Merrill Wealth Management, part of Bank of America, has announced a three-year partnership with IMG Academy, an organization working with student athletes for college and for life.
The program aims to provide actionable financial education to IMG Academy student-athletes, Merrill said.
The financial education program will be offered to students and their families attending IMG Academy's onsite boarding school in Bradenton, Florida, and through its online program, IMG Academy+. The curriculum, which will take effect during the 2024/2025 academic year, will include educational sessions, campus-wide assemblies, self-study materials, and an opportunity for students and their families to meet with a Merrill advisor one-on-one.
"Athletes today are navigating an increasingly complex financial landscape and are expected to make decisions at an early age that can have a significant impact on their futures," Greg McGauley, head of Merrill Private Wealth Management, international and institutional groups, said. "That is why this partnership with IMG Academy is so important and timely. It offers students and their parents the education and resources to help them make informed financial decisions now and in the future."
As McGauley’s comments suggest, there is an important intersection between the wealth management and sports world. Sportsmen and women often have short and sometimes high earnings periods, requiring careful financial planning. There are also cases of sports stars ending up in financial hardship by imprudent spending and investment.
Merrill introduced a dedicated sports and entertainment group three years ago.
"Given the modern high school and collegiate student-athlete landscape, it is becoming increasingly important to develop financial literacy at a younger age," Brent Richard, CEO of IMG Academy, said.
IMG Performance Sport Science Center, based in Bradenton, Florida.