During the US college basketball ‘March Madness’ tournament, a US financial adviser called on new recruits to the National Basketball Association (NBA) to seek professional advice.
Morgan Stanley adviser Rob Rumley penned an open letter to NBA rookies, advising them to focus on “nothing but net” – including leaving their personal finances to third-party professionals.
“As a rookie, you need to focus on getting the ball into the net, so let someone else be concerned with your net worth and helping it grow,” he wrote.
“Rookies must first focus on what they do best — dribbling, passing, catching, shooting baskets — and then take the time to get educated about finances.
“The average career of a professional NBA player is a little under five years; a professional financial adviser can help educate [them] and lay out an investment plan down the road.
“A professional basketball team wouldn’t go into a game without a strategy, so rookies should not manage their finances without one either.”
Rumley said rookies should beware financial “locker room envy” and avoid the temptation to splurge on items such as expensive cars and property that veteran players may have acquired.
SUBSCRIBE TO THE IFA DAILY BULLETIN
23 Jan 2018Financial advice changing of guard ‘positive’By Staff Reporter
23 Jan 2018Royal commission, best interests duty and 2018 outlookBy Staff Reporter
23 Jan 2018Advisers challenged by geopolitical climate: reportBy Staff Reporter
23 Jan 2018ASIC to shadow shop mortgage brokersBy Annie Kane
22 Jan 2018Consumers less confident buying insurance onlineBy Staff Reporter
22 Jan 2018Hub24 announces platform enhancementsBy Staff Reporter
- view all