Ally Love, Dwyane Wade, JPMorgan Wealth Management CEO Kristen Lemkau, Tom Brady, A’ja Wilson and Megan Rapinoe through the JPMorganChase Athlete Council assembly on March 18, 2026.
Shawn McMillan | CNBC
JPMorgan Chase has recruited a few of the largest names in American sports activities to assist deal with a persistent drawback: skilled athletes going broke.
The financial institution on Wednesday introduced an initiative referred to as the JPMorgan Chase Athlete Council, led by two-time NBA Hall of Famer Dwyane Wade and that includes different high-profile athletes, together with Tom Brady, Sue Bird, Alex Morgan, Megan Rapinoe, A’ja Wilson and Jalen Brunson.
The stars will meet with JPMorgan executives to assist the financial institution craft applications designed to serve athletes from school to skilled life and retirement, JPMorgan stated in a launch.
The transfer displays rising competitors amongst banks and wealth managers to serve athletes, probably the most outstanding of whom are more and more turning into entrepreneurs, buyers and media personalities.
Most athletes do not obtain private finance training in college, and their comparatively brief careers go away a slim incomes window that requires cautious planning, in accordance with JPMorgan, the largest U.S. financial institution by belongings. About one in six NFL gamers declare bankruptcy inside 12 years of retiring, the financial institution stated.
“We heard a lot of the same thing over and over again, which is a lot of young athletes coming into money very suddenly, they develop unsustainable lifestyles, they don’t always get great advice around them, and those are the lucky ones,” Kristin Lemkau, head of JPMorgan Wealth Management, informed CNBC’s Leslie Picker on Wednesday.
Wade stated in the discharge that the initiative provides athletes an opportunity to share hard-won experiences with the following technology.
“Having the right educational resources and guidance is critical to making smart decisions about money as your career evolves,” he stated.
Tom Brady, A’ja Wilson and Megan Rapinoe through the JPMorganChase Athlete Council assembly on March 18, 2026.
Shawn McMillan | CNBC
WNBA participant Wilson stated it is essential to her to have the ability to share cash management abilities with the following cohort {of professional} athletes.
“We’re starting to try to turn the page and help the youth in the next generation understand that you have to build trust, you have to build boundaries and know exactly how you want to operate with your money,” Wilson informed CNBC.
The financial institution can also be standing up an Athlete Center of Excellence staffed by monetary professionals with sports activities expertise and launching a content material hub with checklists for athletes navigating the title, picture and likeness, or NIL, system and guides for assembling a roster of advisors.
— CNBC’s Laya Neelakandan contributed to this report.
