JPMorgan Chase & Co (JPM.N) has announced the creation of a council with star athletes to launch a new financial advisory service initiative.
The chair of the council is Dwyane Wade, three-time NBA champion. Members include five-time Olympic basketball gold medalist Sue Bird, seven-time Super Bowl champion Tom Brady, 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.
The bank's athlete center will be run by financial professionals who either have worked with players or have been one themselves. It is also starting financial education outreach at universities and major sports events for athletes, with a specific content hub on its website.
