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Sports Business

Treating Your Client Like a Child

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Did you read the most recent story about a high profile athlete (Vince Young) going broke?

I’m not saying your client is spending $5,000 per week at the Cheesecake Factory like Vince Young.  I’m not saying your client is going broke.  Do you have a client who is making some risky investments and doing it regularly?   Do you have a client who is gambling too much money and seems out of control with it?  Do you have a client who believes “bling” is more important than his future?  Do you have a client who thinks he is in control of his finances, but you know he’s not?

The answer:  take the money away from him!  Although the direct deposit strategy may be winning one small battle, it’s certainly not the entire solution.  Take their access to that account away from them; give them a weekly sum to spend like their per diem, and that’s all they get.  Similar to giving your five year old son a weekly allowance, the same should be used for an athlete who doesn’t know right from wrong.

I’m not claiming your client will have $7 billion “in the bank” when he’s done with ball if the financial advisor utilizes this method.  However, if the need to treat the client like a five year old is applicable, he will appreciate the strategy later on in life.

Disclosures.  The information contained herein is neither an offer to sell nor a solicitation of an offer to buy any security.  Past performance is not a guarantee of future results.  Further, the information herein is intended solely to provide general information and does not constitute a promotion of any offerings or products.  Donald J. Kushner is an independent financial advisor with Arque Capital, Ltd., and does business as DK Sports Financial.  Arque Capital, Ltd., and DK Sports Financial are unrelated entities.  Securities offered through Arque Capital, Ltd.  7501 E. McCormick Parkway, Suite 111 North Court, Scottsdale, AZ 85258.  (602) 971-9000.  Member FINRA/SIPC.  Any unauthorized reproduction of this information is strictly prohibited.

By Darren Heitner

Darren Heitner created Sports Agent Blog as a New Year's Resolution on December 31, 2005. Originally titled, "I Want To Be A Sports Agent," the website was founded with the intention of causing Heitner to learn more about the profession that he wanted to join, meet reputable individuals in the space and force himself to stay on top of the latest news and trends.

Heitner now runs Heitner Legal, P.L.L.C., which is a law firm with many practice areas, including sports law and contract law. Heitner has represented numerous athletes and sports agents as legal counsel. He has also served as an Adjunct Professor at Indiana University Bloomington from 2011-2014, where he created and taught a course titled, Sport Agency Management, which included subjects ranging from NCAA regulations to athlete agent certification and the rules governing the profession. Heitner serves as an Adjunct Professor at the University of Florida Levin College of Law, where he teaches a Sports Law class that includes case law surrounding athlete agents and the NCAA rules.