National Basketball Players Association Chooses Personal Capital to Enhance Players' Financial Education

SAN FRANCISCO, June 7, 2016 /PRNewswire/ -- The average first year salary for a rookie NBA player is just over $4.7 million, and by year four that number increases by 26.1 percent¹. In an effort to help players understand the immediate complexities associated with this huge jump in salary and a more complex financial life, today Personal Capital, the leading online financial advisory firm, becomes a provider of digital financial tools for the National Basketball Players Association (NBPA). The NBPA, together with the NBA, offers financial education to players to prepare them for life after their professional basketball career, including educational in-person seminars on a range of financial topics. Now, with Personal Capital, players can also monitor their finances and learn best practices for managing their wealth, all through their mobile devices.

The NBPA has led the charge among professional sports organizations in an effort to help athletes not only grow their skills as players but also better understand their finances, through a robust financial education program that brings in even Pre-Draft and Rookie status players. The program includes financial seminars, as well as education around managing 401(k) accounts. With the addition of Personal Capital's tools, players can easily understand where their money is coming and going, track their net worth, check up on their investment strategies, analyze hidden account fees, and plan for retirement.

"When it comes to finances, education is only half the battle – it really comes down to behavior and habits," said former Golden State Warriors Player and Director of Player Programs at the NBA Players Association, Purvis Short. "Players have short careers, have complicated taxes and make fast financial decisions that can result in spending money too quickly. We're excited to expand our successful campaign for fiscal education and help players change behavior."

NBA Players have access to Personal Capital's exclusive suite of digital tools including:

• Cash Flow Analyzer. Insights into weekly, monthly and yearly income, spending and savings trends.
• Net Worth Calculator. View of sum of assets and liabilities and overview of all financial accounts.
• Retirement Planner. Tool to help users assess the impact of current portfolio, savings rate, and future life events (income and spending) on retirement readiness.
• Investment Checkup. Portfolio analysis tool that presents a target investment allocation based on user profile data and surfaces potential stock and asset class risk concentrations.
• Fee Analyzer. View of fund fees and calculation of costs over time.
• Dashboard. Summary of accounts, net worth, cash flow, portfolio performance, investment "gainers and losers", and asset allocation.

"We're honored to work with the NBPA to help talented professional athletes manage their financial wellness as they grapple to understand their complex financial life," said Personal Capital CEO Bill Harris. "The average Personal Capital user saves over 15% more after they start using our tools, and those savings go a long way when an athlete puts them towards retirement. Our goal is to help players develop good habits, become more informed about their finances, and make better decisions with their money, so they can reach their long-term financial goals."

To learn more about Personal Capital, visit www.personalcapital.com.

About the Company: Personal Capital is the smart way to track and manage your financial life. Personal Capital combines award-winning online financial tools that provide unprecedented transparency into your finances with personal attention from licensed financial advisors. The result is a complete transformation in the way you understand, manage and grow your net worth.

Disclaimer: Personal Capital Advisors is an SEC registered investment advisor. Any reference to the advisory services refers to Personal Capital Advisors. SEC registration does not imply a certain level of skill or training.

Marianne Ahlmann | Personal Capital | [email protected]

¹ 2015-2016 NBA Rookie Scale

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SOURCE Personal Capital

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