Joe McLean, managing partner of sports & entertainment at MAI Capital Management, has earned the moniker “money whisperer” within NBA circles. His journey from aspiring professional basketball player to a trusted financial advisor for high-profile celebrities and athletes offers a unique perspective on wealth management, with principles applicable even to the average investor.
From the Court to the Boardroom
McLean’s initial career aspirations were firmly rooted in basketball. From the age of eight, his walls were adorned with posters of Michael Jordan and Larry Bird, and playing professionally was his singular focus. His path led him to Division One ball at the University of Arizona under Hall of Fame coach Lute Olson. He played all four years, averaging 10 points per game as a shooting guard who also defended small forwards and power forwards. “I had to learn very quickly how to hold onto a guard’s jersey, because everybody was getting much quicker, much faster than me,” McLean recalled.
Upon graduating, the conventional route for aspiring pros involved trying out for NBA teams. When cut, the options were typically the minor leagues (then the CBA) or playing professionally overseas. McLean spent a year in Bismarck, North Dakota, enduring life in a hotel and traveling by bus. He then embarked on a career playing in 11 countries across Europe, China, and Australia. This nomadic lifestyle, he noted, was a great way to see the world, though contracts were precarious. “You lose a couple games, they’ll rip up your contract and send you home,” he explained.
One notable stint was in Ireland, where he played for a pub-sponsored team in Ballina, a town of 8,000 with 84 pubs. Earning $300 a week, he aimed for dual citizenship to avoid counting as one of the two Americans allowed per team. He described the level of play as the equivalent of Division Three basketball, but cherished the experience and the lifelong connections made.
The NBA Draft Near-Miss and the Pivot
McLean’s closest brush with the NBA came during a league strike when the Sacramento Kings were holding pre-draft workouts. Living in the Bay Area, he contacted a scout and offered to work out the team’s draft picks, even bringing his own lunch. This led to 22 consecutive days of workouts, where he gained insight into what NBA teams sought in players. He made it through pre-draft and the final cuts, only to be informed on the morning of the first game that another player, Oliver Miller, was taking his spot. “I just knew that it was over for me,” McLean stated, recalling the moment he realized his professional playing career had reached its definitive end.
The transition to finance was not immediate. In 1999, the Bay Area was dominated by the dot-com boom, and many of McLean’s peers were entering the tech industry. He conducted over 50 interviews with companies like Oracle and Pets.com, but felt a disconnect. “I’d show up in a suit, and everyone else was in flip-flops and t-shirts. And it’s like, this doesn’t feel right. I need structure,” he said.
His networking through the Olympic Club, a sports club where he played basketball, introduced him to professionals in law, accounting, and financial services. These connections pointed him toward the financial industry. While larger firms like Goldman Sachs advised him to gain more experience, an encounter with a former athlete who had found success at Franklin Templeton offered him an opportunity. McLean had some prior experience investing in mutual funds with his earnings from overseas, which provided a foundational understanding as he pivoted into wealth management.
Applicable Principles for All Investors
Barry Ritholtz, host of Bloomberg Radio’s Masters in Business, highlighted that while the average listener may not have a nine-figure contract, McLean’s strategies for athletes offer valuable lessons. The core idea of prioritizing savings is paramount. McLean advocates for saving a substantial percentage of income into an initial “bucket” before moving to a second “growth and investing bucket” for future living expenses, and then considering entrepreneurial investments.
This structured approach, born from managing the often volatile and finite incomes of professional athletes, emphasizes discipline and long-term planning. McLean’s transition from the fast-paced world of professional sports to the intricate realm of finance underscores the transferable skills of dedication, strategic thinking, and adaptability. His success as the “money whisperer” demonstrates that understanding financial principles and applying them consistently can lead to significant wealth accumulation, regardless of one’s starting point.
