Pros Who Work with the Pros

Newton, Catherine
January 2003
Journal of Financial Planning;Jan2003, Vol. 16 Issue 1, p60
Academic Journal
This article interviews financial planners in the United States whose major clients are professional athletes. According to Gary Brei of McCabe & Associates Inc., their company is like any other typical financial planning firm which provide single-issue planning all the way to full comprehensive plans. When handling the finances of professional athletes, cash-flow planning is a top priority according to DeWitt Weaver III of WRH Capital Management. Like in the golfers' earnings, it is in the paper each Sunday, which make cash flow an important issue. Newspapers report golfers who missed the cut, golfers who made a million dollars and everything in between. Larry Heller of Total Management Group stated that some golfers listen to their advice and are very frugal. Others get carried away when they see what their teammates spend. There are also family issues. Most of them are very generous when it comes to their families, especially their mothers. They want to take care of them. According to Dean Harman of The Woolands, high-level executives are like professional athletes, because often they have beaten a lot of competition to get to the top. Both athletes and executives can be very aggressive investors.


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