Core Insights - The ability for college athletes to monetize their name, image, and likeness (NIL) has created both opportunities and challenges for financial advisors [1][2] - Financial advisors emphasize the need for education and guidance for young athletes who receive large paychecks [2][4] Group 1: Changes in Regulations - The NCAA changed rules in 2021 to allow college athletes to profit from endorsements, subscriptions, and licensing deals [3] - A recent federal judge approved a $2.8 billion lawsuit settlement that allows schools to pay student athletes directly, in addition to traditional tuition scholarships [3] Group 2: Financial Advisory Challenges - Financial advisors report that working with athlete clients requires significantly more effort compared to traditional clients, often due to late engagement with financial planning [2] - Advisors highlight the importance of educating athletes about basic financial concepts, such as the difference between stocks and bonds, and understanding taxes [4] Group 3: Family and Social Dynamics - Family and friends can pose challenges for athletes experiencing sudden wealth, with advisors noting that relatives often seek financial assistance [5] - Advisors recommend providing athletes with business cards to manage requests from family and friends effectively [5]