Business manager

Meet the Business Director Who’s Preparing NBA Players for Financial Success

Reggie Jackson, Senior Vice President of Capital Advisors, didn’t get into the NBA, so he helps them maintain their wealth.

Reggie Jackson

Imagine signing a contract for the NBA in your early twenties. You never even had a credit card, and yet here you are doing $7.7 million. Who do you turn to for financial advice? Meet Reggie JacksonSenior Vice President of Capital Advisors Consulting, a company that provides business and financial advice and management to professional athletes.

Although he began his career in banking, Jackson has been advising NBA players through Capital Advisors Consulting for four years on how to maintain their wealth. For players whose careers tend to last approximately 4.5 years on averagehaving someone like Jackson is imperative, especially this year.

“It has certainly been difficult. It was a unique year in the sense that normally I would see my guys more frequently than I have been able to with the pandemic. You know, everyone was under stay-at-home orders, and we all had to stay home for an extended period of time. And usually I would go to my guys, go over their financial reports, let them know how much they’re spending, how their net worth is growing,” Jackson said. Value. “But with the pandemic, I haven’t been able to see guys as often. But along the same lines, like they can’t do the same – well, with my guys, I can speak for – it kind of slowed down their spending… You hate to say that something like that, like a pandemic , has been good, but regarding only the actual financial aspect of it, [my] the guys are fine. They could not spend during those three months.

When the players received a 25% pay cut earlier this year, Capital Advisors Consulting also accepted one, as a show of solidarity.

“It wouldn’t have been fair, in my opinion, to charge the guys what we always charge,” Jackson says. “So we’ve done different things to make sure that one, we stay afloat as a business, and also, with our fiduciary responsibility, we’re also doing the best thing for our customers…I feel like than your reputation [as a firm] is kind of built on good work and how you care about your players. So, it is always at the forefront of our minds.

What’s also important at a time like this is to plan for long-term success and stability. When asked about it, Jackson recalled a time in his 20s when someone asked him to reflect on his level of financial preparedness in his 40s, if he wasn’t thinking that far ahead yet. This consideration for advanced financial preparation is reflected in his work with his clients.

“We always have a one-year budget for our guys and then we also have a budget based on their contract. Often the guys have four or five year contracts. So we will have a budget for each year as their income continues to grow. And we always show, “hey, that’s what you’re actually spending, and that’s what we recommend.” If you can cut back in some areas and lean a little more where we recommend you spend, those limits, then that’s where you’ll be from a long-term perspective. So that’s how we manage them for the long haul, and it’s just a matter of continuing to put the information in front of the guys to show them that they’re on the right track. [for] or who they are on track to be in the future.

But what about what Jackson wants for himself in the long run? The 29-year-old is already a very accomplished business and financial manager for his players, something he got involved in after his close friend John Wall made it big in the NBA. But what does Jackson ultimately hope to accomplish?

“My ultimate goal would be to have several players that I’ve coached from their rookie seasons, through their retirement and they will hopefully enter the Hall of Fame,” Jackson said. “And continue to grow and inspire other young black people who maybe couldn’t have made it to the NBA, because I always wanted to get there, but I ended up being like 5’9,” and my best friend [John Wall] 6’4″. We were [on] the same high school team, he ended up being a little bit better than me, so he went to the NBA, was their number one pick and, you know, I was delegated to the business side of things. But I just want to continue to inspire people who look like me, or just young people in general, who wanted to get into this business, because we always see [players] dribbling basketball or doing things like that, but you don’t see a lot of people like me on the business side, managing their finances, or, you know, like a Rich Paul, being the actual agent and things of that nature . So I’m doing right now what my dream and my ultimate career goal is, it’s just a matter of continuing to grow in this area, and becoming a bigger presence in this space and in this industry I think , is my real goal.”