Recent headlines involving Philadelphia Phillies third baseman Alec Bohm have sparked renewed conversation about athlete finances, advisory teams, and the importance of financial oversight.
Situations like these serve as an important reminder: safeguarding your finances requires diligence, structure, and trusted third‑party guidance. Financial success alone doesn’t guarantee financial security.
Professional athletes — and increasingly, college athletes benefiting from Name, Image, and Likeness (NIL) opportunities — often experience significant financial success early in their careers. While exciting, this reality can also create unique risks and vulnerabilities. Establishing strong practices and a trusted advisory team early on can help protect long‑term success.
You don’t need a finance or business background to care about your financial future. But you do need to stay involved.
Ask questions. Review statements. Understand where your money is going. If something doesn’t make sense, trust your instincts and ask for clarification.
In accounting and auditing, professionals are trained to apply professional skepticism — maintaining a questioning mindset and critically assessing information. Athletes and high‑earning individuals should adopt this same mindset when reviewing their own finances.
It’s your hard‑earned money. You have every right, and responsibility, to ask questions, request documentation, and seek explanations.
Many athletes choose to involve family members in financial decisions and responsibilities. While this can come from a place of trust and loyalty, it can also create risk if safeguards are not in place.
Unfortunately, history has shown that financial disputes involving relatives are not uncommon. Family relationships do not replace internal controls, documentation, or oversight. Clear roles, limited access, and independent review help protect everyone involved. Trust should always be paired with verification.
One of the most important steps athletes can take is building a qualified, neutral advisory team. This helps protect both your finances and your future.
Your advisory team may consist of a CPA, attorney, agent, manager, PR, and more. These professionals provide objective guidance, identify risks, and support informed decision-making. Athletes should still conduct due diligence when selecting advisors — verifying credentials, reviewing experience, and confirming licensing. Qualified advisors often hold credentials such as CPA, CFP, or CFA, and appropriate regulatory licenses.
Athletes travel frequently and maintain demanding schedules. However, limited time should not lead to limited oversight.
When your CPA or advisor requests documents, clarification, or responses to potential red flags, timely communication is critical. Delays can lead to:
Being hands‑on doesn’t mean managing everything yourself. It means staying informed and responsive. A strong advisory relationship works best when communication is consistent and collaborative.
Athletes are, in many ways, operating businesses. With income streams, contracts, endorsements, and investments, financial complexity can grow quickly.
Implementing strong internal controls and structured processes can help protect assets and minimize risk:
These guardrails create accountability and reduce the likelihood of errors, oversights, or misconduct.
High earnings, public visibility, and demanding schedules can make athletes prime targets for exploitation. Recognizing risks early is key. Common disputes and fraud scenarios include:
Recognizing early warning signs can help prevent larger issues:
While MLB pro Alec Bohm’s news has brought renewed attention to athlete financial disputes, similar situations have occurred across sports, including NFL pro Baker Mayfield (2024), NBA pro Kevin Garnett (2018), fellow Phillie Ryan Howard (2016), and even Olympian Dominique Moceanu (1998). These examples highlight that financial challenges can impact athletes at any stage of their careers. Learning from these patterns can help protect your future.
With Name, Image, and Likeness (NIL) opportunities now available to college athletes, financial decision‑making is beginning earlier than ever before. Aspiring professional athletes may now earn meaningful income in high school or college. Establishing strong financial habits, advisory relationships, and internal controls from day one can help set the foundation for long‑term success.
Professional sports careers can be unpredictable, and longevity is never guaranteed. Long‑term planning with your advisory team helps preserve wealth, manage risk, build sustainability, and prepare for career transitions. Smart decisions early can create financial stability long after playing careers end.
Financial success in athletics isn’t just about earning. It’s about protecting, managing, and sustaining wealth over time. A trusted third-party advisory team helps create structure, accountability, and long-term strategy.
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Whether you’re a professional athlete, a college athlete navigating NIL opportunities, or a high‑earning individual, building the right advisory team early can make a meaningful difference.
The Alloy Silverstein Pro-Athletes & Entertainment advisory team works with clients to build structured financial processes, provide independent oversight, and support long‑term financial success.
If you’d like to learn more about how a trusted third‑party advisory team can support your goals and protect your income, reach out to an Alloy Silverstein Athletes & Entertainment advisor today.
Associate Partner
Chris provides accounting, tax planning, and consulting services to professional athletes, family entertainment centers, and other businesses in the amusement and hospitality industry. He also aids clients in implementing cloud accounting solutions.
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