NEW YORK, March 18 (Reuters) – JPMorgan Chase & Co has announced the creation of a council with star athletes to launch a new financial advisory service within wealth management.
The chair of the council is Dwyane Wade, three-time NBA champion. Members include Sue Bird, five-time basketball Olympic gold medalist, Tom Brady, seven-time Super Bowl champion, and FIFA World Cup champions Alex Morgan and Megan Rapinoe.
JPMorgan follows Wall Street rivals including Morgan Stanley and Goldman Sachs, which have long-established businesses serving athletes and entertainers.
Kristin Lemkau, CEO of J.P. Morgan Wealth Management, said in a statement the bank is launching its program to manage athletes’ financial lives through retirement, adding that athletic careers can be short and retirement unexpected.
Financial education is critical for this group, the bank said. Most professional athletes retire before 35 and about one in six NFL players declares bankruptcy within 12 years of retiring.
(Reporting by Tatiana Bautzer; Editing by David Gregorio)
