Morgan Stanley Global Sports and Entertainment is rolling out a new effort to
On Wednesday, Arizona Cardinal legend Larry Fitzgerald and the special division of
The program aims to provide these individuals with the education, tools and resources needed to build and
It's a program that Fitzgerald — an 11-time NFL pro bowler and 2016's Walter Payton NFL Man of the Year — believes can have a tremendous impact on the lives of athletes and entertainers when their highest earning years come to an end.
"The big thing about being a professional athlete is you never know when your career is going to be over. It's not like you say, 'Hey, I'm gonna play another 10 years.' That's not how it really works," he said. "So you kind of have to prepare yourself while you're planning for the inevitable time when you no longer can do it.
"Once your professional career is over, you'll never know what you're going to do if you don't try different things."
According to Morgan Stanley, Money in the Making is the latest enhancement to Morgan Stanley GSE's suite of financial education programming that has been a resource for athletes, entertainers, creators and others in the spotlight for nearly a decade.
Those who take part in the program will gain access to lessons about the fundamentals of budgeting, saving, investing, taxes, personal branding and starting a business.
Money in the Making also features a section dedicated to
Agreements that allow college athletes to profit from contracting out their names, images or likenesses — also known as NIL — have become a hot topic since the NCAA's groundbreaking summer 2021 decision to clear the way for such deals.
Under the guidelines, college players can earn money based on their celebrity without impacting their eligibility or violating amateurism rules. It applies to all three NCAA divisions. It's also new sponsorship territory for the financial services industry, which previously had to limit its presence at the collegiate level to naming stadiums or sponsoring bowl games.
In late 2021,Texas-based firm Intercontinental Wealth Advisors became one of the first independent wealth managers to ink such a deal
Harris, who played safety for the Roadrunners, was the driving force behind the partnership between his firm and Rashad Wisdom, a leader on the UTSA football team.
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Money in the Making's NIL section gives student athletes and those closest to them tips on navigating the complexities of a college athletics landscape that features a rapidly growing market for monetization through NIL endorsement deals, sponsorships and other commercial opportunities.
Content within the Money in the Making program comes in the form of videos, podcasts and articles that are available on-demand. The platform is also free of change, much like Morgan Stanley GSE's other financial education programming.
Sandra L. Richards, the head of Morgan Stanley's Global Sports and Entertainment division, said the effort is all about helping the next generation of headliners make smart money moves.
"It is never too early to begin preparing and planning for your future," she said. "Whether you are an athlete securing your first (NIL) deal, an entertainer working to build your repertoire, an influencer building a following on social media, or an aspiring sports and entertainment business executive and entrepreneur, Money in the Making can help you take ownership of your financial future and guide you through various stages of your life and career."
Richards added that Fitzgerald is the ideal partner for the program because of his authenticity, curiosity and passion for giving back. Even during his 17-year run with the Arizona Cardinals, the outspoken wide receiver developed a reputation as a savvy businessman and active philanthropist.
He heads both Larry Fitzgerald Enterprises, an investment group that supports organizations that make a positive impact on their communities, and the Larry Fitzgerald Foundation, an organization that builds on his mother's passion of philanthropy by giving back to his hometown of Minneapolis, Minnesota.
He is also minority owner of the Phoenix Suns, part owner in Greyson Clothiers Sportswear, minority Owner of the Rajasthan Royals Cricket Team and an owner of Major League Pickleball team Arizona Drive.
In total, Fitzgerald is invested in more than 100 companies.
"He is a model example. Not just for the next generation of athletes, entertainers and other aspiring sports and entertainment industry leaders, but for any ambitious young person embarking on their own career pursuits and wealth journeys," Richards said.
Following the announcement, the superstar receiver sat down with Richards for a nearly hourlong conversation as part of Morgan Stanley Wealth Management's "Lessons in Leadership" series. The talk covered Money in the Making, as well as how he made the transition from pro baller to community leader.
For Fitzgerald, it's vital to keep in mind that athletes and entertainers don't have to wait until the end of their run to diversify their interests or to make a positive impact.
In fact, the sooner you start, the better.
"I think it's important for everybody to realize that when you're playing and you have the spotlight, you need to deal with it and maximize it and take advantage of it. There's no better time to be visible and aligned with charitable foundations that you really have a connection with, because you can bring the most influence," he said. "There's a lot that you can do with it with the platform that you have in terms of really talking about the things that are important to you … and while you're playing, you have the best ability to be able to do that."
And in terms of making the transition successfully, Fitzgerald said not taking yourself too seriously is key.
"At the end of the day, I caught a pigskin football for a living. I'm not an oncologist. I'm not a pediatric heart surgeon. I'm not somebody out there actually saving lives every single day," he said. "I had my skills that people appreciated, but it wasn't a game changing skill set. And so I went out to try to develop a few game changing skill sets that actually will make the world a better place."
He added that surrounding himself with people who always told him the truth and always held him accountable raised his chances of success after the NFL.
"I really valued that, because they never really let me get off the rails. And I'll tell you, stardom and fandom and celebrity is a very addictive drug," he said. "If you don't control it, it will control you. So you have to surround yourself with people who really, really care about you and have your best interests in mind."
Money in the Making also features American actor Jamie Hector, and a partnership with Parity, a brand sponsorship platform that works to close the gender income and opportunity gap in professional sports.
Hector is known best for his roles as Marlo Stanfield from HBO's The Wire and Jerry Edgar from Amazon TV's Bosch. Like Fitzgerald, Hector is a committed activist, philanthropist and nonprofit founder.
Morgan Stanley GSE will work with Hector and Parity to highlight personal money management stories and key learnings of both the actor and women athletes from Parity. This is not the first time Morgan Stanley and Parity have teamed up. In 2021, the two organizations launched "
