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Gordon Whittaker Advises College Athletes on Financial Management and Brand Building

Gordon Whittaker, a wealth management advisor and managing director at Merrill Lynch, stated that college athletes should focus on building sound financial habits as they earn income from name, image and likeness (NIL) and revenue sharing deals. As the 2026 college football season begins, many young players are earning significant sums, sometimes reaching six or seven figures, particularly in Power Four conferences. Whittaker noted that establishing financial habits at a younger age increases the likelihood they will stick. He advised athletes to keep their budgets small while in school and save most of their income to allow compound interest to work over decades. He emphasized the importance of shifting the mindset from equating income with wealth to owning assets as wealth, noting that professional sports careers are finite. Whittaker also highlighted the importance of tax planning, as NIL and revenue sharing income is typically reported on 1099 forms without taxes withheld. He explained that the current compensation landscape affects decisions about whether to turn professional or stay in college, as athletes now weigh current college income against potential professional earnings. Additionally, athletes must be mindful of how they present themselves and build their personal brand, as off-field actions impact their monetization.

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