Most professional athletes make plenty of money (see fyi below) when they’re on the field – but those salaries don’t always hold them over after retirement. That’s why Lenny Dykstra, former professional baseball player, has created the “Player’s Club” with the help of the investment advisors at UBS. Dykstra was on “Morning Call” with his own investment advisor, Rich Suttmeier of Rightside.com, to discuss his new venture.
The “Player’s Club” is essentially an investment vehicle - managed by UBS - with the goal of guaranteeing cash flow to athletes and their families post-retirement. To join the club, an athlete must make an initial investment of $250,000. There is no limit on a maximum investment and the idea is that players will have a guaranteed source of income for years after they retire. Members of the “Player’s Club” receive a monthly newsletter educating them about investment opportunities.