UBS is latest firm OK’d by NFL players union
The NFL Players Association, which operates a unique program to provide its members with qualified financial advisors, said Tuesday that UBS, and specifically its U.S. athletes and entertainers group, is the latest firm to gain the union’s approval to work with current and retired players.
The NFLPA’s registered financial advisor program, which is more than two decades old, for years was limited to individual financial advisors. There are currently 117 individual advisors in the program.
After a handful of instances of approved advisors getting into trouble, the program was expanded to include firms. The union approved Goldman Sachs and Bessemer Trust in 2019, Morgan Stanley and Bernstein Private Wealth a year later, and now UBS.
The problem financial advisors included Jeff Rubin, a one-time NFLPA approved advisor who recommended to 31 NFL players that they invest in a casino project that led to losses of $43 million. In 2013, the Financial Industry Regulatory Authority Inc. barred Rubin from the industry in relation to the matter.
In 2020, UBS hired former Dolphins and Bears pro bowler Adewale Ogunleye to lead its sports and entertainment group, and that move has paid off with the agreement with the NFLPA, one industry observer noted.
Ogunleye “has some star power and credibility with athletes, and I’ve seen him on social media,” said Louis Diamond, president of Diamond Consultants. “He’s actively promoting the UBS brand with athletes and entertainers. This is clearly a priority for UBS.”
“Athletes may begin referring friends,” Diamond added. “They need specialized resources and a group that understands their needs better. It’s also an extra recruiting tool for firms like UBS to attract financial advisors.”
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