NFL Players' Podcast

Why Your “Nice Guy” Broker Isn’t Enough | Zach Miller & Erik Averill | NFL Players’ Series #3

Episode Summary

As an NFL player, are you only getting “JV Team” advice?

Episode Notes

As an NFL player, you're in the top earning bracket in the world. How should you be handling your net worth? How did you determine who currently manages your net worth? The problem with many NFL players is that they end up with a “nice guy” broker who manages their assets, but not much else.

As an NFL player, are you only getting “JV Team” advice?

In our last episode, we began to discuss how the wealthiest people – Zuckerberg, Oprah, the Vanderbilts handle their financial situation differently than the rest of the world. Ultimately, what we said was that NFL players need to think like Jerry Jones, John Mara, Dan Rooney and understand they should demand the same level of service as these NFL billionaire owners.

We pick up that conversation this week with Zach and Erik discussing the specific strategies when it comes to optimizing your net worth as an athlete and why you should view your net worth just like the wealthiest in the world do and demand the same level of expertise with your finances that you would from your trainers, doctors, and nutritionists.

Episode Highlights

• The difference between how pros vs amateurs approach their money (0:07)
• Why athletes deserve the family office model instead of an asset management firm (1:06)
• “So first of all if you heard that they had their money at UBS Morgan or Merrill, you'd laugh, just knowing everything I know about the industry now. And that's not what the wealthy do. They have a family office and that's why I wanted to come work at AWM is because I know that the family office model is what the players deserve and it will help them treat their wealth the right way.” Zach Miller
• “Athletes have worked their whole life to become the best at their craft. They should demand the best from their advisors.” Zach Miller
• The family office and multi-family office models explained (2:15)
• One of the biggest financial mistakes a pro athlete can make (4:52)
• “You don't need a friend. What you need is someone that really gives you the tough news sometimes or helps correct you when you need a sounding board of a financial decision.” Zach Miller
• Accessing the appropriate expertise to address your unique financial situation (7:10)