The Royal Bank of Canada is "preparing to launch a
money-management program aimed specifically at professional
athletes," according to Susanne Craig of the Toronto GLOBE &
MAIL. Sources within the bank say the program, "which has
landed the endorsement" of players such as Blackhawks C Doug
Gilmour and Isles C Trevor Linden, is expected to be
announced today. Craig: "The initiative, to be called the
Personal Financial Services for Sports Professionals, will
be run out of the bank's retail division. It will have a
dedicated staff in franchise cities handling the specific
needs of players, ranging from the establishment of U.S.
dollar accounts to retirement planning." Both NHLPA and NHL
officials "were hesitant to speak on the record about the
new" plan yesterday, "saying a player's finances are a
personal issue." An NHL spokesperson said financial
counseling is usually handled by a player's agent: "We don't
have a formal (financial advice) program in place. ... The
record of the certified agents is pretty darn good on that."
Craig adds that the program will "target a cross-section of
athletes," not just NHL players (GLOBE & MAIL, 8/20).
THEY MIGHT BE GIANTS: Former NFL Giants Harry Carson
and George Martin are running a new division at NY-based
Mutual Life Insurance Co. "geared to a very specialized
niche -- providing financial planning and services for
professional athletes." Martin and Carson have given the
company "coveted access to training camps and the attention
of players" (CRAIN'S N.Y. BUSINESS, 8/17 issue).
