“Let’s say I’m sitting down with a third-year NBA player and I’ve got Tony sitting next to me in the meeting and checking the boxes with me,” Nelson said. “That brings credibility.”
Headquartered in Minneapolis, NorthRock currently oversees more than $1.5 billion in assets. The firm originally served corporate executives before expanding into areas like sports and entertainment. Its clients include a few NBA owners and about 45 pro athletes, who account for about 20% of the business.
Nelson said the company’s approach is to create what he called a “personal office” for clients. In addition to managing investments, NorthRock does everything from running an athlete’s foundation to tax help and estate planning. It’s branching out into health, wellness and social-media assistance.
Duncan’s Troubles
That’s something Parker wished he had as a young, foreign NBA player. He remembers having to find his own lawyer, his own tax guy and his own financial team. He succeeded without any major issues, but recognizes that others aren’t so lucky.
Duncan, Parker’s teammate for 15 years, was one of those unlucky athletes. In 2015, Duncan sued his longtime financial adviser, saying he’d lost more than $20 million due to irresponsible investments. Duncan eventually settled for a reported $7.5 million.
“It’s easy to get fooled,” said Parker. “Timmy is one of the smartest guys I know, but it can happen to anybody.”
Parker is hoping more young athletes have his experience, and not Duncan’s. To that end, he’s not taking a base salary -- he will earn a commission -- so it’s clear that he’s in it for his clients.
“I was blessed to meet the right people, and I grew with them,” Parker said. “It was an unbelievable experience for me, but it doesn’t happen like that for everybody.”
This story provided by Bloomberg News.