Major League Baseball is upon us while the NFL lockout remains in full swing, and for financial advisors to athletes, the season has never looked busier.
But with all the glamour that may come from hobnobbing with star players in a favorite there is also the grim reality that handling such personalities is no walk in the park.
Stories abound about sports stars who have been cheated out of money or who have lost it all by spending wildly and then having their careers cut short by injury.
In the April issue of On Wall Street, we talk to Michael Vick’s court-appointed financial advisor, Ira Spiegel. His job was to rebuild Vick’s financial house in the wake of the player’s tarnished image following his prison stint, his suspension from the sport and even allegedly losing funds at the hands of two previous advisors.
While returning Vick to financial prosperity was Spiegel’s first priority, he still needs to have his client trust him.
"The question of him learning about me, learning that he could trust me, learning that I'm working truly on his behalf — that took time," Spiegel says.
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