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Joining us now to discuss in a CNBC exclusive JP Morgan Wealth Management CEO Kristen Lenow and New York Giants star Kavon Tibido. Great to have you both here. Um Kavon, let me start with you. Why are you part of this effort and what is it you're really trying to do for these athletes who are now obviously getting cash uh for the work they're doing on the field at various universities? Well, for me it started, you know, before uh me and Kristen Man when I got on the NI um the NIL athlete council, but um it's more just about paying homage to the guys that came before me and passing down the knowledge that I obtained while I was going through the process. I think for me
being an athlete in it, you know, now it's a lot bigger stakes. It's a lot more pressure, but you need people who've done it and who've been through it to just give you a little insight. And when you're in that moment, you wish you had people that you can ask questions to and go to. So now being able, you know, to have JP Morgan involved or to be involved with JP Morgan on athlete council for me, I feel like I'm really living out my passion. Yeah. So like what's the what's number one on the advice list that you're giving these younger people? Well, for me, you cannot invest bad spending habits, you know, and that's the one thing that I knew in college and I learned in college and um for these
guys coming up, you're getting a lot of money, man. So just sit save it until you have a plan on what to do with it. Yeah. Kristen, what are these conversations like? And you know, what is the longer term sort of effort here that's underway from JP Morgan's perspective? Yeah. Well, the numbers are staggering as you know, fewer than 2% of the college athletes go pro. Once they go pro, their career is usually over by the time they're 30. They don't have a college degree. It's usually over, not of their choice. And then even in a franchise as valuable as the NFL, one in six players declares bankruptcy when they get out of the sport in over the course of 10 years. So there's a huge need here and we want to partner with
athletes to ensure that we can give them the knowledge and the skills they need to get there. It is amazing. I mean, you got to feel for these kids, these students who were hearing from people knocking on their door with money, hearing from agents, trying to listen to their parents, trying to listen to the ad. I just how do they manage all those voices in their head right now? Well, for me, I think, you know, where my piece is just helping change the culture of money. And I think these conversations, you know, they start when you're a kid in the home, but as you know, you turn 18, 19, 20 and you are
blessed with all these opportunities, like it's on you. the burden is on you to start to have these conversations and become comfortable, you know, with it. So, you know, when it comes to finding out all these people, you just got to keep uh equipping yourself with knowledge and um asking questions. You know, I always tell guys to make sure you cross reference, you know, all the people that you meet when uh you're coming in contact with them and just continue to be weary of the naked man offering you a shirt. That's one of those old proverbs. But, um definitely, you know, ask questions. That's that's my Kristen, I sat down with you about 3 months ago when this council was first created. And I'm just curious what's
happened in the last 3 months. You know, what have been the insights and the use cases that you found? Well, the great thing about athletes is they know how to work. When we had that first council meeting, every single one of them was early and we've had a number of follow-up conversations and follow-up emails. We're working on more of an interactive tool that they can work with to talk about how much to save, how much to splurge because they're going to do it anyway, and how much to invest for the long run. We've gone out on college tours and he's been our lead spokesperson on this and it's really resonated. I mean, you know, we all hear about some of the higherp profofile
college athletes who conceivably will go pro, but there's an entire layer that I would assume is getting money they may never see the likes of again because to your point they're not going to uh go to the professional ranks. What is the key piece of advice that you're sort of sharing with them, right? Like think about the Knicks right now. New York is losing their mind over the New York Knicks. And every single one of those players would say they got there on the backs of teammates and coaches who will never see the kind of money that Jaylen Brunson or Cat will. And so I'm really proud of the fact that JP Morgan can take any type of investor.
We're not just looking for the Kavons and the Bradies. We want all of these kids to get the advice and the access to the resources they need to make that money last. Kavon, there is a concern in college sports now though about the concentration of power in a handful a couple of conferences. Obviously NIL money goes largely football and basketball and that other sports may be starved for resources as you get this competition. I mean I'm just curious to think as your thoughts given you were the initial class I think that was eligible how you think about the debate right now around NIL. Well, honestly, it's a competitive market and that market is competitive for these schools because there is no
salary cap. You know, there is nothing that is hindering these athletes from making whatever their hearts desire. So, for me, I'm kind of all for it. You know, I think there is um some bylaws that need to be put in place. There is some things that need to be understood to kind of regulate and still keep it competitive. But I think the beauty in an open market is the same thing. You know, it's in America. We can you can choose to make as much as you want. You know, there college kids right now negotiating millions of dollar more than there are kids right now that are taking pay cuts to go to the NFL to go pro. And for me, I'm I'm so blessed and honored to see that and witness that in real time
because there are a lot of athletes who aren't pro now that don't get to witness their heirs, you know, doing, you know, as much as they are now. I mean,
