JPMorgan Formed Athlete Council for Financial Planning

The bank launched a council featuring star athletes to address the high bankruptcy rates seen among retired professional players.

Updated on Oct. 4, 2026 in Financial Planning

Bold vector editorial illustration featuring a running shoe and gold tokens on a balance scale, representing financial planning for athletes. — JPMorgan Chase has launched an Athlete Council to provide financial guidance for professional players to help reduce post-career bankruptcy rates. AI Illustration. Upload story photo >

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Do you believe professional athletes require specialized financial training to manage their career earnings?

JPMorgan Chase has established an Athlete Council to provide financial guidance for players transitioning from college to professional retirement. The initiative seeks to combat a trend where approximately 15.7% of NFL players file for bankruptcy within 12 years of ending their careers.

Why it matters

Many professional athletes struggle with long-term financial stability due to short career durations and limited formal financial education. This new program aims to provide professional guidance to help athletes manage high earnings effectively.

Data shows that 15.7% of NFL players, or roughly 1 in 6, file for bankruptcy within 12 years of retirement. This occurs despite median career earnings that can reach $3.2 million, with high-profile examples like Terrell Owens and Warren Sapp seeing earnings exceed $50 million.

The players

JPMorgan Chase

A major financial institution offering banking, investment, and wealth management services.

Tom Brady

A former professional football player and current member of the JPMorgan Athlete Council.

Terrell Owens

A former professional football player who filed for bankruptcy in 2012.

Richard Sherman

A professional athlete who operates the Player's Collective to promote financial literacy.

The details

The Athlete Council, which includes Tom Brady, Dwyane Wade, and Megan Rapinoe, focuses on developing financial programs to support athletes throughout their careers. These efforts supplement the work of organizations like the Player's Collective, operated by Richard Sherman and Sheldon Day to improve financial literacy. The programs are designed to assist with long-term planning and capital management for those facing short, high-earning career cycles.

1996-2003: Years players were drafted for the bankruptcy study.
2000-2013: Career start and end dates for study subjects.
2012: Year Terrell Owens and Warren Sapp filed for bankruptcy.
2015: Publication year of the National Bureau of Economic Research paper.

Money Landscape

This move marks a response to the well-documented financial volatility reported in the 2015 National Bureau of Economic Research study. It reflects an evolving focus on providing institutional financial literacy resources for high-earning individuals with unconventional career paths.

While this council focuses on professional athletes, the core challenge of managing short-term high income applies to any household experiencing sudden changes in earnings. Consult with a qualified financial professional to ensure your savings strategy accounts for career volatility.

The takeaway

Financial stability for high-earning individuals requires disciplined long-term planning, especially when career windows are short. Regardless of your income level, regularly reviewing your net worth and seeking professional tax or investment advice remains a key habit for protecting your assets.