JPMorgan taps Dwyane Wade, Tom Brady in athlete wealth management push

JPMorgan Chase He recruited some of the biggest names in American sports to help solve a persistent problem: pro athlete attendance. free.

The bank on Wednesday announced an initiative called the JPMorgan Chase Athlete Council, which is led by two-time NBA Hall of Famer Dwyane Wade and includes other high-profile athletes such as Tom Brady, Sue Bird, Alex Morgan, Megan Rapinoe, A’ja Wilson and Jalen Brunson.

The stars will meet with JPMorgan executives to help the bank create programs designed to serve athletes from college to professional life to retirement, JPMorgan said in a statement.

The move reflects growing competition among banks and asset managers to serve athletes, the most prominent of whom are increasingly becoming entrepreneurs, investors and media personalities.

Most athletes do not study personal finance in school, and their relatively short careers leave a narrow earning window that requires careful planning, according to JPMorgan, the largest U.S. bank by assets. Approximately one in six NFL players declare bankruptcy Within 12 years of retirement, the bank said.

“We’ve heard the same thing over and over again, a lot of young athletes suddenly making money, developing unsustainable lifestyles, not always getting good advice from those around them, and those are the lucky ones,” Kristin Lemkau, president of JPMorgan Asset Management, told CNBC’s Leslie Picker on Wednesday.

Wade said in a statement that the initiative gives athletes the chance to share their hard-earned experiences with future generations.

“Having the right educational resources and guidance is critical to making smart money decisions as your career develops,” he said.

WNBA player Wilson said it was important for her to be able to share her money management skills with the next group of professional athletes.

“We’re trying to turn over a new leaf and help the next generation of young people understand that you need to build trust, you need to create boundaries, and you need to know exactly how you want to work with your money,” Wilson told CNBC.

The bank is also establishing an Athlete Center of Excellence staffed by financial experts with sports experience and launching a content hub. checklists system for athletes browsing by name, image and likeness or NIL and guides to create a roster of advisors.

— CNBC’s Laya Neelakandan contributed to this report.