Athliance, Leading NCAA NIL Compliance & Protection Software, Teams Up With Financial IQ to Provide Financial Consulting Services to College Athletic Departments
“Together, we are empowering student-athletes to reach their full potential and gain real-life experience as strong, impactful, and self-sufficient individuals who embody the courage, strength, and resilience to thrive in all areas of life.”
In the eight months since the NCAA started to allow college athletes to monetize their Name, Image, Likeness (NIL), the partnership between Athliance and Financial IQ seeks to provide student-athletes with the education and resources to best prepare and be successful after college, including filing taxes, creating businesses from their NIL, setting up bank accounts, understanding credit scores, annuity, financial literacy, and investments, as well as information about NFT and cryptocurrency. They have paired technology and education all readily available within the Athliance application, giving compliance the ability to see viewed videos, to cover the five-hour statutory education requirement in certain states.
“The purpose of attending college as a student-athletes is to learn skills to be successful in the real world, whether they become a professional athlete or choose a professional career. NIL offers athletes educational lessons that will turn into real life skills; however, education is the missing piece in the NIL space that’s being neglected by many programs,” says Peter Schoenthal, attorney & CEO of Athliance. “We partnered with Financial IQ to provide real-life skills-based education that will set student-athletes up for success, not just whilst they’re in college, but for the years after. The goal of NIL should be to allow student-athletes to use their entrepreneurial skills while in college to gain valuable education, so when they enter the real world, they are set up for success, and that is what we at Athliance are here to do with Financial IQ.”
This partnership comes at a crucial time when student-athletes are heading into tax season and will have to files taxes from NIL opportunities. When student-athletes leave college, they have unique skill sets including time management, overcoming adversity, working well with others, as well as an incredible work ethic, but the component that they are always missing is the experience. NIL gives athletes the opportunity to receive that experience through building their own business through NIL deals they receive. NIL deals not only teach athletes to negotiate contracts, form LLC s, understand taxes, built their own brand all at a young age, but make athletes more marketable as they leave college and position themselves to be successful.
“Our mission at Financial IQ is financial wellness for all. Our program is designed to empower individuals to make informed financial decisions. We knew from the beginning that we couldn’t do this alone, and that is why we partner with innovative companies like Athliance that have the desire to match our mission. The partnership allows us the opportunity to assist individuals from all walks of life and keep them in the game,” said Dustin Perkins, CEO & Co-Founder of Financial IQ. “Together, we are empowering student-athletes to reach their full potential and gain real-life experience as strong, impactful, and self-sufficient individuals who embody the courage, strength, and resilience to thrive in all areas of life.”
Athliance’s proprietary NIL education and opportunity management software empowers compliance departments to operate more efficiently in the new world of college athletics. Their tools and resources allow universities to maintain current staff levels by automating the communication and workflow of every single opportunity presented to student-athletes, start-to-finish. Their solution mitigates NIL risks and protects scholarships, sponsorships, and post-season appearances. Furthermore, their real-time reporting provides valuable data and insights for marketing and recruiting purposes.
About Financial IQ®:
Financial IQ has the goal to be the foundation of financial wellness and be the first source that people access to increase their financial confidence and IQ. Founded by two brothers, who happen to be financial advisors with the vision of providing great financial education to those who may not know where to go. The solution is Financial IQ, an on-demand education resource that requires very little time to learn and can be accessed whenever the user is ready.