Merrill Wealth Management and IMG Academy Partner to Provide Financial Education for Student-Athletes
Are you a student-athlete or a parent of one? If so, you’ll want to pay attention to the exciting news coming out of Merrill Wealth Management and IMG Academy. These two powerhouse organizations have joined forces to provide specialized financial education and resources to student-athletes and their families.
The three-year partnership aims to empower student-athletes to take control of their financial futures. With the introduction of Merrill advisors from the Sports and Entertainment Group, student-athletes at IMG Academy will have access to personalized financial education that covers essential topics such as savings, spending, credit, and investing. This curriculum will be delivered using Bank of America’s “Better Money Habits” resource, ensuring that students are equipped with the knowledge they need to make informed financial decisions.
The timing of this partnership couldn’t be better, especially with the recent changes in NCAA policies regarding name, image, and likeness (NIL) rights. Student-athletes now have the opportunity to profit from marketing and endorsement deals while still in school, creating a whole new world of financial opportunities. As Craig Young, a Merrill executive and former college football player, points out, student-athletes today have access to financial opportunities that were unheard of in the past.
However, with great financial opportunities come great responsibilities. Financial advisors specializing in sports can play a crucial role in helping student-athletes manage their sudden wealth wisely. From tax implications to budgeting and long-term financial planning, these advisors can provide the guidance needed to ensure that student-athletes make the most of their earnings.
For student-athletes looking to secure their financial future, investing in long-term financial vehicles like Roth IRAs is a smart move. But before diving into investments, it’s essential to address any existing financial concerns, such as debt or lack of savings. Advisors like those at Merrill can offer valuable insights, but it’s important for student-athletes to prioritize their financial well-being above all else.
As student-athletes navigate the exciting world of NIL deals and financial opportunities, having access to specialized financial education and resources can make all the difference. With the partnership between Merrill Wealth Management and IMG Academy, student-athletes can now take charge of their financial futures and set themselves up for success both on and off the field.
