Merrill has partnered with sports education brand IMG Academy to boost the financial wellness of student athletes and their families.
The Bank of America wealth management business will provide education and resources to students through IMG’s platforms which include boarding schools and camps, and online coaching.
"Athletes today are navigating an increasingly complex financial landscape and are expected to make decisions at an early age that can have a significant impact on their futures," said Greg McGauley, Head of Merrill Private Wealth Management, International and Institutional Groups. "That is why this partnership with IMG Academy is so important and timely. It offers students and their parents the education and resources to help them make informed financial decisions now and in the future."
Athletes are also the focus of a new investment fund firm that has been accounted this week by a Wall Street veteran, an NBA Hall of Famer, a sports and entertainment agent, and a former Shark Tank judge.
Merrill launched a dedicated sports and entertainment division three years ago and its financial advisors are experienced in the specific challenges and requirements of athletes’ finances. Through IMG they will offer support and advice on areas such as basic savings and spending, introduction to credit, and general investing information.
"Given the modern high school and collegiate student-athlete landscape, it is becoming increasingly important to develop financial literacy at a younger age," said Brent Richard, CEO of IMG Academy. "Establishing a partnership that provides our student-athletes and their families financial resources and knowledge is another significant addition to our holistic education curriculum, and only further increases the value of an IMG Academy education."
InvestmentNews recently spoke with financial advisor Phil Reynolds who has dedicated his practice at Brentwood, Tennessee-based TBH Advisors to professional athletes and sees the complexities of managing their money, not least because they typically have two retirements.
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