JPMorgan Forms Athlete Council Led by Dwyane Wade
(Bloomberg) — JPMorgan Chase & Co. formed a council of some of the biggest sports names in the US as part of an effort to manage money for more than half a million college, working and retired athletes across the country.
The firm tapped NBA Hall of Famer Dwyane Wade to chair the group, which also includes seven-time Super Bowl-winning quarterback Tom Brady and two-time FIFA Women’s World Cup winners Alex Morgan and Megan Rapinoe. They’ll meet with JPMorgan executives to advise on wealth-management programs tailored specifically to athletes.
“An athlete’s career and earning power are unique,” Kristin Lemkau, head of JPMorgan wealth management, said in the statement. “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.”
The National Collegiate Athletic Association changed its rules nearly five years ago to allow athletes to profit from their name, image and likeness, meaning student athletes can land big-dollar payouts they were previously denied.
At JPMorgan, Chief Executive Officer Jamie Dimon has made it a priority to boost the firm’s reach in the fragmented wealth-management space. He created a US wealth management business six years ago under Lemkau, and the unit is targeting $2 trillion in client investment assets over the long term. As of Dec. 31, it had $1.27 trillion, more than double the amount at the end of 2019.
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