VaynerSports has announced a partnership with consulting company BrightLights to protect its pro athletes from financial fraud. Founded by David Byrne, BrightLights is “dedicated to provide professional athletes an understanding of their finances to decrease the risk of fraud and dishonest practices by the individuals entrusted with their investments and money.” VaynerSports athletes will have full access to all the services that BrightLights provides including: the rookie transition to the pros, scouting reports for financial advisors, monitoring of the athletes’ financial advisor and the reviewing of bank accounts, investments and fees.
“VaynerSports differentiates ourselves from other agencies
by challenging the status quo,” said A.J. Vaynerchuk, CEO of VaynerSports.
“This partnership with BrightLights aligns with our mission of providing value
for our clients well past their retirement, and there is nothing more important
than ensuring they are financially sound and protected.”
According to the Study of NFL Retired Players, nearly half of the 1,063 NFL retirees interviewed stated they had experienced significant losses in business or financial investments. Nearly half of younger retirees (age 25-49) had been given bad financial advice.
David Byrne founded BrightLights’ in 2017 with one key mission: protect individuals from fraud and dishonest business practices in finance. Byrne, a Certified Fraud Examiner and a Certified Anti-Money Laundering Specialist, was a regulator at the Financial Industry Regulatory Authority (FINRA) for seven years. Prior to FINRA, David managed over $600 million as a client associate and financial advisor for Merrill Lynch.
BrightLights’ will not manage or recommend investments to VaynerSports athletes. Rather, Byrne and his team will provide the knowledge needed to understand the risks and fees of investments. “Pro athletes have doctors, athletic trainers, nutritionists, coaches, and many more professionals monitoring their physical health every day,” said Byrne. “Yet no professional has monitored an athlete’s financial advisor to ensure their financial health. This failure has led to an epidemic of fraud and exploitation against athletes, and our partnership with VaynerSports proves their commitment to their clients foes beyond contracts and endorsements.”
“VaynerSports is building
our reputation by investing in our clients for the long-term. This partnership
with BrightLights makes so much sense for our clients,” said Gary Vaynerchuk. “The
solution to fraud and financial exploitation against pro athletes is not
education because these guys don’t have the time. The solution is oversight and
monitoring. This is a way to break the system. I’m excited for this
Founded by Gary and A.J. Vaynerchuk, VaynerSports is “The Agency For The Modern Athlete.” It is a fully-integrated agency uniquely positioned to maximize the modern athlete’s potential by combining the knowledge and talents of skilled advocates with the marketing and brand building expertise of two cutting edge business innovators in the Vaynerchuk duo.
Among VaynerSports clients include Packers CB Josh Jackson, Panthers C Matt Paradis, Buccaneers RB Peyton Barber and Panthers QB Kyle Allen.
Source: Sports Agency Blog