Mariah Carey got her start as a backup singer. Morgan Stanley wants to help the next generation Mariah Carey make good financial decisions early on in their careers to build strong relationships with the next stars.
“We want to catch that Mariah Carey before she becomes who she is,” says Sandra L. Richards, managing director, head of global sports & entertainment, Morgan Stanley Wealth Management.
Morgan Stanley’s Global Sports & Entertainment division has introduced a new digital financial education program to help emerging talent better manage their money. The Money in the Making platform offers emerging athletes, entertainers and emerging talent tools to build and manage wealth. “The point is to really highlight all of our firm’s resources and capabilities to help empower this next generation,” said Andrea Zaretsky, Managing Director, chief marketing officer, Morgan Stanley Wealth Management.
The free site includes on-demand videos, podcasts and articles on relevant financial topics including budgeting, savings, investing, personal branding and entrepreneurship. The site also features a section of content dedicated to Name, Image, and Likeness (NIL) education, for collegiate and high-school student athletes and their families to help them navigate the growing market for monetization through NIL endorsement deals and sponsorships.
“We kept hearing from the student athletes, especially when we attend conferences, how do I get deals and I need more financial education,” said Richards. “While we are not in the business of doing deals, we certainly can lend our expertise on the financial education side.”
The brand has tapped NFL veteran/entrepreneur Larry Fitzgerald, Jr. to help launch the program. Fitzgerald will share his own personal stories and key money lessons in videos on the site. In one, he discusses the platform and how young talent should work towards financial stability. “It’s all about helping young talent make smart financial decisions so they can turn their career success into their legacy cornerstone,” said Fitzgerald in the video.
“Larry is a great brand, who’s well respected on and off the field,” said Richards. “With 17 years in the NFL and the things that he does in the community, he has been a great partner of ours. When we were launching this, he absolutely wanted to join up with us to offer the lessons that he’s learned in this space from the older generation to Gen Z.”
The program is aimed at student athletes, performers, aspiring agents, sports and entertainment lawyers, actors and anybody in the ecosystem in the sports and entertainment industry.
Morgan Stanley research revealed that almost half of NCAA athletes said they are in need of financial literacy. “We know how critical it is to build basic financial knowledge and we wanted to reach out, whether it’s athletes, entertainers or just the broad Gen Z. It’s incredibly important to empower and arm this next generation with the skills to build financial wellness. It couldn’t be more critical.”
