Ex-NFL star at UBS keeps players from going broke
Players need to realize that NFL stands for 'not for long,' the financial advisor warned
Former NFL player Wale Ogunleye spotlights importance of having a ‘financial plan’
Former NFL player Wale Ogunleye joins ‘Varney & Co.’ to discuss his post-league endeavors to provide financial advice to players.
One former NFL star is giving back to the football community by helping players properly manage their fast-tracked fortune through professional financial services.
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Adewale Ogunleye, a former pro-bowl defensive end, leads the UBS Sports and Entertainment business for Wealth Management, a position that allows him to draw on his background as a professional athlete to help financial advisors understand the specific needs of players.
Head of sports and entertainment, UBS Adewale Ogunleye speaks at Own Your Worth: Why the most decorated US track and field Olympian chose not to stay in her lane at Margot on January 26, 2022 in Culver City, California. (Photo by Vivien Killilea/Gett (Getty Images / Getty Images)
"The first thing that I think athletes need to understand is that three and a half years is a short period of time. And the truth of the matter is they should be thinking about what's next," he explained, in repsonse to host Stuart Varney mentioning that the average length of time in the NFL is a mere three years.
"We want to discuss… what's next, whether it's philanthropic or business or entrepreneurship, wherever you want to start. But I think the key for these young players is start thinking early on that NFL really does stand for ‘not for long."
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The former NFL player admitted that one of the "biggest dilemmas" UBS has faced with younger players is preventing them from blowing their earnings.
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"You come into a locker room and the veteran players have the Lamborghinis and the nice cars in the parking lot… The urge is for you to want to go out there and spend immediately. But what I do tell these young players is that, you know what, it is good to go out there and treat yourself. But ultimately, we have to have a plan to make sure that your lifestyle we're able to sustain throughout a period of generations," he explained.
"A lot of these young players are going to have generational wealth, and without a plan is where you see the headlines of athletes going broke. So we tell our guys and our young ladies that they need to have a financial plan. And that for me is the beginning of the conversation now, making them go through it. It is a little more muscle than just talk."
Adewale Ogunleye #93 of the Chicago Bears acknowledges the crowd against the Detroit Lions at Soldier Field on October 4, 2009 in Chicago, Illinois. (Photo by Dilip Vishwanat/Getty Images) (Getty Images / Getty Images)
Ogunleye said he is focused on making sure clients have access to advice and guidance they need to "help them protect and grow their wealth and prepare for life off the field."