When we see the colossal numbers of NFL and NBA salaries, it’s easy to assume that pro athletes should be set for life, financially speaking. Despite this, alarming statistics published by Sports Illustrated suggest otherwise.
SI reports that 78% of NFL players go bankrupt within two years of leaving the NFL, and 60% of NBA players are broke just five years after retirement.
How Could Professional Athletes Go Bankrupt?
Generally, NBA and NFL payrolls are top-heavy, meaning starting players make the most money. The rest of the roster is certainly compensated at a very high rate, but not the stunning seven, eight, or nine digit salaries that starters are offered.
However, this gap doesn’t explain the outstanding prevalence of bankruptcy among pro athletes. In reality, players suffer from a knowledge gap. They often lack the financial skills to maintain and build their wealth over time. That is why Reggie Wilkes, a ten-year NFL veteran and current financial advisor, made it his mission to fix this fundamental problem and close the gap.
Reggie Wilkes Found the Solution
The Philadelphia Eagles drafted Reggie Wilkes in the third round. He was a fresh graduate from Georgia Tech, and a promising rookie linebacker. Along with having 88 tackles his rookie year, he also worked with an investment management firm in the off season.
Around the same time, he noticed a disturbing trend among many of his teammates and peers in the NFL. So many of his fellow athletes had trusted the wrong people with their money. Consequently, they had been swindled into bad investments and poor decisions.
Reggie knew that he could provide the support and guidance that pro athletes needed. In 1988, following his NFL career, he began working full-time in the brokerage industry. Since then, Reggie has devoted his time to advocating for financial literacy among his peers in the NFL and NBA.
He Continues to Reverse the Trend
Reggie Wilkes now serves as the Senior Vice President with The Wilkes Sports Group of Janney Montgomery Scott, a financial advisement team. His clients include NBA and NFL players, coaches, team administrators, and business owners. He stated in February 2021 that, when taking on a new client, he places the utmost importance upon proper asset allocation, as well as a strong diversification of investments.
Reggie points to the discipline instilled within him in the NFL as the greatest contributor to his own success. His strong will and resolve as an athlete carried over into his following pursuit of a career in financial management. He believes these traits are important in all aspects of business.
Reggie Wilkes Can Find Solutions for Your Business Today
Reggie’s diverse background and dedication to helping organizations reach their goals informs his insightful keynote speeches. We at The Mollie Plotkin Group are so proud to represent him along with our other stellar speakers.
Having been in the shoes of many of his clients, Reggie understands the challenges they face. His thirty years of experience in finance allow his techniques to be transferable to all types of business. Let Reggie Wilkes educate your organization by getting in touch with us and booking him for your next event!
