December 5, 2023
Louis Diamond Quoted
by Bruce Kelly
More than two decades old, the NFLPA’s registered player financial advisor program for years was limited to individual financial advisors.
Ogunleye “has some star power and credibility with athletes, and I’ve seen him on social media,” said Louis Diamond, president of Diamond Consultants. “He’s actively promoting the UBS brand with athletes and entertainers. This is clearly a priority for UBS.”
“Athletes may begin referring friends,” Diamond added. “They need specialized resources and a group that understands their needs better. It’s also an extra recruiting tool for firms like UBS to attract financial advisors.”
Football players are a unique bunch when it comes to their finances: They have a higher rate of bankruptcy than their compatriots who play professional baseball, basketball and hockey for a living. Their careers are shorter, they get paid less and, if they divorce after ending their careers, they often wind up paying alimony based on past, not current, earnings.
Add in the free-spending lifestyles of some players, and the financial planning picture is potentially a disaster.