With recent changes to the MLB draft payouts - do you need a financial advisor?
Due to COVID-19, no matter what MLB draftees sign for – the maximum amount they will receive in the first calendar year is $100,000.
So, do you need a financial advisor?
After taxes and agent fees there can be as little as $30,000 left which will be used to live on. Nothing really left to invest. Seems like hiring a financial advisor can wait until next year.
If you’re only talking about investing, we agree.
However, are any of the following “financial decisions” important to your family?
If the answer is yes to any of these, that means you have a lot of work to do that has nothing to do with investing the money.
Most "financial advisors" reduce your life down to only the investments their company allows them to manage and charge on. Your expectation of a financial advisor should be that they should be able to provide advice on all your finances, not just on the investments that their company happens to sell.
You don’t need an investment broker, especially one that gives you hitting lessons. What you need is a Certified Financial Planner Professional who manages your entire net worth.
You’re making the most important financial decision. Don’t leave it to chance.
MLB Draft Podcast with Erik Averill, CPWA®, CFP ® and former MLB Pitcher, Travis Chick, CFP ®.
Episode Highlights