Wall Street firm is supporting the College for Financial Planning's SE-AWMA designation for financial advisors
Elite athletes and entertainers can build up eyewatering levels of wealth in a relatively short time – and that requires specialized knowledge from their financial advisors.
Big money sponsorships, product endorsements, performance rights and many other income streams can boost the ‘basic’ wages earned by this unique client set and there’s an advisor designation to show relevant expertise.
Wells Fargo Wealth and Investment Management is the latest big name to add its support to the Sports & Entertainment Accredited Wealth Management Advisor (SE-AWMA) designation from the College for Financial Planning (CFP).
In launching its new Sports & Entertainment Program the firm is recognizing and supporting financial advisors who serve clients within the sports and entertainment industries.
The designation was originally only open to Merrill Lynch advisors as it was this company that first approached the CFP wanting to formalize the expertise of its advisors in a fast-growing and successful niche.
The specialized advisors who gain the designation are accomplished at advising on matters such as sudden wealth, uneven income flows, philanthropy, and wealth and legacy planning.
“There are distinct needs that clients in these industries have, and supporting this designation for our financial advisors gives them even more credibility when serving them,” said Julie Caperton, head of Wells Fargo Private Bank. “Sports and entertainment professionals often have needs that change over time — and sometimes change very quickly.”
Open to all
Wells Fargo’s new program comes a year after the CFP opened up the SE-AWMA designation to all advisors.
CFP’s first-of-its-kind professional designation from an accredited college also counts as credits towards the CERTIFIED FINANCIAL PLANNER certification.
College president Dick Pantone said last year that the new designation was not just to help those clients at the start of their sports or entertainment careers.
“Sports and entertainment professionals face unique financial complexities over their careers, which is why they need a financial advisor who is qualified to analyze and evaluate planning strategies that address their specialized needs,” he said. “Money management issues go beyond youthful inexperience when you consider how many veterans struggle with personal expenses and maintaining an unsustainable lifestyle.”
