CHRIS EVERT:
Welcome to Episode 9 of What Moves You, an audio miniseries from Morgan Stanley in support of the WTA. I’m Chris Evert.
In this set of episodes with Morgan Stanley private wealth advisor, Scott Lamson, we’re looking at how you set yourself up as the CEO of your own business, and build a professional organization to support you through your whole career.
SCOTT LAMSON:
Hi I'm Scott Lamson and I'm a Morgan Stanley private wealth advisor and a Global Sports and Entertainment Director.
CHRIS EVERT:
People sometimes think you need to have a lot of money to be philanthropic. But I found that as a professional tennis player, I was actually in a unique position to give back in many different ways. Sometimes it was with money, but not always.
SCOTT LAMSON:
As you progress in your career, you’re gonna receive many requests and invitations to support philanthropic causes, and oftentimes financially. And it can be difficult to know how to respond when you’re busy focusing on your tennis game.
So start by figuring out which causes matter to you. And there are so many worthy causes out there, so it does require some reflection, discussions with family, and it’s going to evolve over time.
And we generally see athletes start with, “How can I help my local community? Can I help inspire young people in my community to play sports and see the benefits of playing sports? Can I host an event in my hometown by coming out and just teaching people how to hit a tennis ball?” That’s a true form of philanthropy.
And so as your career develops and you’re in a position to give money to causes, you’ll want to think carefully about your budget and set up some guidelines with your team. And maybe you allocate a certain amount, you know, to your main cause or causes each year. And then set aside a smaller amount of money for those sort of one-off requests that come in.
And one thing that’s really important to highlight for athletes — don't feel like you need to carry the entire burden of helping an organization.
You know, I remember, a couple years ago there was an athlete who was trying to help his local high school that was struggling financially. And his advisors told him, ‘hey, this is unsustainable for you to keep giving this amount of money each year.’ And so we came up with the idea of instead of just having money that you give directly to the high school, why don't we host an event and you can actually bring in your partners, bring other donors to the event. And he did that, and he was actually able to raise more money through hosting the event than he was giving to the school in the first place. And now it's a recurring event that helps the school long term and it’s much more sustainable. And the athlete, instead of having to give his money directly, is using his voice and his platform to amplify the cause.
One of the greatest things about being an athlete and CEO of your own business — you have partners. So how do you leverage those partnerships for some of your philanthropic causes? One possibility is that in every endorsement deal you do, you can build in a simple clause that says, “I want to partner with you and I want this corporation to support a couple charities that matter to me.” It doesn’t have to be a huge dollar amount, but over time it does have a big impact.
And remember, it’s not just about money - you can be philanthropic with your time. And that may be hard as an athlete when you're traveling so much and have very limited free time as it is. But, people want to spend time with you, and you do have a significant profile. So when you're able to host events, and show up, that’s meaningful philanthropy.
CHRIS EVERT:
Giving to causes that are close to my heart, like helping underserved youth through tennis, prevention of drug abuse, well those are some of the most meaningful things I've been able to do in my career.
Next time, we'll talk about something that many professional athletes have a hard time doing -- saying no. And that’s so true.
This material has been prepared for educational purposes only. It does not provide individually tailored investment advice. It has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. Morgan Stanley Smith Barney LLC (“Morgan Stanley”) recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives.
Diversification does not guarantee a profit or protect against loss in a declining financial market.
Bonds are subject to interest rate risk. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to this risk. Bonds may also be subject to call risk, which is the risk that the issuer will redeem the debt at its option, fully or partially, before the scheduled maturity date. The market value of debt instruments may fluctuate, and proceeds from sales prior to maturity may be more or less than the amount originally invested or the maturity value due to changes in market conditions or changes in the credit quality of the issuer. Bonds are subject to the credit risk of the issuer. This is the risk that the issuer might be unable to make interest and/or principal payments on a timely basis. Bonds are also subject to reinvestment risk, which is the risk that principal and/or interest payments from a given investment may be reinvested at a lower interest rate.
Equity securities may fluctuate in response to news on companies, industries, market conditions and general economic environment. Companies paying dividends can reduce or stop payouts at any time.
Check the background of Our Firm and Investment Professionals on FINRA's BrokerCheck.
NOT ALL PRODUCTS AND SERVICES ARE AVAILABLE IN ALL COUNTRIES OR JURISDICTIONS.
Morgan Stanley is not affiliated with the WTA.
Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning, charitable giving, philanthropic planning and other legal matters.
Morgan Stanley Global Sports & Entertainment is a highly specialized wealth management division, dedicated to serving the unique and complex needs of athletes, entertainers, creators and top professionals in the sports and entertainment industry.
Morgan Stanley Smith Barney LLC is a registered Broker/Dealer, Member SIPC, and not a bank. Where appropriate, Morgan Stanley Smith Barney LLC has entered into arrangements with banks and other third parties to assist in offering certain banking related products and services.
Investment, insurance and annuity products offered through Morgan Stanley Smith Barney LLC are: NOT FDIC INSURED | MAY LOSE VALUE | NOT BANK GUARANTEED | NOT A BANK DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY
© 2024 Morgan Stanley Smith Barney LLC. Member SIPC. CRC #3653646 06/2024
