The new Money in the Making app was developed and designed by Morgan Stanley specifically for the next generation of athletes, entertainers, and sports and entertainment professionals embarking on their wealth management journeys.
Morgan Stanley Global Sports & Entertainment (GSE), a division of Morgan Stanley Wealth Management, has unveiled a new financial education app focusing on the needs of elite and professional athletes, entertainers, executives and creators as well as emerging talent in the sports and entertainment industry.
“When thinking about professional athletes and entertainers, many tend to think about the super stars, but the reality is, there remains a large population of professionals who must master prudent financial planning to protect and grow their nest egg for themselves and their families. Through this exciting program we aim to empower athletes and entertainers across the globe, delivering bespoke content that speaks directly to this unique and important investor population.”
Andrea Zaretsky,Managing Director, Chief Marketing Officer, Morgan Stanley Wealth Management
The app provides free access to a tailored collection of dynamic educational content in the form of curated videos, podcasts, and articles. It covers various financial topics, including basic budgeting, saving, investing, credit, taxes, personal branding, and starting a business.
In addition, Money in the Making features a section dedicated to Name, Image, and Likeness (NIL) education. This niche information will help collegiate and high-school student-athletes navigate a rapidly growing market for monetization through NIL endorsement deals, sponsorships and other commercial opportunities. The section also highlights the changing regulatory structure related to NIL.
“It is never too early to begin preparing and planning for your future – whether you are an athlete securing your first Name, Image, and Likeness (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.”
Sandra L. Richards, Managing Director, Head of Global Sports & Entertainment and Segment Sales & Engagement, Morgan Stanley Wealth Management.
One of the star partners of the program is a 17-year NFL veteran, businessperson, entrepreneur and financial education advocate, Larry Fitzgerald, Jr. He will share personal stories, and insights, including key money lessons learnt both in early playing days and post-football philanthropic endeavours, as well as experience of transition to career in business, entrepreneurship and investing.
Earlier this year, Morgan Stanley Wealth Management and payment giant Stripe announced their intention to use a chatbot based on artificial intelligence GPT-4 from OpenAI.
