Joe McLean is the premier wealth manager of the NBA's richest stars. He also has clients in the NFL and MLB, but the "gobs are the biggest in the NBA," writes NYT's Devin Gordon.
What he does: As Managing Partner at Intersect Capital, McLean's job is not to negotiate his clients' contracts (that's the job of an agent), but to "grow every dollar that comes in and track every dollar that goes out."
- "He's part investor, part butler, a CFO and a golf buddy, a sports therapist and, when necessary, the disapproving dad," writes Gordon.
- To retain his services, athletes must agree to put aside at least 60% of every dollar they earn. If they can't commit to spending their money wisely and playing the long game, they're gone.
How it works: Intersect manages contracts worth $1.7 billion dollars for around 50 athletes, yet only employees 11 people. The idea is to provide them with intimate, white-glove treatment.
- "Say I need golf clubs — like, custom golf clubs," said Magic star Aaron Gordon. "[Joe] knows exactly where to go ... He's just a do-it-all guy."