PHILADELPHIA, May 14, 2019 /PRNewswire/ -- Lonzo Ball's description (on the recent episode of HBO's The Shop) of the hurt and anger he felt after the financial betrayal of Alan Foster ("way more" than his "2nd Dad") is a sad reminder that professional athletes lose money unnecessarily too often. It also fuels TeamAltemus's drive to help more athletes.
Two years ago, it was a hypothesis, developed over years of advising professional athletes about money; a need for a consulting firm to provide unbiased financial education and financial advisor due diligence.
Extensive market research ensued and validated the need. The research included a panel discussion TeamAltemus hosted for a special group to discuss athletes and money simply because it was important to them. No audience, no media, no endorsements, just discussion:
Courtney Altemus, CEO of TeamAltemus said, "We created a new space with a radically different model for student-athletes. This required a lot of evangelizing and now we're running workshops at several schools, most recently at Clemson University. The NCAA enlisted us to help the top football players learn about financial advisor due diligence at the Elite Athlete Symposium. Our collegiate bookings have already tripled from last year."
Likewise, the pro athlete business is growing dramatically. "We exponentially increased speed and accuracy of first screen due diligence with new technology last year and our inquiries expanded to agents, teams and leagues. "It changes the game for them," Altemus said. "They eliminate their risks associated with direct referrals and introduce a team of unbiased experts to help the athletes perform due diligence."
TeamAltemus's best measure of positive change are the athletes who implement concepts from a TeamAltemus workshop for future financial decisions. One recent example is an NFL player who is entering his second season with the New York Giants. He participated in a TeamAltemus workshop in college and used the information to make decisions during the radical financial transition to the NFL. He said,
"Really it (TeamAltemus workshop in college) was my first time ever really talking about finances so I really paid attention to everything. I still have the notes in a notebook! But the main (most helpful) thing I would say was creating a budget and sticking with it! "
He met with TeamAltemus at the end of rookie season for advice:
"I took a lot from when I met with you guys about not being afraid to ask those hard questions when it comes to getting a financial advisor! I've always struggled with that so after that talk I've been working on it in other areas and it's helped out a lot."
An unbiased provider of financial advisor due diligence and financial education, partnering with professional athletes to vet and monitor financial advisors. TeamAltemus partners with collegiate athletic departments to ensure all student-athletes are financially educated and elite athletes are trained in financial advisor due diligence. www.team-altemus.com