Wasted Wealth is Wasted Impact with AWM Capital
In this episode of More Than Profit, we talk with two former professional athletes (and brothers) who are now certified wealth experts. Erik Averill (@erikaverill) and Brandon Averill (@brandonaverill) had become convinced that the traditional model of financial advice for athletes was broken. They learned that athletes are four times more likely to file bankruptcy, twice as likely to be divorced, and frequently end up squandering millions of dollars due to fraud, high fees, and unqualified advice. They heard stories first-hand of pro athletes who blew through all their earnings before they retired, of others who had been injured but didn’t understand how to get adequate protection, and even of some who had made the right decision to hire a “financial advisor,” but had ultimately been failed by the financial industry. Brandon and Erik set out to change all of that by founding AWM Capital (@awmcapital).
After sharing their respective experiences transitioning from college to pro baseball, Erik and Brandon share how their father was a huge role model for both of them when it came to business, work ethic, and how relationships dictate success. They recall seeing their father, a hard-working, longtime employee, replaced by a younger, less expensive staffer. This opened their eyes to the reality and risks of working for someone else, and it inspired them to establish their own business.
The birth of AWM Capital came from Erik and Brandon’s own experiences as professional athletes. While they recognized that athletes have great opportunities to make financial and social impacts beyond their athletic careers, they knew that most of their teammates wouldn’t be able to maximize their potential wealth. The Averills’ aim is to create a multi-generational company operating in a multi-family office model, meaning that they are involved in anything that money touches. The brothers share the view that their job as business partners is not to extract value from clients, but to create value for them through their human-centered design.
The Averills believe family members are stewards and trustees of the wealth and resources they have been given, and understanding the potential of wealth can create a positive impact to the family and the world. Working closely and compassionately together as brothers to achieve a common goal, Erik and Brandon are full of inspiration and optimism.
Links:
Learn more about AWM Capital.
Download the Access Ventures Growth Loan Playbook.
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