WEBVTT NOTE This file was generated by Descript 00:00:20.347 --> 00:00:22.057 Riccardo Stewart: Hey, I wanna welcome you guys back to another 00:00:22.057 --> 00:00:25.237 episode of the A-W-M-N-F-L Podcast. 00:00:25.237 --> 00:00:26.467 My name is Ricardo Stewart. 00:00:26.707 --> 00:00:29.047 I have the pleasure of being your host, and I'm joined with my good 00:00:29.047 --> 00:00:35.047 friends coworkers, partners in crime, Zach Miller, Jeff Lock, and Sam Acho. 00:00:35.617 --> 00:00:37.447 Fellas um, one. 00:00:37.867 --> 00:00:39.487 Always good to be on the podcast. 00:00:39.487 --> 00:00:41.047 Something I definitely look forward to. 00:00:41.167 --> 00:00:47.587 And then today's topic is one that is, is one that is needed, that, and so let 00:00:47.587 --> 00:00:49.717 me let start by, by saying this, right. 00:00:50.047 --> 00:00:54.727 You guys all played at Division one, what is now known as Power four 00:00:54.727 --> 00:00:58.237 Conferences, Arizona State, Texas, UCLA. 00:00:58.537 --> 00:01:02.107 And um, you had options like considering the fact that you guys 00:01:02.107 --> 00:01:03.637 were highly recruited outta school. 00:01:03.907 --> 00:01:07.027 Like all of us had options on where to choose from high school, like where 00:01:07.027 --> 00:01:10.747 to go to college, and we landed at our universities and, and so forth. 00:01:11.242 --> 00:01:14.662 What's interesting is we had the opportunity to look at brands, whether 00:01:14.662 --> 00:01:18.892 that's the University of Texas, SAM or UCLA, Jeff or Arizona State, and 00:01:19.132 --> 00:01:22.702 you had an idea to be able to see what kind of offense they ran, what kind 00:01:22.702 --> 00:01:28.162 of defense they ran, um, how did they put out specialists before and we, we 00:01:28.162 --> 00:01:30.472 had a grasp on what we're choosing. 00:01:30.472 --> 00:01:34.342 For me, I wanted to look at a particular defense that a team was running 00:01:34.702 --> 00:01:39.772 and we had options and we made a decision When it comes to NFL players. 00:01:40.432 --> 00:01:41.992 Particularly our space. 00:01:41.992 --> 00:01:46.582 When I'm talking about our space, I'm talking about the broad financial scope 00:01:46.822 --> 00:01:51.562 of what people refer to as financial advisors, is that NFL players have 00:01:51.562 --> 00:01:56.362 options, and I'm not even really sure if they realize the many options that they 00:01:56.362 --> 00:02:02.782 have and the pros and cons or limitations and so forth of their financial advisors. 00:02:02.782 --> 00:02:05.542 So I wanna be able to talk about, you know, just the options. 00:02:05.542 --> 00:02:09.412 What what comes to mind is as kids, if we were lucky enough. 00:02:09.757 --> 00:02:12.247 We would have the opportunity to go to the Cheesecake Factory. 00:02:12.757 --> 00:02:16.117 And anybody who's ever been to the Cheesecake Factory knows you look 00:02:16.117 --> 00:02:19.927 at that menu and you're just like, there are so many things on there 00:02:20.197 --> 00:02:22.957 that you just go to what you know, Hey, I'll just do a cheeseburger, 00:02:23.167 --> 00:02:25.027 maybe some bacon on it, and so forth. 00:02:25.237 --> 00:02:28.177 And I feel like that's what happens when it comes to choosing advisors. 00:02:28.177 --> 00:02:30.307 And so let me just start first with you, Sam. 00:02:31.192 --> 00:02:34.492 When did you know that you needed a financial advisor? 00:02:34.492 --> 00:02:35.902 And, and, and I know your story. 00:02:35.902 --> 00:02:38.722 Go, I know you chose a, a person to go with outta college. 00:02:38.722 --> 00:02:42.622 I'm talking about when you start making money, you're in the NFL, 00:02:42.622 --> 00:02:43.732 you're with the Arizona Cardinals. 