NFL rookies are selecting financial advisers without meeting them in person because of the coronavirus — here’s how they can still properly vet them. NFLDraft2020
Because of the coronavirus pandemic, this year the NFL will hold its first “virtual” draft. All 32 teams will pick players remotely between April 23 - 25.
Some things haven’t changed, though, such as what athletes should look for when deciding which financial adviser to work with. For example, it has been my philosophy that college athletes or soon-to-be rookies shouldn’t “sign” with a financial adviser until they receive their bonus or first paycheck. But athletes do this frequently. Since the average career for an NFL player is 3.3 years, it’s especially important that they get the most out of the money they make from playing.
Part 2B is the financial adviser brochure. It discloses the adviser’s educational background and business experience, disciplinary information, additional compensation, any financial disclosures including judgments or bankruptcies, and other business activities — such as if the financial adviser is also registered as a broker and/or insurance agent.
Remember, it’s important to verify your financial adviser’s background at least once a year as a lot can happen. For instance, according to a 2019 Public Investors Arbitration Bar Association Foundation report, substantial customer complaints as well as abusive and fraudulent conduct are getting expunged due to Finra allowing this type of manipulation.
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