Barron's Advisor Joe McLean: Winning Strategies for Advisors Who Serve Athletes
May 13, 2025
Joe McLean, Managing Partner at MAI Capital Management and former professional basketball player, shares his unique journey from the court to finance. He discusses how his athletic background helps him guide clients, particularly athletes, through financial challenges. McLean emphasizes the need for effective money management, especially in light of the short careers in sports. He touches on the importance of mentorship, the impact of NIL deals, and the critical role of financial literacy in navigating wealth.
AI Snips
Chapters
Transcript
Episode notes
Cash On Court Story
- Joe McLean recounts being paid in cash before a game in Europe and negotiating with the team for payment.
- He and a teammate guarded the money on the court, demonstrating early financial management under pressure.
Financial Discipline For Athletes
- Athletes often lack the comprehensive financial planning needed for long-term wealth despite high short-term earnings.
- Building accountability and small, manageable financial goals helps athletes learn to say no and manage money responsibly.
Set Client Relationship Boundaries
- Prepare for inevitable conflicts in advisor-client relationships by setting mutual respect and compromise as foundational rules.
- Discuss these boundaries early to maintain positive, ongoing financial guidance relationships.