JPMorgan forms star athlete council for wealth management

JPMorgan Chase & Co. has announced the formation of a new council featuring star athletes to launch a specialized financial advisory service within its wealth management division in the United States. This initiative aims to assist professional athletes in managing their finances throughout their careers and into retirement. The council is chaired by three-time NBA champion Dwyane Wade and includes other prominent members such as seven-time Super Bowl winner Tom Brady, five-time basketball Olympic gold medalist Sue Bird, and FIFA World Cup soccer champions Alex Morgan and Megan Rapinoe. By establishing this program, the bank follows the lead of Wall Street competitors such as Morgan Stanley and The Goldman Sachs Group, Inc., which have long-standing programs for athletes and entertainers. Kristin Lemkau, CEO of J.P. Morgan Wealth Management, emphasized the necessity of the program by noting that athletic careers are often brief and can end without warning. > The bank is launching its program to manage athletes financial lives through retirement, adding that athletic careers can be short and retirement unexpected. Financial education is a core component of the initiative, particularly as most professional athletes retire before the age of 35. Statistics show that approximately one in six NFL players declares bankruptcy within 12 years of retirement, highlighting the critical need for professional wealth management in the sports industry.