Super Bowl champion from Racine turning his sights to managing pro athletes’ money
RACINE, Wis. (CBS 58) -- A two-time Super Bowl champion and former Wisconsin Badger from Racine is preparing for life after football.
Chris Maragos has started a wealth management firm, hoping to help professional athletes with financial planning.
"You come into the NFL and you're infused with a lot of money," Maragos said.
To be sure, no one's crying about the financial woes of pro football players, but Maragos says knowing what to do with their money is a challenge many young guys aren't ready for.
That's where he hopes Top Tier Wealth Management comes in.
Maragos and childhood friend Michael Brusko started the firm with Maragos's teammates Jordan Hicks and Trey Burton because they saw a problem.
"It's startling," Brusko said. "One out of six NFL players is bankrupt three years after playing. That's crazy."
Brusko's experience in finance plus Maragos's connections from a nine-years-and-counting playing career has helped Top Tier secure some famous clients.
"We can't say who out of respect for privacy but if we said some names you would definitely know," Maragos said.
They deal with non-athletes too although the minimum investment required is $500,000.
Even so, their approach to managing money can apply to everyone.
"Make sure they don't spend too much, create a budget, make sure they stick to that," Brusko said.
Brusko says Top Tier currently has 30 clients with a mix of athletes and non-athletes.
Maragos is working on obtaining his finance certifications and licenses so he can work in wealth management full-time once he retires from the NFL.