In 2009, Seiler FEC president and co-founder Hillary Seiler had several friends drafted into the NFL. By 2011, a few of those friends were no longer playing professional football and were struggling with their finances. Monthly bills and high credit balances left them contemplating bankruptcy to get out of their financial bind.
As Hillary watched her friends struggle, she realized their situation was not unique. A staggering number of professional athletes face severe financial hardships regardless of securing multi-million dollar contracts throughout their careers. In fact, by the time they have been retired for two years, 78% of former NFL players have gone bankrupt or are under financial stress because of joblessness or divorce.
This epidemic helped Hillary identify a gap in our educational system, specifically for professional athletes who do not receive financial education in high school and are typically drafted early in college. She knew it would make a profound impact on an athlete’s overall spending habits if exposed to the right education at the beginning of their career.
“I have millions of dollars and I don't know finance. I've had some bad things happen in my career. I've got to educate myself."
- Chris Bosh, Former NBA Player
In 2014, Hillary began working on an educational platform for professional athletes that focuses on the fundamentals of banking and credit systems in the US. With the help of the National Certification of Financial Educators, Hillary created a program that allows each athlete to learn at their own pace, get one-on-one training on how to read their credit report, improve their individual FICO score, and create a monthly household budget. The program is custom-tailored to each individual and allows them to improve their knowledge base and set goals based on their personal financial picture.
Hillary co-founded Seiler FEC in 2017 to create a distribution channel for her educational platform. Seiler FEC differs from competitors because we are not financial advisors and we do not collect commissions for our services. We provide credible and actionable information that our athletes can immediately apply in their daily lives.
Our primary focus is to provide the tools necessary for our clients to understand and manage their day-to-day personal finances during and after their professional sports career. In return, we get to support the athletes we love to root for and see their wealth invested back into the community for generations to come.