Free NIL Long Game course teaches NCAA athletes financial literacy
GAVIN’s President, Matthew Bacchiochi, was interviewed by Tobias Salinger, Chief Correspondent of Financial Planning at Arizent. Mr. Salinger’s story discusses the financial literacy and planning needs of NCAA student-athletes receiving NIL compensation. Click here for the full write-up. An excerpt follows below.
Some student-athletes still find themselves shut out of NIL opportunities, which aren’t open to citizens of other countries like the many players who emigrate from Canada and other places for college hockey, according to Matthew Bacchiochi, the president of Toronto-based Gavin Hockey Wealth Specialists.
The company — part of one of the largest Focus Financial Partners-owned registered investment advisory firms, Connectus Wealth Advisors — has started its own money literacy program for athletes soon to become professional players in the National Hockey League called “Life as an NHLer.”
“We attempt to educate them on the business, opportunities and distractions with an emphasis on cash flow management, payroll deductions, taxation, the costs to being ‘in the club’ and the time value of money,” Bacchiochi said in an email. “The dialogue is real-life situations rather than textbook/academic content. We find a lot of literacy programs spend time talking about the things the advisor likes (ie. asset classes, volatility, security selection, etc.) rather than the experiences that the player will care about.”