You’re asking the wrong question, imo. UM doesn’t get to control all aspects of players lives. This is about ‘who decides?’, not ‘what sould happen.’ Players will still meet agents and get their questions answered. Prohibition never works. It just moves things into the shadows further, and makes bigger hypocrites out of the ‘authorities.’ So too here. They’re not going to apply this rule evenly. Everyone will know. They’re not going to punish stars, and marginal players equally.
Always happy to discuss the industry and Canes football
So a kid who makes a roster and stays there as a low draft pick rookie made $480K in ‘19 [$495 in ‘20]. So under $30K / week during season. Not paid in advance, mind you. If you end up going to the practice squad, which many do, that’s $8K / week. Take out lots of taxes, your agent’s %, assume a home and car payment, some T&E and a few nice personal items (clothes, e.g.) and there ain’t all that much left for your trading account.
I do not like agents, any agents, being around underclassmen
Point I tried to make earlier. UM Needs to protect its assets. Agents are ******** things for the team and they aren’t even helping the kids. some guys making this into a left vs right thing is laughable. UM is protecting itself. let me give the board an analogy. not perfect but is it leftist to make your employees sign a non-compete agreement or get an NDA or non solicitation agreement with another company you might be involved with? you want to just trust another company and give them unfettered access to your staff. do you let them hire your talent away at great cost to your company or do you do whatever you can to protect your business?
Small class this year, Robert Knowles at Miami and Jalen Harris who’s about H-Back/blocking tight that played at Auburn then grad transferred to Colorado. Currently on rosters I have TE Cole Herdman on the Titans and DE Rickey Neal on Toronto and CB Jhavonte Dean on Winnipeg in the CFL
Obviously a kid on a practice squad or that's being advised **** be a pfa shouldnt go yoo far out his way for a personal banker. For that kids sake he better hope he has sound advice from people who have experienced the situation and good family structure. Kid better understand the necessity of saying NO first and foremost. Its important to remember the upbringing most of our kids come from. Without the proper structure in place it's a tricky situation no matter what round you're selected in. I'm not gonna put peoples personal business out there but out of the dudes I was drafted with within two years four of them asked me for a loan. Two filed bankruptcy while they were still in the league. That's a situation most people aren't privy too until they experience what it is to be drafted and immediately go from scraps to millions a year. Everyone and their mothers that ever knew you immediately reach out like they're best friends with requests for loans,business proposals etc. Ask bmac. He started up a worthless record label,production company,several restraunts and a few other things I wont even name. They all failed except TECHNICALLY the label that still exists but it's basically a shell.(not saying it's a dummy corporation or anything like that to be clear. Just that it makes no money.) It's more a hobby to tell people about at strip clubs and parties. Financial advice is critical. The key though is waiting until you know your status before you seek it.
Financial advice is critical, agreed. The exchange here was whether a typical kid heading to a marginal nfl career needs a financial advisor (my comment), or a ‘private banker‘ (some other dude’s comment). I admit what that poster even meant by ‘private banker‘ isn’t clear. But in any case, young people with saving potential need some basic spending guidelines. Until you build up substantial investable assets, you don’t need substantial investment (as opposed to financial) advice.
Most if not all players could really benefit from a private banker, but a small percentage need a financial advisor. Unfortunately they’re the biggest leeches if anyone in the sports industry and are extremely active in recruiting players themselves.
It’s a crime to pay (bribe) a amateur athlete to influence decisions like this. It’s what the adidas people were charged with last year.
Maybe by private banker you guys mean the folks with a floor cubicle by the tellers at Chase?
