Do Your Homework

I am shocked and amazed, wait a minute, no I am not. I was going to say, I am shocked and amazed at how many athletes and their families do not do their homework when it comes to service professionals. I recently spoke with a young many who was in awe and amazement about how wonderful his group of service professionals are. I had no reason to doubt him or challenge his feelings about his group of individuals he had selected around him. Because he was so high on them, I wanted to get their names as referrals just in case I may want to personally use them in the future and so I could go home and do my own my own homework.

But first, after listening to him go on-and-on, about the wonderful things his group of service professionals had done for him, I asked him what he really knew about each of them (from a professional background standpoint).

I asked if he had ever checked the background of his real estate broker to make sure he was licensed in the state in which he bought his home. He said no.

I then asked him about his financial advisor and how he had been introduced to her.  His response was the he was referred by a teammate. I then asked if he had ever done his “homework” on his financial advisor. His response again was no.

I finally asked had he ever been involved in any business dealings in the past that had gone awry. He easily said yes, informing me that he had a business partner in which a business venture did not go well.

After listening to him, I went home and did my own homework on each of these individuals and was amazed what I was able to find with nothing more than knowing where to go with simple internet searches.

His real estate agent had four pending complaints against him. His financial advisor had four closed complaints against her, and the business partner had been previously arrested for theft. These are the types of simple background checks that are not detected or performed by athletes and/or their families that result in financial ruin. Here, I am able to access the most basic information on the internet. When I drill down into my more detailed resources, there are an abundance of service professionals, and many of whom I know personally, who have colored past professional histories they never disclose to their clients.

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