That’s fundamental to pro athletes’ financial well-being, since they can be magnets for con artists and swindlers, he added.

In 2021, former NBA player Chandler Parsons alleged his financial advisor, a now barred ex-Morgan Stanley broker, had drained his brokerage account without his approval. The broker was arrested earlier this year for defrauding Parsons and three other players out of millions of dollars. Chandler, who signed a $94 million contract with the Memphis Grizzlies, filed a $5 million arbitration agains Morgan Stanley for the fraud last year. The player was injured by a drunk driver in January, 2020. 

Michael Lindo, the Detroit Pistons director of player and family engagement, said he books a number of  Edyoucore’s classes each season, in addition to one-on-one coaching and audits for the team, because he believes the knowledge is critical to players’ "holistic" well-being.

"It’s not just about sports. We don’t want players worried or distracted by unnecessary money issues, so getting them the education they need to help them succeed is a no-brainer for us,” said Lindo, begain using Edyoucore to teach players financial literacy two years ago. 

Worrying Expenses
Edyoucore also performs individualized “FinFit” audits for athletes. The audits are designed to uncover overspending, fraud and mistakes early, so players can correct problems in a timely fashion.

“We go through and conduct each forensic audit, looking at 11 different areas of their financial life,” Hawkins said. Edyoucore uses a CFP, a CPA and a certified fraud analyst in each FinFit review.

“The typical report goes back two years and looks transaction by transaction at spending, credit card use, investments, outside earnings and taxes. It’s mind-boggling the things we’ve uncovered,” Hawkins said.

In one case, the firm helped an athlete reverse course on aggressive spending that would have bankrupted him. “He was on target to be out of money in three years, despite making $36 million over his lifetime,” Hawkins said.

The audit also discovered the athlete was 46% invested in highly speculative alternatives despite being a conservative investor who wanted capital preservation. He and his financial advisor were able to correct the issue, Hawkins said.

Edyoucore also assists financial advisors who have pro athlete clients. “We see ourselves as financial coaches, so there are definitely situations where we can be brought in to help educate the athlete about the value of an advisory relationship, financial planning and the investment process,” Hawkins said.