For every blockbuster contract that makes headlines, there’s a quieter story that rarely does- a superstar who earned millions, only to lose it all after the final whistle. In professional sports, staggering paychecks don’t always translate into lasting wealth. Careers are short, lifestyles are expensive, and financial missteps can be devastating. But that narrative may finally be changing.

A new generation of elite athletes is taking control of its financial future. This time, with serious institutional backing. Jalen Brunson, the New York Knicks point guard, is the latest to step into that shift. He joins icons like Dwyane Wade and Tom Brady as part of a powerful new initiative led by JPMorgan Chase.

The banking giant, valued at roughly $773.5 billion, has unveiled its JPMorgan Chase Athlete Council, a strategic move aimed at helping athletes protect and grow their wealth long after their playing days are over. “The stars will meet with JPMorgan executives to help the bank craft programs designed to serve athletes from college to professional life and retirement,” the company said in a release.

That said, the group also had it’s inaugral meeting on Wednesday prior to this launch event on the 51st floor of JPMorgan Chase’s new $3 billion headquarters in New York. Following this meeting, the athletes will now meet periodically to reflect on their own experiences and provide suggestions to the company.

“The biggest thing I wish was there, and it’s probably the simplest thing, was all the athletes coming together and communicating,” Dwyane Wade said during the event. “Just having the opportunity to sit down and help each other. Answer any questions you have, share the experiences you have. … If we can get to an athlete earlier and can educate them a little earlier before they get that first big check, that’s what we’re trying to focus on.”

This athlete-led council move from the firm reflects growing competition amongst banks and wealth managers to serve athletes. Even more so, because most of these athletes don’t receive personal finance education in school, and the relatively short careers leave them with a short earning window that requires careful planning. About one in six NFL players declare bankruptcy within 12 years of retiring, the bank noted.

Big financial institutions are increasingly competing more seriously for a growing opportunity: helping athletes manage their money. With NIL deals, athletes are now earning significant income much earlier, and that’s changing the game.

For instance, Goldman Sachs made a big move in late 2025 by taking a controlling stake in Excel Sports Management. This allows them to plug financial advice directly into athlete representation, meeting athletes where they already are.

Similarly, Morgan Stanley has built tailored wealth planning services for athletes and entertainers. They don’t just manage money, they also run financial education sessions and create personalized “playbooks” to help athletes navigate career transitions.

Merrill, part of Bank of America, is taking a more educational approach. Through a partnership with IMG Academy, they’re teaching student-athletes the basics, budgeting, investing, and managing credit, right when NIL opportunities start to bring in money.

Then there’s JPMorgan Chase, which is doing something a bit different. Its Athlete Council, led by Dwyane Wade, Tom Brady, Jalen Brunson, Sue Bird, and A’ja Wilson, focuses on learning from experience.

Instead of relying only on financial experts, the council uses real-life insights from athletes themselves. The goal is to build guidance that actually fits the reality of an athlete’s career, from college to retirement, especially given how unpredictable income can be and how little financial education many athletes get early on.

Nonetheless, this isn’t the first time Brunson and most of these current and former players have extended their support to upcoming athletes, as the Knicks star has done consistently through his own foundation.

Jalen Brunson gives back to New York in his own heartfelt way

Although the new JPMorgan Chase initiative is groundbreaking, it’s not the only way New York Knicks star Jalen Brunson is giving back to the community. The All-Star also does so through his non-profit organization called the Second Round Foundation, which draws inspiration from his being a second-round pick in the 2018 NBA Draft.

Brunson’s foundation is dedicated to empowering young people from underprivileged backgrounds by providing the opportunities they need to build a brighter future.

Ahead of this campaign, Jalen Brunson personally returned to one of his foundation’s kitchens at DReam Charter High School in the Bronx, where he spent meaningful time with students, engaged them in candid conversations about life, and presented them with a generous donation.

Brunson pledged more than $300,000 to support the school’s Scratch Food Kitchen Program, which gives healthy, made-from-scratch meals to students and offers them educational opportunities.

“Not having to worry about food or your next meal is a luxury everyone needs,” he said in a clip shot during his visit. “For me, I just do the best I can to help.”

This is just one of the many instances that showcase the Knicks star’s generosity and upbringing, as he aims to do as much as he can for society.

It’s this kind of impact that we need to see more often from not just NBA stars but from athletes from all sports. That’s because this is the only way to help make this world a better place and inspire the next generation of superstars.