Wharton Business Management & Entrepreneurial Program (BM&E) that took place on February 10th – 13th at the Wharton School of Business at the University of Pennsylvania. The program had a focus on “transitioning with success,” and it proved to be beneficial to both current and former players.
One of the more popular sessions was the small group breakouts. Participants had a number of topics to choose from, including the business of sports, managing career transitions, applying for an MBA, real estate Q&A, reevaluating your financial advisor, resume writing, and smart philanthropy: giving with impact. The small group format provided a more comfortable atmosphere to encourage participants to ask more personal questions. Scott Lutrus of the Colts said about the breakout sessions, “I certainly got a lot out of the financial advisor break out group. My biggest takeaway was the emphasis on creating a business plan and reviewing it annually with your financial advisor. If they will sign your plan, then they become a fiduciary which authorizes your advisor to manage your assets in your best interests rather than their own for profit. Also, take the time to use FINRA for a background search for any particular advisor to determine whether or not they have ever had any disputes filed against them. I've learned that a few guys who attended the course have changed advisors from when they first entered the League because they did not take the proper measures in determining whether or not they suited them best. Use your resources and ask questions to make sure your advisor has your best interests at hand.”
Asking questions proved to be a vital tool in getting the most out of the breakout sessions. In reevaluating your financial advisor, the participants were informed on the different ways in which financial advisors and brokers charge fees. They were educated on how to hold their financial advisor accountable and which questions should always be asked. Each participant was given the opportunity to look up their personal financial advisor on the FINRA website to see if he/she is a registered broker. The session was beneficial to all attendees. As stated by Pittsburg Steeler Shaun Suisham, “Attending the Wharton Program was without question the most significant educational experience I have ever had. Having the privilege to learn from some of the most brilliant minds available in an academic setting has deepened my thought process. I have no doubt that this program will direct my path toward a brighter future. Re-evaluating your Financial Advisor was a session covering specifics aimed toward a better overall understanding of finance. I would encourage all players regardless of background or net worth to ensure they fully comprehend what is happening with their money and why, as wealth preservation is the key to our futures.”
Learn more about the Business Management & Entrepreneurial Program.