When an athlete is drafted by a professional team it is the culmination of all the hard work and preparation done on and off the field, collaboratively by family and child. It’s a pivotal moment in life, not only for the athlete, but for his parents. It is in this moment when parents remember their son first picking up a ball, when they anguished in his first defeat, and sacrificed family vacations so their son could make trips across the country to be recognized by all the professional scouts.
There is no question that without the support of the entire family it becomes near impossible for that athlete to become part of the exclusive club that can be paid for what they love most, sport. Draft day, however, is also a rite of passage where this child becomes an adult in both how he can provide for himself as well as how he is viewed by fans and his employers.
At Winpoint, we spend a lot of time with parents and family members of athletes and we understand that they are always looking out for what’s best for their son. We appreciate that up until this point in life, aside from their coaches, parents have been the athlete’s most trusted advisors.
In some instances, this translates to feeling the need to continue managing their son’s financial affairs. Unfortunately, we have found that in the far majority of cases what is best for their son and family is NOT to manage his financial affairs, but to help find their son a financial professional that has sufficient experience to help manage his soon to be complex finances and liabilities.
We strongly suggest that parents be a part of the process and help their son get set up with an advisor whom they trust. But inevitably, the 18 year old who was drafted will soon become a husband, and then a parent with his own family and legacy to own. After draft day, we feel that it’s the parent’s responsibility to push their son to lead his own decision making with the help of seasoned professionals.
Every parent crosses this bridge with their child, the bridge that ultimately leads to financial independence. Knowing that this transition can be tough for parents, we work closely with families as they work through this process. We take comfort in knowing that we approach our financial services with families in mind. Through meetings and continued dialogue, we not only help the athlete understand the responsibilities that are ahead of him, but work closely with his family to give them comfort and assurance that their son’s financial security is our main concern.
We enjoy becoming an extended part of an athlete’s family. And while the parents’ role as financial advisors may be over, their role in supporting and encouraging their son as he enters this new phase of his life becomes more important than ever.