Unlocking Financial Empowerment: IMG Academy and Merrill's Groundbreaking Partnership

In a move that could reshape the future of student-athlete financial literacy, IMG Academy and Merrill Private Wealth Management have joined forces to provide a comprehensive financial education program. This partnership aims to equip young athletes with the knowledge and skills needed to navigate the complex world of personal finance, empowering them to make informed decisions that will have a lasting impact on their lives.

Empowering the Next Generation of Financial Stewards

Navigating the Evolving Collegiate Athletics Landscape

The recent changes in NCAA policies, allowing student-athletes to earn name, image, and likeness (NIL) money, have opened up new financial avenues for college athletes. However, this shift has also highlighted the pressing need for greater financial literacy among this demographic. Brent Richard, CEO of IMG, emphasizes the importance of providing student-athletes with the tools to manage their newfound financial opportunities effectively. "Student-athletes are just starting out on their financial journey," he explains. "While they are certainly focused on their academic and athletic endeavors, they also need to understand how the financial decisions they make now may have an impact on their future."The partnership between IMG Academy and Merrill Private Wealth Management aims to address this need by offering a comprehensive financial literacy program. The curriculum will cover a range of topics, including budgeting, understanding credit and debit cards, exploring investment options, and the power of compounding. Greg McGauley, head of Merrill Private Wealth Management, emphasizes the significance of these foundational concepts, stating, "For a young person, unless they're taught how to make a budget, they're not going to learn it."

Empowering Student-Athletes to Make Informed Decisions

The financial literacy initiative will leverage Bank of America's "Better Money Habits" educational program, providing student-athletes with practical knowledge and hands-on experience. McGauley explains that the program will not only cover budgeting but also delve into the intricacies of credit and debit cards, investments, diversification, and the power of compounding through market simulations."Think about where they are today – being in boarding school, they probably have some responsibility to be able to manage some amount of money, whatever they need to have for their basic spending. But when they get to college, that's going to change a great deal," McGauley says. "Their ability to be able to understand and to have a credit card and debit card now, and understand the differences, is incredibly important."The program's emphasis on early financial education is crucial, as it can have a significant impact on the student-athletes' long-term financial well-being. "The power of compounding, learning how to budget, learning how important it is to put money into tax-deferred accounts – basic concepts at a young age can have a major impact," McGauley adds. "I think it's really about getting them to be able to have the information so when those situations come up they make fully-informed and educated decisions in the moment that may have a huge impact on their lives for years to come."

Addressing the Evolving Needs of Student-Athletes and Families

The financial literacy program at IMG Academy is a direct response to the growing needs of student-athletes and their families in the wake of the NIL policy changes. Brent Richard explains that families are seeking guidance on navigating the complex college matriculation landscape and managing the newfound financial benefits."Families are asking us for help in navigating this new landscape and it is our job to provide education that is relevant for the questions our families have," Richard says. "First is their desire for more clarity on a confusing and evolving college matriculation landscape that is offering far more opportunity than the historical books and scholarship model. Second, is their desire for education, resources and advice on how to handle their new personal financial reality; far more students are receiving financial benefits, far sooner than they used to."To address these needs, the financial literacy curriculum will be made available not only on IMG's campus in Bradenton, Florida, but also on the IMG Academy+ and NCSA College Recruiting online platforms. This comprehensive approach ensures that student-athletes and their families can access the necessary resources and guidance, regardless of their location or stage in the college recruitment process.