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Database Connecting Pro Athletes To Wealth Advisors Debuts

Wendy Connett

22 December 2010

Alarming statistics about the lack of wealth longevity of professional athletes has prompted a former Wall Streeter turned entrepreneur to launch a database aimed at connecting this segment with wealth advisors.

A Sport Illustrated article published early last year prompted Brian Ouellette to launch Athlete Connect. The article revealed that within two years of retirement, 78 per cent of former NFL players are bankrupt or under financial stress and within five years of retirement, 60 per cent of former NBA players are broke.

“The majority of these athletes are going broke,” Ouellette told Family Wealth Report.

Ouellette, a former money manager at CIBC Oppenheimer and UBS, spent a year and half developing and buildingAthlete Connect, which he markets through Seattle-based Pro Athlete Direct.

The database, which launched in September, currently includes more than 6,000 athletes in 16 sports and 1,200 agents.  The average annual income of athletes in the database is $1.6 million, not including endorsements.

Search options include team, name, sport, salary, location, agent and agency. A single license costs $2,500 annually.

The database will expand to include European sports next year, starting with soccer. An educational component for pro athletes in need of wealth management awareness will also be an integral part of the venture.