00:02:43.732 --> 00:02:45.502 Like when did you go, Hey, you know what? 00:02:45.892 --> 00:02:48.892 I need to choose somebody to help me manage my wealth. 00:02:51.007 --> 00:02:53.227 Sam Acho: Honestly, Ricardo, it wasn't until. 00:02:53.812 --> 00:02:54.592 About three years. 00:02:54.592 --> 00:02:56.152 ago, if I'm being totally honest. 00:02:57.442 --> 00:02:58.402 And what do I mean by that? 00:02:58.402 --> 00:03:00.862 So I've played about a decade in the NFLI played nine years, signed 00:03:00.862 --> 00:03:02.482 multi-year, multi-million dollar contract. 00:03:02.482 --> 00:03:04.942 And I still thought, man, I could do this on my own. 00:03:05.302 --> 00:03:09.412 And the reason I thought that is that a lot of the advice that I felt like I 00:03:09.412 --> 00:03:14.902 was receiving, it felt very much like, okay, what are you not telling me? 00:03:15.352 --> 00:03:17.512 It's like, okay, well you're just putting me in a 60. 00:03:17.572 --> 00:03:17.782 Okay. 00:03:17.842 --> 00:03:18.772 Are you risky, Sam? 00:03:18.772 --> 00:03:19.732 Are you not risky, are you? 00:03:19.732 --> 00:03:20.242 It's like, okay. 00:03:21.157 --> 00:03:22.087 What are you doing? 00:03:22.087 --> 00:03:24.397 What are you actually doing that's actually providing value? 00:03:24.397 --> 00:03:25.477 Okay, let's do taxes. 00:03:25.477 --> 00:03:28.717 Oh, well you're gonna send me to somebody else to file my taxes. 00:03:28.717 --> 00:03:30.577 What value are you providing? 00:03:31.057 --> 00:03:34.417 But it wasn't until the last several, several years since I've been in the 00:03:34.417 --> 00:03:37.927 industry, I'm realizing, oh my gosh, like I didn't realize I could have directed 00:03:37.927 --> 00:03:40.117 the investments in my retirement. 00:03:40.657 --> 00:03:41.737 Everybody checks the box. 00:03:41.737 --> 00:03:42.517 At least NFL player. 00:03:42.517 --> 00:03:45.487 Okay, max out your 401k, it's a two to one match. 00:03:45.487 --> 00:03:48.097 And in the NFL, it's the, it's the best thing you could do. 00:03:48.247 --> 00:03:50.167 And I did that and I thought it was dumb, but it's like, no, you 00:03:50.167 --> 00:03:53.047 could actually, you're not gonna touch that for four decades. 00:03:53.047 --> 00:03:54.937 For three decades, you could actually direct that. 00:03:54.937 --> 00:03:55.567 Oh wow. 00:03:55.717 --> 00:03:58.357 Um, you could actually have an individual retirement account. 00:03:58.357 --> 00:04:03.997 Like I didn't realize any of these things until the last several years. 00:04:04.507 --> 00:04:06.037 And I think a lot of that is by design. 00:04:06.037 --> 00:04:07.777 And we'll get into it a little bit later, but. 00:04:08.512 --> 00:04:11.662 The importance of, I wouldn't even call it a financial advisor, to 00:04:11.662 --> 00:04:15.082 be honest, 'cause some financial advisors aren't telling you 'cause it 00:04:15.082 --> 00:04:16.972 doesn't benefit them what you need. 00:04:17.542 --> 00:04:21.982 But I would say the importance of a, not just the team, but an athlete family 00:04:21.982 --> 00:04:27.202 office, an athlete centered team has helped me understand that, oh wow. 00:04:27.262 --> 00:04:29.962 Here's the advice that I, number one, I do need advice. 00:04:30.292 --> 00:04:33.412 Number two, here's what I need and number three, here's how much it's actually 00:04:33.412 --> 00:04:35.152 saving me or how much I'm making. 00:04:35.467 --> 00:04:40.507 With this team approach of people who are, have been in my shoes, who 00:04:40.507 --> 00:04:44.107 understand what it's like and who actually have this skill, the expertise, 00:04:44.107 --> 00:04:46.627 and the desire to want me to grow. 00:04:47.747 --> 00:04:48.167 Riccardo Stewart: good. 00:04:48.502 --> 00:04:48.742 Jeff Locke: Rick. 00:04:48.742 --> 00:04:50.302 my mine was much more simple than Sam. 00:04:50.302 --> 00:04:51.982 Sam's put a lot of thought into this. 00:04:52.042 --> 00:04:57.172 Mine was literally, I got that first check, right? 