Annuities and Athletes

[smokin goose]

Being as their top earning years are limited, does annuities fit well into financial longevity for professional athletes?

I seen a statistic that 60% of NBA players are broke when they retire.

 

[Todd King]

If you can find all of the information, you can see where Babe Ruth had money in annuities, which is what helped him survive the depression.

So did O.J. Simpson.

 

[smokin goose]

A lot of NBA D league players end up going overseas. I'm sure their comp is much lower than the NBA. And it's still the same situation as far as top earning years go.

I do have a very small warm basketball market. Just thinking out loud on the forum. I'm interested in annuities, but I need to learn more about them first, I guess. I'll keep studying for now.

Thanks for the input!

OJ had his hands in a little of everything. Including isotoners. (Spelling??)

 

[hammerken]

I have sold a few to some athletes in my time. The trick is fighting through all the hangers on. Sugar Shane Moseley has been stacking annuities with part of his purses from his title fights for years. He will be set. I have a pro golfer who has purchased 2 from me.

 

[scagnt83]

I knew of an agent who sold to a lot of NFL players. He had a referral relationship with an agent. That is probably the best way to go.

 

[smokin goose]

I knew of an agent who sold to a lot of NFL players. He had a referral relationship with an agent. That is probably the best way to go.

Was there comp for the referrals?

 

[AnonymousOne]

If you can find all of the information, you can see where Babe Ruth had money in annuities, which is what helped him survive the depression.

So did O.J. Simpson.

Lets not forget about the creditor protection, in florida at least.

 

[scagnt83]

Was there comp for the referrals?

I would be highly surprised if there wasnt. Agents are more greedy than a stock broker & insurance agent combined.

 

[Mattschmidt]

I knew of an agent who sold to a lot of NFL players. He had a referral relationship with an agent. That is probably the best way to go.

Problem with nfl players is you have to be on their approved financial advisor or insurance professional list. Players can't so business with you unless your on this list, until they leave the league. I think that's garbage , to restrict who they can work with... I'm sure the league gets some some type of kick back from those working in that netwlrk

 

[smokin goose]

Is there any compliance issues with setting up a referral relationship with someone that is not a licensed insurance agent?

Has anybody here ever done this?

What's the best way to set it up? Percentages? Lump sum per case?