JPMorganChase announced the launch of a new Athlete Council aimed at helping athletes manage their finances from early career stages through retirement, as the bank deepens its push into the growing sports wealth management market.
The initiative brings together prominent athletes to advise the firm on how to design financial services tailored to the unique needs of sports professionals, whose careers are often short, earnings can be volatile, and financial education is frequently limited. The council will work directly with JPMorganChase leadership to shape programs that address these challenges across different stages of an athlete’s career.
The firm said the program is intended to serve a wide range of athletes, from college players to professionals and retirees, with a focus on building long-term financial literacy and planning capabilities. JPMorganChase highlighted that fewer than 2% of NCAA athletes turn professional, most pro athletes retire before age 35, and a significant portion face financial difficulties after their careers end.
As part of the initiative, JPMorganChase is also rolling out several supporting efforts, including a dedicated Athlete Center of Excellence staffed by advisors experienced in working with athletes, financial education outreach at universities and sporting events, and an online content hub with resources tailored to different career phases.
The Athlete Council includes high-profile figures from across sports, reflecting a broad range of experiences and perspectives. The group will meet periodically to provide insights into the financial challenges athletes face and help the bank refine its offerings.
The move comes as major financial institutions increasingly target athletes and entertainers as a specialized client segment, particularly following recent changes allowing college athletes to monetize their name, image, and likeness. JPMorganChase said the council is a key component of its broader strategy to expand its wealth management services and build deeper relationships with athletes over the course of their careers.
KEY QUOTES:
“An athlete’s career and earning power are unique. Careers can be short and retirement unexpected. We want to develop a program by athletes for athletes to help them from college to professional sports to retirement. Every athlete on this Council has been deeply committed to paying it forward to help the more than 500,000 college, working and retired athletes avoid some of the same pitfalls they stepped in. At JPMorganChase, we can help every athlete regardless of income level manage their financial plan for the future.”
Kristin Lemkau, CEO of J.P. Morgan Wealth Management
“Athletes face unique challenges and opportunities. Having the right educational resources and guidance is critical to making smart decisions about money as your career evolves. I’m excited to join the JPMorganChase Athlete Council and to serve as chair of this incredible group of athletes. The Council gives us the opportunity to share our experience and insights to help athletes build their financial knowledge and plan beyond their playing careers.”
Dwyane Wade, Chair of the JPMorganChase Athlete Council and NBA Hall of Famer
“Our goal is to truly empower the athletes of today — and tomorrow — with financial literacy throughout their career. We are excited to partner with some of the nation’s top athletes to deliver a fully integrated experience.”
Stevie Baron, Head of Private Client Banking at JPMorganChase