00:04:57.262 --> 00:05:01.012 I got drafted, signing bonus is coming in, got this money sitting 00:05:01.012 --> 00:05:02.332 in my account and I'm like, yo. 00:05:04.632 --> 00:05:06.547 Much money in my life sitting in my account. 00:05:06.967 --> 00:05:09.847 'cause I was in college, right, doing a stipend check. 00:05:10.267 --> 00:05:13.267 So I was like, Hey, time to actually get an advisor, figure 00:05:13.267 --> 00:05:14.137 out what to do with this. 00:05:14.137 --> 00:05:16.057 So I don't just start doing random stuff with it. 00:05:17.172 --> 00:05:20.317 Riccardo Stewart: Yeah, I, I, uh, let me, let me take a step back. 00:05:20.317 --> 00:05:20.677 Right. 00:05:20.677 --> 00:05:20.947 One. 00:05:20.947 --> 00:05:21.367 That's good. 00:05:21.367 --> 00:05:22.477 And, and Sam even teased. 00:05:22.477 --> 00:05:24.877 Just on even talking about a family office, which by the way, 00:05:25.207 --> 00:05:26.167 that's the end of the movie. 00:05:26.227 --> 00:05:28.837 And so we're gonna go back and tell you what happened before the end. 00:05:29.287 --> 00:05:33.997 Um, just stepping back and look at what I would call like the three big 00:05:33.997 --> 00:05:36.787 buckets when it comes to the industry. 00:05:36.787 --> 00:05:39.757 So you're an NFL player, you probably have a financial advisor, 00:05:39.757 --> 00:05:43.657 somebody you referred to as an fa or you're thinking about switching or 00:05:43.657 --> 00:05:45.157 finding one that you don't have yet. 00:05:45.487 --> 00:05:49.627 And just to step back and going like, I don't know this landscape. 00:05:49.777 --> 00:05:52.387 I wanna be able to have us give a big picture. 00:05:52.777 --> 00:05:53.527 The three buckets. 00:05:53.527 --> 00:05:57.247 The first one is your general bucket of what you would think about when 00:05:57.247 --> 00:06:01.237 you think of fas, and then number two would be a little bit more 00:06:01.237 --> 00:06:04.687 private, a little bit more independent that maybe you have not heard of. 00:06:04.897 --> 00:06:08.857 And then number three will be probably one you've never heard of. 00:06:09.367 --> 00:06:10.837 It's the smallest. 00:06:11.137 --> 00:06:15.247 And yet what's best for ultra wealthy NFL athletes. 00:06:15.247 --> 00:06:18.337 And so Zach, I want you to tackle that first bucket, like 00:06:18.487 --> 00:06:22.327 when most people think of quote unquote fas or financial advisors. 00:06:22.642 --> 00:06:23.722 What are they thinking about? 00:06:23.722 --> 00:06:24.952 How many are out there? 00:06:24.952 --> 00:06:26.752 Just kind of rattle some things off for it. 00:06:27.757 --> 00:06:29.797 Zach Miller: Well, yeah, everyone says they, they need an fa, 00:06:29.797 --> 00:06:31.117 they need a financial advisor. 00:06:31.777 --> 00:06:35.737 There's actually 272,000 financial advisors in the 00:06:35.737 --> 00:06:38.677 US and becoming one myself. 00:06:38.677 --> 00:06:42.157 The first thing I thought when I passed the test become an fa, like everyone 00:06:42.157 --> 00:06:45.517 likes to call us, is how easy the test is. 00:06:46.027 --> 00:06:49.507 And that allows you to give advice on people's life savings. 00:06:49.957 --> 00:06:53.977 And I think the only easier test might be the, uh, the realtor exam, 00:06:53.977 --> 00:06:56.692 the real estate exams probably the only easier test out there. 00:06:57.192 --> 00:06:59.257 So there's like just a lot of. 00:07:00.142 --> 00:07:04.672 Advisors that are legally allowed to give advice and there's a very little barrier 00:07:04.672 --> 00:07:06.952 to entry, or it's just too easy to become. 00:07:06.952 --> 00:07:13.612 So any, any advisor that's serious about being able to give financial advice 00:07:13.612 --> 00:07:15.592 is gonna be a certified, certified, 00:07:15.592 --> 00:07:16.012 Financial, 00:07:16.012 --> 00:07:20.392 planner, but there's also 103,000 certified financial 00:07:20.392 --> 00:07:21.952 planners in the United States. 00:07:22.372 --> 00:07:25.222 So then you say, okay, where did the CFP or where did this 00:07:25.222 --> 00:07:26.932 advisor choose to work at? 00:07:27.427 --> 00:07:31.057 Okay, now you have Wall Street firms, and that's where most 00:07:31.057 --> 00:07:31.597 Financial 00:07:31.597 --> 00:07:32.437 advisors work. 00:07:32.467 --> 00:07:35.887 They work at the big ones, your Morgan Stanley's, your big 00:07:35.887 --> 00:07:37.957 banks, your Wells Fargos, your chase, those 00:07:37.957 --> 00:07:39.547 places, and so that's, 00:07:39.787 --> 00:07:40.897 where most of them are. 00:07:41.047 --> 00:07:45.097 And they advise on people that are 55 plus with a couple hundred 00:07:45.097 --> 00:07:47.137 thousand they hope to retire on. 00:07:47.377 --> 00:07:47.797 and that's. 00:07:47.797 --> 00:07:50.167 the majority of all advisors out there. 00:07:50.227 --> 00:07:52.477 And those guys do try to work with athletes. 00:07:52.717 --> 00:07:53.917 It's just not a great fit. 00:07:54.562 --> 00:07:58.132 So then when I was looking around, I looked at RIAs, 00:07:58.492 --> 00:08:00.502 Registered investment advisors. 00:08:00.772 --> 00:08:06.172 FDU Fiduciaries that can give the, the best advice to the 00:08:06.172 --> 00:08:06.862 clients. 00:08:07.252 --> 00:08:10.702 uh, and, and not have conflicts of interest, at least at most RIAs. 00:08:11.902 --> 00:08:15.472 And then, like you said, that third bucket is that family office world. 00:08:15.517 --> 00:08:18.067 The problem is you gotta have a lot of money. 00:08:18.247 --> 00:08:19.627 That's why no one's ever heard about 'em. 00:08:19.627 --> 00:08:22.297 That's what I didn't, why I didn't hear about 'em when I was an NFL player. 00:08:22.597 --> 00:08:25.867 There is a money requirement for them to make financial sense. 00:08:26.412 --> 00:08:27.882 Riccardo Stewart: Sweet Jeff. 00:08:28.582 --> 00:08:33.142 If you could speak more to that second bucket and what I'm thinking about now, 00:08:33.142 --> 00:08:38.242 and Zach mentioned it, this, this RIA, and particularly the men and women who 00:08:38.242 --> 00:08:42.922 could be your advisors that have that certified financial planner and, and maybe 00:08:42.922 --> 00:08:47.452 add this to it, Jeff, is kind of what's the general difference between what, what 00:08:47.457 --> 00:08:50.992 Zach talked about and the Wall Street and the big firms that we know about 00:08:50.992 --> 00:08:53.092 as opposed to these particular firms. 00:08:54.547 --> 00:08:57.097 Jeff Locke: Yeah, it's, it's, it's tough to sometimes tell the difference. 00:08:57.127 --> 00:08:58.867 Like literally you look at someone's website, you look at someone's 00:08:58.867 --> 00:09:01.537 business card, like you don't really know what you're looking at. 00:09:01.597 --> 00:09:04.537 So the way we think about it, and what happens in our industry is people 00:09:04.537 --> 00:09:07.357 start, advisors start at the big banks. 00:09:07.927 --> 00:09:12.097 They're gonna start there on Wall Street at some point. 00:09:12.757 --> 00:09:16.387 The story is they kind of get fed up with how things operate within the firm. 00:09:16.657 --> 00:09:17.377 They don't like it. 00:09:17.617 --> 00:09:18.877 There's a couple things they don't like. 00:09:19.177 --> 00:09:23.407 One is sometimes they have to push certain investment products that 00:09:23.407 --> 00:09:27.487 necessarily the client might not need, might not be best for them, right? 00:09:27.487 --> 00:09:29.527 They're limited in what kind of advice they can give. 00:09:29.557 --> 00:09:33.157 Maybe they want to give certain advice on your trust or your 00:09:33.157 --> 00:09:35.707 LLC or your NFL benefits, right? 00:09:35.707 --> 00:09:36.637 And they can't do it. 00:09:37.012 --> 00:09:38.032 They're not set up that way. 00:09:38.542 --> 00:09:44.302 So a lot of them leave and set up their own RIA that Zach's 00:09:44.302 --> 00:09:46.042 talking about that next bucket. 00:09:46.282 --> 00:09:48.892 'cause the big difference is they're allowed to give 00:09:48.892 --> 00:09:51.442 advice on more stuff, right? 00:09:51.562 --> 00:09:52.462 Simple as that. 00:09:53.512 --> 00:09:54.952 Still can charge the same way. 00:09:54.952 --> 00:09:57.712 They charge a little bit different, the way they charge fees. 00:09:57.952 --> 00:10:00.892 Totally different conversation, but it's really just they wanna 00:10:00.892 --> 00:10:03.742 deliver more advice in the RIA space. 00:10:04.792 --> 00:10:11.722 But then we're gonna get into this, like not every RIA is built the same, right? 00:10:11.722 --> 00:10:12.952 They're all gonna be independent. 00:10:12.952 --> 00:10:16.402 They're not gonna be attached to the big banks, but they're set up differently. 00:10:16.492 --> 00:10:21.262 And most RIAs, unfortunately, still are not specialized, and they still 00:10:21.262 --> 00:10:26.872 just work with people that are 50, 55, 60 going into retirement, right? 00:10:26.872 --> 00:10:30.382 They're still advising the same type of client, maybe with 00:10:30.382 --> 00:10:31.522 just a little bit more money. 00:10:32.017 --> 00:10:35.182 Than the ones most advisors work with back at the Wall Street firms. 00:10:36.292 --> 00:10:39.322 Riccardo Stewart: So let me ping it back to you briefly here, Zach. 00:10:39.447 --> 00:10:39.667 And. 00:10:40.852 --> 00:10:44.812 What are like limitations that NFL players need to be thinking about 00:10:44.812 --> 00:10:50.722 or aware of when choosing broadly an advisor, especially, particularly the 00:10:50.722 --> 00:10:52.792 first bucket that you talked about. 00:10:54.052 --> 00:10:56.752 Zach Miller: I mean, one of the biggest ones is, is the tax advice. 00:10:57.352 --> 00:10:58.432 A lot of our 00:10:58.702 --> 00:11:02.212 RIAs Are still not looking at the tax piece, and every 00:11:02.212 --> 00:11:03.262 NFL guy 00:11:03.622 --> 00:11:05.092 is in the highest tax bracket. 00:11:05.302 --> 00:11:07.312 Taxes matter massively. 00:11:07.672 --> 00:11:08.752 And if you don't have 00:11:08.752 --> 00:11:12.742 that as part of your advice, you're gonna miss out on 00:11:12.742 --> 00:11:14.422 possibly millions of dollars in 00:11:14.422 --> 00:11:15.262 tax savings 00:11:15.472 --> 00:11:16.492 or overpaying on 00:11:16.492 --> 00:11:21.702 taxes, like in my situation that you You should demand that from your advisors. 00:11:21.702 --> 00:11:23.922 they should be able to do. 00:11:23.922 --> 00:11:28.812 everything as an NFL player in-house and then also some of 'em still don't look 00:11:28.812 --> 00:11:30.522 at the NFL benefits or they don't do a 00:11:30.522 --> 00:11:30.942 Great job. 00:11:30.942 --> 00:11:33.402 We were just, Jeff and I were just on a meeting with a Guy and 00:11:33.402 --> 00:11:37.662 he has an advisor and at an RIA, and he 00:11:38.082 --> 00:11:38.352 was 00:11:38.352 --> 00:11:39.312 not invested. 00:11:40.102 --> 00:11:40.342 The 00:11:40.342 --> 00:11:44.032 best way possible given the fact that he's supposed to be, have 00:11:44.032 --> 00:11:46.762 comprehensive advice in his NFL 00:11:46.762 --> 00:11:47.182 benefits. 00:11:47.182 --> 00:11:49.462 account and you, we see it time and time again. 00:11:49.612 --> 00:11:53.482 Those NFL benefits are millions of dollars of value that should be 00:11:53.482 --> 00:11:56.332 incorporated into that entire plan. 00:11:56.722 --> 00:11:59.362 Those taxes and those NFL benefits are massive. 00:12:00.967 --> 00:12:06.457 Riccardo Stewart: Sam, why do you think players don't know about these options, 00:12:07.117 --> 00:12:11.167 and particularly as it relates to, you know, the options of who they can choose 00:12:11.167 --> 00:12:15.487 to manage their wealth, to help them grow, sustain multi-generational wealth? 00:12:17.147 --> 00:12:19.792 Sam Acho: Uh, I think the reason is pretty obvious. 00:12:19.792 --> 00:12:22.432 Going back to Jeff's story of when he first got drafted. 00:12:22.432 --> 00:12:25.792 I remember I get first got drafted and essentially I went from, I 00:12:25.792 --> 00:12:27.172 got this big signing bonus, right? 00:12:27.172 --> 00:12:30.952 Six figure signing bonus, and I went to go deposit it into my 00:12:30.952 --> 00:12:34.072 bank, into Chase Bank, and I. 00:12:34.072 --> 00:12:36.472 They looked at me a little bit confused 'cause I've given them this 00:12:36.682 --> 00:12:41.512 hundreds of thousand dollars check into a college premier checking 00:12:41.512 --> 00:12:43.342 account, like a CPC checking account. 00:12:43.852 --> 00:12:46.012 But come to find out, a few weeks later, they're like, they saw 00:12:46.012 --> 00:12:47.152 how much money was in my account. 00:12:47.152 --> 00:12:50.032 So all of a sudden they're like, Hey Sam, we could do your investment planning, 00:12:50.272 --> 00:12:51.982 we could all manage all your money. 00:12:52.342 --> 00:12:54.352 They're not gonna tell me about all the different options or 00:12:54.352 --> 00:12:56.182 opportunities that are best for me. 00:12:56.182 --> 00:12:59.242 They're just gonna tell me about the ones that are great for JP Morgan Chase. 00:12:59.242 --> 00:13:01.702 Same thing for a UBS or Morgan Stanley. 00:13:01.702 --> 00:13:03.022 These are, I just use these names. 00:13:03.322 --> 00:13:04.612 As Wall Street firms. 00:13:04.612 --> 00:13:04.852 Right? 00:13:04.852 --> 00:13:08.062 Wall Street meaning that they're owned by, you know, you can 00:13:08.062 --> 00:13:09.412 own stock in these companies. 00:13:09.712 --> 00:13:14.092 Well, generally speaking, I'm not, it's not, it's not even, uh, about the 00:13:14.092 --> 00:13:18.472 person, but just generally about the, the industry or even a firm, they're going 00:13:18.472 --> 00:13:21.832 to tell you best, let me put it this way. 00:13:21.832 --> 00:13:21.982 Right. 00:13:21.982 --> 00:13:23.962 I have a friend of mine who, who works at a car dealership. 00:13:24.622 --> 00:13:27.922 And you might, you might, you might be the best car dealership that 00:13:27.967 --> 00:13:29.092 you, you could think about, right? 00:13:29.092 --> 00:13:30.292 Let's say you love Range Rovers, right? 00:13:30.292 --> 00:13:32.542 Let's say you love, uh uh, Mercedes. 00:13:33.082 --> 00:13:36.592 Well, if they work for a Range Rover, they're probably gonna tell 00:13:36.592 --> 00:13:38.722 you about the Best Range Rover, but they may not tell you about 00:13:38.722 --> 00:13:42.562 the best other car that's available 'cause they get paid by Range Rover. 00:13:43.072 --> 00:13:44.932 Same thing by, let's say it's a Mercedes, right? 00:13:44.932 --> 00:13:46.822 Man, you might love, you know I love cars, man. 00:13:46.852 --> 00:13:47.002 Okay? 00:13:47.002 --> 00:13:50.542 You go to a guy who's at a Mercedes dealership, they're gonna get. 00:13:51.187 --> 00:13:54.037 Paid and incentivized based off of telling you about Mercedes. 00:13:54.532 --> 00:13:57.052 Could be the nicest dude in the world, but they're not likely 00:13:57.052 --> 00:13:57.982 gonna tell you about a man. 00:13:57.982 --> 00:14:02.422 I know I'm at Mercedes, but man, you gotta go check out this, uh, this, uh, Aston 00:14:02.422 --> 00:14:05.122 Martin, whatever you wanna call it, or the highlight no matter what the car is. 00:14:05.122 --> 00:14:09.352 And so I think the reason why most athletes don't know about these different 00:14:09.352 --> 00:14:13.372 options is that the industry is not set up for them to know about different options. 00:14:13.372 --> 00:14:19.522 It's not set up for an athlete to know about a failure or a, a missed opportunity 00:14:19.762 --> 00:14:21.202 that a company may have, right? 00:14:21.202 --> 00:14:23.752 So for example, if, uh. 00:14:24.712 --> 00:14:29.872 If there's an opportunity for you to win when it comes to benefits, but a 00:14:29.872 --> 00:14:34.462 company cannot legally give you advice on benefits, they're not gonna tell you that. 00:14:34.762 --> 00:14:36.442 It's just gonna be like, well, hey, this is what we do and 00:14:36.442 --> 00:14:37.492 this is kind of how it works. 00:14:38.092 --> 00:14:38.362 Right. 00:14:38.362 --> 00:14:41.272 And then you'll look at like, oh man, okay, well I see the this, the company 00:14:41.272 --> 00:14:43.162 that's been around for a lot a long time. 00:14:43.162 --> 00:14:45.292 And man, they have a lot of successful people. 00:14:45.322 --> 00:14:46.522 That's gotta be the way to go. 00:14:46.792 --> 00:14:48.772 But I know I've been in situations where I've been like, man, it 00:14:48.772 --> 00:14:50.662 feels like something's missing. 00:14:51.367 --> 00:14:55.027 Or it feels like you're not telling me something and I can't quite 00:14:55.027 --> 00:14:58.177 put my finger on it, but I just start to peel back the layers. 00:14:58.177 --> 00:15:02.347 You realize, oh, okay, you're not incentivized to give me the big picture. 00:15:02.347 --> 00:15:03.997 You're not incentivized to tell me the whole story. 00:15:04.357 --> 00:15:07.357 And so that's I think, why certain athletes don't know about all 00:15:07.357 --> 00:15:10.807 their different options because the system isn't set up for you to know 00:15:10.807 --> 00:15:11.947 about all the different options. 00:15:12.317 --> 00:15:14.572 Jeff Locke: And Sam, the only thing I'll add there is like just. 00:15:14.917 --> 00:15:19.417 Think about the marketing budgets that these giant banks have also, right? 00:15:19.417 --> 00:15:23.467 It's like the analogy we use a lot is like comparing it to gyms, right? 00:15:23.497 --> 00:15:26.947 When I'm watching tv, when I'm streaming, I'm seeing ads for LA 00:15:26.947 --> 00:15:31.417 Fitness, I'm seeing ads for gold, I'm seeing ads for all the big gyms, 00:15:31.417 --> 00:15:34.177 and then when you think I need a gym, that's the first thing you think about. 00:15:34.237 --> 00:15:36.517 It's the same thing with the Wall Street banks, right? 00:15:36.517 --> 00:15:41.017 They spend billions of dollars a year making sure the second you 00:15:41.017 --> 00:15:42.667 think about, Hey, I need an advisor. 00:15:43.237 --> 00:15:46.267 They're the ones that have been ingrained in your brain for decades 00:15:46.417 --> 00:15:49.897 by being on those ads, right? 00:15:50.507 --> 00:15:53.947 RIAs aren't gonna have those giant ad budgets, even though 00:15:54.337 --> 00:15:56.707 they're probably gonna deliver better advice for your situation. 00:15:58.137 --> 00:16:00.987 Sam Acho: if I could just real quick, just piggyback quickly, Jeff, to 00:16:00.987 --> 00:16:04.137 that point too is like you might have that big marketing budget just, but 00:16:04.137 --> 00:16:05.817 that doesn't mean you're best for me. 00:16:06.432 --> 00:16:06.702 Right. 00:16:06.732 --> 00:16:08.862 You might have this biggest marketing budget in the world, right? 00:16:08.862 --> 00:16:10.242 You might have, oh man, I see this. 00:16:10.242 --> 00:16:12.012 I see their names on the side of buildings. 00:16:12.432 --> 00:16:14.202 That means they gotta be trustworthy, right? 00:16:15.417 --> 00:16:16.527 It's like psychology, right? 00:16:16.527 --> 00:16:17.367 I was a marketing major. 00:16:17.367 --> 00:16:20.727 It's like, man, the more you can, they're talk about promotion, place price, 00:16:20.727 --> 00:16:23.397 like that's marketing, but just 'cause it's good marketing doesn't mean it's 00:16:23.397 --> 00:16:25.047 actually what's best for you, right? 00:16:25.047 --> 00:16:27.207 What I think what's best for me is as I'm learning now, is like, oh wow. 00:16:27.207 --> 00:16:30.327 I want people who have been in my shoes, people who understand what it's like. 00:16:30.327 --> 00:16:33.357 People who have the skill, have the knowledge, have the expertise, 00:16:33.567 --> 00:16:36.057 and oh, by the way, they're not being incentivized for. 00:16:36.057 --> 00:16:38.937 I remember I got so frustrated and I, I got i'll, I'll maybe we can 00:16:38.937 --> 00:16:43.377 save this for a different episode, but just this idea of shareholder. 00:16:43.782 --> 00:16:47.202 Stockholder, like, who am I actually answering to? 00:16:47.202 --> 00:16:53.202 Am I answering to, to like you as the player or am I answering to, uh, 00:16:53.232 --> 00:16:54.882 somebody who owns stock at a company? 00:16:55.242 --> 00:16:59.502 Like those are some questions and conversations that I think need to be had. 00:17:00.767 --> 00:17:04.757 Riccardo Stewart: So we, we can talk about that first bucket, Zach, which was great. 00:17:04.787 --> 00:17:07.457 Looking at the ones we know about, and Sam and Jeff, you talked about 00:17:07.457 --> 00:17:11.357 it, there's a lot of marketing there, so we can see the big names and 00:17:11.357 --> 00:17:12.737 then you get in that second bucket. 00:17:12.767 --> 00:17:15.467 You know, Zach, you said there's about, just about close to, if you 00:17:15.467 --> 00:17:18.047 estimate 300,000 advisors, advisors. 00:17:18.537 --> 00:17:23.067 Then you get into that certified financial planner, that RA we're, we're looking 00:17:23.067 --> 00:17:27.657 about 80,000 and we don't really know as athletes as NFL players about that one. 00:17:28.347 --> 00:17:32.997 And then there's a smaller bucket that gives you what we would call open 00:17:32.997 --> 00:17:36.957 air architecture to be able to build out the plan that you unique to you. 00:17:37.557 --> 00:17:40.857 And there's about 2,500 of those, and that's called the family office. 00:17:41.337 --> 00:17:44.247 And that's what we're gonna begin to talk about on the next episode. 00:17:45.142 --> 00:17:46.647 What is a family office? 00:17:46.827 --> 00:17:50.787 Who is a family office for how come I've never heard of a family office? 00:17:50.787 --> 00:17:54.387 And why is it so needed in the NFL space? 00:17:55.197 --> 00:17:58.737 If there's anything you heard today in terms about your options as an NFL 00:17:58.737 --> 00:18:01.827 player, you're gonna, I wanna have questions or you have questions and you 00:18:01.827 --> 00:18:06.237 want resources for 'em, um, or you want answers to your questions, we'd love 00:18:06.237 --> 00:18:07.647 to be able to provide that for you. 00:18:07.827 --> 00:18:13.917 And so feel free to reach out to us at 6 0 2 9 8 9 5 0 2 2.