The National Football League Players Association has selected Chase R. Crump as registered player financial advisor.
Crump is a partner in Shreveport, La.-based WFA. The firm is affiliated with RFG Advisory, a hybrid registered investment adviser based in Birmingham, Ala., with approximately $3.8 billion in AUM.
Crump was born and raised in the South and is a third-generation business owner. He grew up working in his family's small shoe store, where he learned the ins and outs of margins, profit margins, and accounting.
“Seeing my dad and grandfather working for themselves and living the lifestyle they wanted was very appealing, so I followed,” he said.
While maintaining his interest in business in the classroom, Crump pursued his athletic dreams on the field. He earned a scholarship to play baseball for the NCAA Division III Louisiana Christian University Wildcats. After graduation, Crump became a professional baseball player in the Frontier League.
“I played every sport I had time for. I settled on baseball. It was my best,” he said. “Every athlete's dream is to play professionally one day. To get the opportunity to do that was nice.”
However, as he soon found out, baseball didn't necessarily pay the bills.
“I was making $600 a month, maybe $500 after taxes, on a starting salary, so I wasn't necessarily dealing with some of the things that I know NFL players are dealing with,” he said.
He then focused on his business activities, working at Chase Bank and Capital One before joining WFA.
After a lengthy application, which included what Crump described as an “FBI-style” vetting process that took about two years of interviews and background checks, the NFLPA approved Crump to join their program. In 2017, the NFLPA asked counselors registered with the organization to hold either the CFA or CFP certifications. (Crump is a CFP.) Other requirements include a bachelor's degree from an accredited college or university, at least eight years of relevant professional experience and no criminal record.
The program connects advisors with current and retired NFL players to provide money management and investment management services. The idea for the program came from the players themselves, according to the NFLPA, and is intended to “provide players with an additional layer of protection from poor financial advice and outright fraud.” Only about 270 counselors have been accepted into the program.
The new opportunities this certification provides will be in addition to the current work the WFA does with collegiate, semi-professional, professional and retired athletes in many sports and with those involved in name, image and likeness endorsement deals. . Crump said he favored the recent NIL rule changes for student-athletes, but that he “quickly pushes” college athletes to face the decisions that come when they turn pro. Basic moves like hiring a CPA, opening bank accounts, establishing credit, and opening an LLC to run their endorsements may all be new to them.
“This may not be high-level business stuff to you and me, but to the average athlete whose family isn't involved in money or financial education, this is something they have to juggle,” he said.