Frank Seminara, a private wealth advisor in Morgan Stanley’s Global Sports & Entertainment Division, said athlete clients often need him most at the beginning of their careers, when tempering their enthusiasm for big purchases can be an issue.
Retirement is another critical time, when athletes often must adjust to living off their interest income and capital gains.
Like the fictional Spencer, Seminara, whose team manages about $1 billion in assets, is a former pro athlete now managing money for athletes. He played professional baseball for the San Diego Padres and New York Mets from 1992 to 1994.
Seminara also had his share of late nights networking with potential clients at bars. But he credits most of his success to years of cultivating friendships with athletes by going to practices and visiting them on the road.
Building up trust and educating clients is important, Seminara said, noting that Morgan Stanley has financial literacy program for its athlete clients.
“I think the days of wining and dining and the short cuts are over,” Seminara said. “I think athletes are becoming more educated.”