One of our goals for 2011 was to begin creating educational products for athletes. We set out to build on top of the strong foundation that we already have in place here at AccessAthletes.com by delving into other mediums, in an effort to give our athlete readers more options when it comes to being informed and maximizing their potential.
I'm very happy to announce the launch The KR Group Monthly Podcast for Professional Athletes with Access Athletes. Each month, both Dr. Tim Thompson, our VP of Educational Programs and human relations expert, and yours truly, will be recording a podcast in Philadelphia together with Scott Kaminsky and Matt Ramer of the KR Group at Morgan Stanley (NYSE: MS). It is produced by Digilog Sound & Image of Philadelphia.
Before I get to the podcast's format and what's in store for you for you all this month, I wanted to give a little background about Scott and Matt and what led to us to collaborate with them on this project.
Scott Kaminsky and Matt Ramer are Vice Presidents of the KR Group in Morgan Stanley's Philadelphia office. Scott is a Certified Financial Planner (CFP) who received his B.S. in Accounting from Fairleigh Dickinson University in 1989, where he also played on the baseball team. His partner Matt, an Estate and Retirement Planning Specialist, received his Bachelor's Degree in Economics and American Studies from Brandeis University. Matt is an Auxiliary Captain in the U.S. Air Force, as well as an Angel Flight Pilot. They were both named to Philadelphia Magazine’s 2010 FIVE STAR: Best in Client Satisfaction Wealth Manager listing in 2009 and 2010.
What impressed me the most about Scott and Matt is their commitment to educating athletes and helping them make informed financial decisions. In early November, Scott Kaminsky traveled down from Philadelphia to share a study, which both he and Matt commissioned, called the 5 Biggest Challenges Facing Professional Athletes. This well-researched study, produced by the Empire Research Group, provides a great deal of solid information and statistics in an easy-to-understand format.
The study is broken down into 5 challenges: (1) Overindulgence, (2) Debt Control, (3) Misplaced Trust, (4) Family Issues, and (5) Wealth Preservation. Not only does it dissect the root causes behind many of the financial issues experienced by many professional athletes, it also lays out 5 action steps for success. These include (1) Build the Proper Team, (2) Advisor Trust Guide, (3) Tax Planning, (4) Protect Your Assets, and (5) Create a Financial Plan. At the end, it instructs athletes that the choice is theirs - whether they want to "live large for a few years" or "live comfortably forever."