Athlete agency VaynerSports has announced a new partnership with consulting company BrightLights to protect its professional athlete members from financial fraud. Founded by David Byrne, BrightLights is dedicated to provide professional athletes with an understanding of their finances to decrease the risk of fraud and dishonest practices by the individuals entrusted with their investments and money.
The firm’s 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 AJ 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 a study of NFL retired players, nearly half of the 1,063 retirees interviewed stated they had experienced significant losses in business or financial investments. Almost half of younger retirees (age 25-49) had been given bad financial advice.
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.”