Thursday, May 28, 2020
The cancellation of live sporting events has been a tough pill to swallow for those who have been stuck in their homes due to the pandemic. While many of us have been complaining about the lack of sports to distract us, we have failed to think about the pro athletes that have been put out of work.
Over the past 10 years, sports telecasts have made up over half of the 199 most-watched primetime programs. NFL games alone accounted for 67 of these telecasts.
With all of their assets and time on their hands, athletes are an attractive target for financial scammers. They too are able to see the market volatility and are possibly worried about the economy and may feel that their assets are threatened. The status of athletes and entertainers makes them an easy target for scammers to make new pitches and with the economy and future in limbo, it may be hard for them to say "no."
There are a few practices to keep in mind while advising clients that may find themselves in this situation. First, sometimes doing nothing is the best method of action. It sounds crazy, but sitting still and having self-control is can be the best method of staying in control. Second, run the numbers and rely on experienced due diligence. Any deals that make unrealistic assumptions about the pace of the economy should receive a high level of scrutiny.
See Noel LaMontagne Advising Pro Athletes With Their Seasons, Careers On Hold, Financial Advisor, May 27, 2020.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.