The moment an athlete declares for the draft, there are countless decisions to be made. Financial decisions are the most important, but the majority of families do not have the expertise to hire the right financial team. BrightLights has seen these decisions cost athletes millions of dollars over their career due to unidentified mismanagement by their advisors.
BrightLights will work side by side with the athlete and his family to hire a competent financial team (financial advisor, business manager, accountant) and then monitor the athlete's finances to ensure these professionals are acting ethically and in your interest.
Before any of your money is entrusted to a financial advisor you barely know, BrightLights scouting report will grade their fees, conflicts of interest, regulatory and employment history, and detail their strengths and weaknesses.
This report will help you find a financial advisor who will work in your best interest.
Despite scouting reports and research into your advisor and his firm, nothing can predict how he will manage your money in the future; therefore, continuous monitoring of your investment accounts and bank accounts is essential to deter wrongdoing and protect your finances.
BrightLights' Investments & Fees Review is a one-time look back review over a period of years. Typically, these reviews are for veterans and more established players who have not had the time or understanding to review their finances during their career.
BrightLights will analyze your investment account statements and supporting documents for evidence of fraudulent, deceptive, or predatory activity.
This review will provide an athlete more assurances that their finances have been handled with care and integrity. BrightLights will almost always recommend continuous monitoring thereafter to ensure no further wrongdoing is committed during the prime earning years of an athlete's life.
BrightLights' Banking Review is a one-time look back review over a period of years. Typically, this review is for veterans and more established players who have not had the time or understanding to review their finances during their career.
BrightLights will analyze the inflows and outflows of your money in your bank account statements to determine whether any suspicious activity is occurring.
After the Investment & Fees Review and Banking Review are completed, BrightLights will provide its client an in-depth report summarizing its findings, quantitative analyses, action items, and recommended next steps. BrightLights will work with the athlete to resolve any issues that must be addressed.
In one study by the NFL, nearly half of 1,063 NFL retirees interviewed stated they had experienced significant losses in business or financial investments.
Nearly half of younger retirees (age 25 - 49) had been given bad financial advice.
- Source: Study of NFL Retired Players