US adviser targets financial ‘rookies’

Morgan Stanley adviser Rob Rumley penned an open letter to NBA rookies, advising them to focus on “nothing but net” – including leaving their personal finances to third-party professionals.

“As a rookie, you need to focus on getting the ball into the net, so let someone else be concerned with your net worth and helping it grow,” he wrote.

“Rookies must first focus on what they do best — dribbling, passing, catching, shooting baskets — and then take the time to get educated about finances.

“The average career of a professional NBA player is a little under five years; a professional financial adviser can help educate [them] and lay out an investment plan down the road.

“A professional basketball team wouldn’t go into a game without a strategy, so rookies should not manage their finances without one either.”

Rumley said rookies should beware financial “locker room envy” and avoid the temptation to splurge on items such as expensive cars and property that veteran players may have acquired.