From the Olympics to Wall Street read more at here http://spinonews.com/index.php/component/k2/item/661

 

 

Samuelson and two other Olympians told that they liked Wall Street's competitive eat-what-you-kill culture along with paychecks that are bigger and more stable than their sports careers could offer.

Brokerages have hired thousands of trainees in recent years to build up a next generation of advisers, but about half drop out. Olympians are team-oriented and competitive people who have already achieved success in another career, often before 30.

Emily Samuelson competed at the highest level as an ice dancer over the course of her 15-year career, retiring after skating in the 2010 Vancouver Olympics. But like many Olympians, she never earned enough to cover her expenses.

Her parents spent $50,000 a year on her sport, an investment she tried to pay back by giving them three-quarters of her winnings. She saved and invested the rest.

Samuelson, 26, knew that many Olympic friends struggled with money, and she saw an opportunity for a career after skating. She's now among a number of Olympians working in wealth management at big banks, which hope that the cachet of their athletic careers impresses prospective clients. UBS Wealth Management Americas, Bank of America's, Merrill Lynch and Morgan Stanley and all employ several retired Olympic athletes

Lopez, 34, counts his brother Steve and sister Diana, both Olympic medalists, among his clients. While he would be happy to work with more Olympians, realistically, he knows that few meet the Swiss bank's high net worth targets.

The U.S. Olympic Committee provides all Olympians with health insurance, but the stipend each athlete is paid depends on the sport and can vary from about $6,000 to tens of thousands per year.

Even celebrity Olympians, who net lucrative sponsorships and professional contracts, often fail to plan for the future.

David Emma, a professional hockey player who played in the 1992 Olympics, said he lost 80 percent of his savings in the tech bubble because his financial adviser invested the majority of his portfolio in the technology sector.

The loss decimated the nest egg Emma had saved over his decade-long career, and it drove him to pursue a career in wealth management, first at Merrill Lynch and later at High Tower.

Emma currently advises 35 professional hockey, golf and tennis athletes, including several Olympians.