Wealth Management Advisor Rogel Spencer Helps the Families of College Basketball Coaches Uprooted by Tournament Upsets

*NEW YORK, NY / ACCESSWIRE / March 31, 2022 / *The Big Dance, March Madness, the NCAA Men's Basketball Tournament - whatever you call it - is here. While fans feverishly monitor their brackets, coaches and athletes have their sights set on the championship game.

Wealth Management Coach Rogel Spencer is also checking his bracket, but he is far less focused on that than he is on how the tournament could affect his clients and their families.

Spencer and his wealth management firm, Noir Capital, specialize in helping professional coaches and athletes retain control and flexibility over their financial lives, even in an unpredictable career. He recently provided an insider's view on the financial impacts of this year's NCAA Football "Coaching Carousel" on uprooted coaching staff.

Spencer says coaching shakeups are equally common for college basketball coaches - and it's around this time of year that they usually happen. However, he also says they don't have to be as stressful as they so often are and recommends getting ahead of the game while you can.

"Right now, coaches are eating, sleeping, and breathing the Dance. They don't have an hour to spare. The thing is, there can be major financial implications for their families depending on how their team does in this tournament. If your team does really well, you may have new financial opportunities. If you get blown out, you might be concerned about your job security. Now, not after the fact, is the time to meet with your advisor to get the ball rolling and avoid financial stress. I'll meet with my coach clients at six in the morning this time of year if that's what they can squeeze in. Make the time - it's worth it."

To this point, Spencer also makes certain recommendations to the spouses and families of professional coaches. Because some coaches are fired or recruited elsewhere mid-season, their spouses are generally the first line of defense to take financial action.

"If you are a spouse or immediate family member of a professional coach, you know first-hand the exciting and unpredictable nature of this career," Spencer says.

"I help coaches and their families manage this transition all the time. One of the first things I tell coaches' wives is to lock in that new budget and cash flow situation. Reassess your income and expenses, and ensure you have 6-9 months' worth of cash reserves."

According to Spencer, step two is to re-evaluate your education goals for your kids, especially if you might be moving to a new organization. "If your family income goes up, you may be in a great situation to frontload an older child's 529 deposits with the increased cashflow. At the very least, you should re-assess your strategy, especially if you have multiple children of different ages," he recommends.

Finally, should your spouse switch jobs, Spencer suggests reaching out to your financial advisor as soon as possible to update them on your situation and provide new retirement account information. It's important to get this moving to consolidate where needed and reduce fee-redundancy in 401ks containing the exact same investments to ensure you don't unnecessarily lose money during the transition.

And the number one piece of advice Spencer gives to clients in the midst of sudden transition? "Don't panic. Take a deep breath. We planned for this."

*CONTACT:*
Rogel Spencer, CFP®, ChFC®, CLU®, CASL®
Wealth Management Advisor
212-373-8964
Rogel.Spencer@nm.com

*About Noir Capital*
Rogel Shaheed Spencer uses Noir Capital as a marketing name for doing business as a representative of Northwestern Mutual. Northwestern Mutual is the marketing name for The Northwestern Mutual Life Insurance Company (NM) and its subsidiaries, including *Northwestern Mutual Investment Services, LLC* (NMIS) (investment brokerage services), a registered investment adviser, broker-dealer, and member of FINRA and SIPC.

Noir Capital is not a registered investment adviser, broker-dealer, insurance agency or federal savings bank. Rogel Shaheed Spencer is an Insurance Agent of NM and Registered Representative of NMIS.

CA License: 0G99268

NPN: 10210015

Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board's initial and ongoing certification requirements.

The Chartered Advisor for Senior Living (CASL®) designation is conferred by The American College of Financial Services.

*SOURCE: *Noir Capital
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