There are people these days saying the world will come to an end on December 21, 2012. I will reserve comment on that event until a later date, maybe December 22nd, so that I can say “I told you so.”
One can also say “I told you so” about an athlete’s career coming to an end. It’s inevitable. Retirement must happen to every athlete who’s ever played the game. Although I’m leaving out a few people, names like Kenyon Martin, Mike Bibby, James Posey, Joe Smith, Michael Redd, Eddie House, Erick Dampier, Antonio Daniels, Peja Stojakovic…are all, like Derek Fisher recently, waiting to hop on board a team. Those names alone could probably form a good team. Are all of those players listed too old? Have they lost their skills due to their age? Many agents would disagree, saying each would lend a world of experience to a younger squad. Let’s suppose for a minute none of them ever get a call from a team again. What do they do? What do you, as an agent, do?
From strictly a basketball standpoint, getting them a position on a team where they’ll be happy is the primary goal, of course. There are only so many positions on so many teams to be had, though. From a financial standpoint, there are many different options to suggest to a client. Although there are various avenues to explore, a client may wish to stay away from the “market,” as he may have already lost money in that venue and therefore is afraid to lose anymore. This fear can be remedied by directing them toward methods which will guarantee a certain amount of income for life, regardless of market conditions. Naturally, nothing will guarantee income equal to an annual amount they earned during their playing days, but something is better than nothing. Moreover, the “assurance” of income at some point in their life is very comforting at a time when they are so “unsure” of what they may do for the rest of their post-basketball life. The emotional and psychological effect of assurances are so very important.
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.