What first-round NBA draft picks should do with all that money
Zion Williamson, Ja Morant, RJ Barrett and 27 other young men were first round draft picks. They will soon sign contracts ranging from approximately $7 million to $33 million.
Financial Planning asked prominent wealth managers — and a future NBA Hall of Fame player — what advice they would give to the basketball players who are about to become pros. The insights are also valuable for other professional athletes, as well as planners who specialize in the niche. Indeed, financial advice for the specialty has become increasingly prominent.
Earlier this week, NorthRock Partners in Minneapolis hired Tony Parker, the six-time All-Star who won four NBA titles with the San Antonio Spurs, to head its sports, artists and entertainment division. And Cleveland-based MAI Capital Management strengthened its reach by acquiring another firm working with professional athletes, MTX Wealth Management in Reston, Virginia.
In March, former Notre Dame star and 12-year NBA veteran Troy Murphy opened Sweven Wealth, a firm dedicated to working with young athletes turning professional.
“I’ve seen too many people who were just not prepared to navigate the new financial landscape they find themselves in,” Murphy said.
Here’s some free advice for them: