SPORTS FINANCIAL ADVISERS GROUP LAUNCHED:
A new trade association has been formed to give a voice to financial and insurance professionals who serve professional athletes.
The Sports Financial Advisors Association was launched earlier this month by Femi Shote, managing director of McLean, Va.-based Asset Harvest Group, and five other financial professionals who work with professional athletes. The SFAA is looking for members who want to network, share best practices and discuss and formulate opinions on the issues facing financial and insurance executives who work in sports, said Shote, the association’s president.
Shote said there is a database of about 660 sports financial professionals, but the group “is going to be very careful as to who we bring in as members.” To join the organization, a person must be a certified financial planner, a certified public accountant, a chartered life underwriter or a chartered property and casualty underwriter.
The SFAA has been registered with the IRS as a 501c(6) not-for-profit organization. Membership dues are $500 a year. The association Web site is at www.sportsfinancial.org.
Shote said the group plans to have an annual meeting starting in 2005. The group will work to educate members and potentially could take positions on issues such as what are proper relationships between sports financial and insurance professionals and agents, runners and amateur athletes. The group also will discuss ways to prevent athletes from becoming victims of financial fraud.
Shote said he has informed the sports labor unions about the SFAA. The NFL Players Association is the only union that has a formal program to register financial advisers. The NFLPA does not have authority to regulate financial advisers, but has a voluntary program for which financial advisers register by submitting to a screening process. NFLPA then provides NFL players with the names and contact information for financial advisers who pass the screening process, which includes an extensive background check.
The NFLPA leadership set up the program after some NFL players lost several million dollars in the last few years when they were defrauded by their financial advisers.
Jonathan Miller, SFAA treasurer and a director with American Express Tax and Business Services Inc., said the NFLPA financial advisers program is “fantastic,” but that there was really no organization to bring together sports financial and insurance executives to talk about their business.
“We are going to self-educate ourselves and build some credibility for the members,” he said.
FINANCIAL EXPERTS CREATE SPORTS FINANCIAL ADVISORS ASSOCIATION, INC.
Phoenix, AZ – 12/6/04 – A group of leading financial advisors have come together to create the Sports Financial Advisors Association (SFAA) to address the unique financial requirements of sports professionals. The organization, a not for profit advisory association, was created to promote a network of accredited financial professionals that will provide first-class financial planning expertise to professional athletes, coaches, players associations, and athletic organizations. The announcement was made by Femi Shote, founder of SFAA. “On many levels, sports professionals have unique financial needs beginning with careers that can place them in a position of great wealth,” commented Mr. Shote. He added, “However, there is a long list of challenges that can change that status almost immediately including short careers, financial mismanagement and fraudulent investments. The SFAA seeks to attract members who are accredited specialists in their respective financial fields and are dedicated to serving and understanding the unique needs of sports professionals.” The SFAA’s founding members include Femi Shote , CFP® Mclean, VA, Jonathan Miller, CPA Phoenix, AZ, Andre Mirkine , CFP® Greenwich, CT and Michael Misner ,CFP® The Woodlands, TX. The four founding members have combined over 70 years of experience in the financial services industry and will serve as SFAA board members. Financial advisors with unique and specialized accreditations within the financial industry, that are interested in learning more about the SFAA and for membership information, should contact Michael Misner at email@example.com
Sports Financial Advisors Association Page Two
The SFAA is a non-profit organization whose mission is to promote, to the professional sports community, accredited financial advisors dedicated to working in the sports arena. SFAA members shall strive to maintain the highest standards of excellence and ethics. Athletes, their families, coaches, team executives, leagues, players associations and athletic organizations will know that SFAA members have the education, experience, integrity and resources needed to help them reach their financial goals. The organization will pursue these objectives by providing a broad range of member services including educational programs, networking opportunities, and an annual conference. Information regarding the SFAA can be found at www.sportsfinancial.org .