The NIL Family Meeting Guide: Questions to Ask Any Financial Professional

Landing an NIL (Name, Image, and Likeness) deal is a proud moment not just for the athlete, but for the entire family. With new opportunities also come new responsibilities — and financial decisions should never fall on the athlete alone. Parents and family members can play a key role in making sure their student-athlete is protected and prepared.

One of the most important steps is sitting down as a family with any financial professional you’re considering. Whether it’s a financial advisor, CPA, or attorney, the first meeting should be a two-way interview: they’re learning about you, but you’re also evaluating them.

Here’s a family meeting guide with questions every athlete and parent should ask before hiring anyone to handle NIL money.

1. Understanding Their Background

• How long have you worked with athletes or clients who have variable income?

• What licenses and registrations do you hold?

• What professional designations (CFP®, CPA, CFA®, etc.) do you have?

• Have you ever been disciplined by a regulator or had client complaints?

• Can we verify your record on FINRA BrokerCheck or SEC IAPD?

2. Fiduciary Duty and Ethics

• Are you a fiduciary 100% of the time when working with us?

• How do you make sure your recommendations put our interests ahead of yours?

• Will you put that commitment in writing?

3. Services They Provide

• Do you handle just investments, or do you also help with budgeting, taxes, insurance, and estate planning?

• Do you have NIL-specific experience with taxes, compliance, or contract guidance?

• How do you coordinate with other professionals (like CPAs, agents, or attorneys)?

4. Compensation and Costs

• How do you get paid — percentage of assets (AUM), flat fee, hourly, or commissions?

• What will our total costs be in dollars, not just percentages?

• Are there any hidden costs we should be aware of?

• Can you provide a written breakdown of all fees?

5. Communication and Relationship

• How often will we meet to review our financial plan?

• Will we be working directly with you or with team members?

• How quickly do you respond to questions by phone, text, or email?

• What’s the best way for both athlete and family to stay in the loop?

6. NIL-Specific Questions

• How will you help us set aside taxes from NIL payments?

• Do you understand compliance rules and reporting requirements?

• Can you help us separate NIL income from personal finances?

• What mistakes do you see other athletes make, and how will you help us avoid them?

7. Family Involvement

• How do you recommend involving parents or guardians in financial decisions?

• How can you make sure both the athlete and family understand the plan?

• If the athlete’s income changes suddenly (big deal or no deals), how will you help us adjust?

The Bottom Line

NIL success is a family journey. By asking these questions together, you’ll make sure any financial professional you hire is transparent, trustworthy, and focused on your athlete’s long-term success.

Pro tip: Print this guide and bring it to your first meeting. Take notes as a family, compare advisors, and trust your instincts.

Need help finding trusted professionals? The NIL Financial Advisor Directory is designed to connect athletes and families with advisors, CPAs, and other experts who understand the NIL landscape.