ESPN's Jay Williams wants athletes to be active participants in their finances

ESPN's Jay Williams and Financial Planning's Justin L. Mack talk financial literacy at Future Proof 2023.

As 2023 winds down and temperatures on Wall Street plummet, allow Financial Planning to transport you back to warmer days and one of the hottest wealth management events of the year.

This holiday season Financial Planning is taking a special look back at the annual Future Proof Festival, a one-of-a-kind industry gathering that attracted nearly 3,000 financial advisors, wealth management executives, fintech leaders, emerging startups, rap icons and more to Huntington Beach, California during the second week of September.

Our walk down memory lane is a series of exclusive interviews with insiders and newsmakers conducted by Financial Planning Wealthtech Reporter Justin L. Mack, who also served as a panel moderator during the event.

In this clip, Mack catches up with hoops superstar and ESPN analyst Jay Williams. The New Jersey native is considered one of the greatest college basketball players of all time, winning an NCAA Championship with the Duke Blue Devils in 2001 and being named the NABC Player of the Year in 2001 and 2002 before being drafted by the Chicago Bulls.

At Future Proof 2023, Williams took part in a panel titled "Securing Your Future" alongside Joe McLean and Caleb Silver.

In both the panel and his conversation with Mack, Williams talked about the importance of financial education and empowerment in the sports community. 

As someone who has always kept a close eye on the markets, Williams believes we're moving in a direction where athletes and entertainers understand that they need to be more proactive when it comes to securing their financial futures.

READ MORE: Morgan Stanley, NFL great Larry Fitzgerald team up to educate athletes and entertainers about wealth management

"The competency level is higher than it's ever been before. You're seeing individuals form their own family offices. … Athletes are sitting on the board of private equity companies. And I think with media rights, the evaluations of teams and where this industry is going, it only makes sense to sit at the intersection between sports, business and finance," he said.

But as someone who always wants to keep it real, Williams worries that the overall financial literacy of current athletes still isn't where it needs to be. Because of that, he wants to lead by example and push players into a new level of understanding.

"I think you still have a lot of managers [and] you still have a lot of agents that are kind of steering the ship in that direction. So I think for me it's like, I'm 42 years old. I'm trying to be that next iteration of the athlete," Williams said. "I understand what my ecosystem is. I understand how to scale my businesses that I invest in. I'm an active participant … and now with NIL, it's starting at a younger age

"So I think the more engaged the athletes can be from a younger age, the better off they're going to be in the future."

Check out the full interview below.

Future Proof, an event billed as the first wealth festival, is making its return next summer and dates for Future Proof 2024 have already been announced. The event is slated to return to Huntington Beach Sept. 15-18, 2024.

Future Proof is also expanding in the new year with the addition of Future Proof Retreat, an additional event for wealth management leaders that will take place March 24-27 in Colorado Springs.

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