NFL Players Association Names UBS as 'Institutional Financial Advisor'

Wale-Ogunleye.jpg Theo Wargo/Getty Images Entertainment/Getty Images Wale Ogunleye is the head of the Athletes and Entertainers Client Segment at UBS. News>Industry NFL Players Association Names UBS as 'Institutional Financial Advisor' Reps with UBS' Athletes and Entertainers Group will provide “holistic” financial advice to prepare athletes for their post-NFL careers. Other firms with the designation include Goldman Sachs and Morgan Stanley.

The NFL Players Association is naming UBS as one of its “institutional financial advisors,” helping current and former athletes avoid the pitfalls of sudden wealth.

Members of the NFLPA will benefit from the advice, which will run through the firms’ Athletes and Entertainers Group. 

Related: NFLPA Mandates Player Advisors Hold CFA or CFP Certifications

Wale Ogunleye, the head of the Athletes and Entertainers Client Segment, is himself a former NFL player with stints on the Miami Dolphins, Chicago Bears and Houston Texans. He stressed the new program would make sure clients have the guidance they need to prepare for their post-NFL careers.

“As a former member of the NFLPA, I’ve seen what happens when players make questionable financial decisions or listen to poor advice,” Ogunleye said.

Related: NFL Players Union Drafts Morgan Stanley

The NFLPA was established in 1956, and in 1993, was named the group representing players after a pause for several years. In 2020, the union negotiated a collective bargaining agreement with the NFL that is set to run through 2030.

UBS advisors will work with the current and former pro players dealing with planning-related issues including sudden wealth, complex contracts, family financial dynamics and other concerns particular to the challenges newly-famous pro players face. Young recruits into the league are often particularly vulnerable to scams and inappropriate investment recommendations, being flush with a sometimes-unprecedented amount of new wealth.

Starting in 2017, the NFLPA mandated player advisors must hold either the CFA or CFP certifications. Two years later, the union offered players access to advisors from a number of financial institutions, with Morgan Stanley most recently coming onboard in August 2020. 

Additional firms with the designation include Alliance Bernstein, Bessemer Trust and Goldman Sachs, according to an NFLPA spokesperson.

TAGS: People High Net Worth 0 comments Hide comments Comment * Switch to plain text editor

More information about text formats

Text format CommentsPlain text Comments
  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>
Plain text
  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
PublishLog in or register to comment Save Leave this field blank Related Sponsored
  • Next Article

Owl Media Group takes pride in providing social-first platforms which equally benefit and facilitate engagement between businesses and consumers and creating much-needed balance to make conducting business, easier, safer, faster and better. The vision behind every platform in the Owl Media suite is to make lives better and foster a healthy environment in which parties can conduct business efficiently. Facilitating free and fair business relationships is crucial for any thriving economy and Owl Media bridges the gap and open doors for transparent and successful transacting. No advertising funds influence the functionality of our media platforms because we value authenticity and never compromise on quality no matter how lucrative the offers from advertisers may seem.

Originally posted on: https://www.wealthmanagement.com/industry/nfl-players-association-names-ubs-institutional-financial-advisor