Since forming a partnership with the Central Intercollegiate Athletic Association, Wells Fargo has aimed to use every opportunity possible to impact the conference’s student-athletes.
The next opportunity Wells Fargo officials will have to connect directly with CIAA student-athletes will be next week, February 27, 2024, when the company will host a financial literacy breakfast as part of one of the featured events during tournament week.
Wells Fargo executive Dewey Norwood will facilitate the workshop along with colleague Cecil Burrowes. Norwood serves as the senior vice president of Wells Fargo’s external engagement team in diverse segments, representation and inclusion. He also manages the company’s enterprise HBCU strategy and is tasked with leading Wells Fargo’s partnership with the CIAA.
Photo credit: Wells Fargo
Similarly, Burrowes’ title with Wells Fargo is senior lead of business growth and acquisition strategy consultant.
The financial literacy breakfast, which will run similarly to a workshop, will be a two-hour seminar that will discuss the importance of financial knowledge, education and skills with regard to sound money management.
Wells Fargo has been a long-time supporter of college athletics with a commitment to providing financial education resources, Burrowes highlighted.
“What we recognize is there’s an opportunity to provide resources to our student-athletes and all student-athletes that will help them, as they graduate, be better prepared on managing their own personal portfolios,” Burrowes said.
“What we’re trying to do is ensure that they have the blueprint to operate effectively managing their own financial portfolios. And I think that’s important for any student-athlete who generally [goes on to do] great things when entering the workforce, whether it be becoming a pro, whether it be entering the corporate entity, whether it be starting their own business. The blueprint is important to move to the next level.”
Name, image and likeness, commonly referred to as “NIL,” will be another focal point of the workshop.
In June 2021, the sports world was set ablaze when the NCAA implemented an interim policy allowing student-athletes to profit from their name, image and likeness. Since that time, collegiate sports have undergone a seismic shift.
Photo credit: Wells Fargo
After a decades-long debate on whether college athletes should be paid, the implementation of the NIL policy has been life-changing for a number of student-athletes. Now, college basketball players, football players, baseball and softball players, and other athletes can capitalize off the following: monetizing social media accounts; signing autographs; holding camps or lessons; entrepreneurial ventures; participating in advertising campaigns and more.
Burrowes cited research indicating that financial deals for student-athletes in 2022 were near $1 billion. That figure is expected to reach $3 billion to $5 billion by the next five years, he pointed out.
With the opportunity to make massive amounts of money, young people need direction and guidance so that they can make well-informed decisions, hence, the purpose of the financial literacy breakfast.
“Our goal here as it relates to the student experience around name, image and likeness – we understand that the NCAA will be mandating an increased demand from programs to ensure that their student-athletes are being financially educated… that precipitated this educational program that’s being set up,” said Burrowes, the father of a student-athlete.
“We recognize this as an opportunity to provide support.”
CIAA student-athletes, coaches and administrators will be invited to the seminar, which will also provide tips on how to manage finances and budgeting advice for students’ college and professional careers.
“I think banks, in general, are recognizing there’s a new level playing field for our student-athletes and we have to step up on the demand of assisting individuals that can avoid [possible] pitfalls the best we can,” said Burrowes, who’s been involved in the Wells Fargo financial literacy workshop dating back to the CIAA’s tournament in Charlotte.
“Our overall goal is to continue educating students on the changing landscape that they’re experiencing.”
Burrowes added that he will be making a special announcement about the launch of a financial empowerment resource that Wells Fargo will be providing. He will share more details on the newly launched platform at the financial empowerment breakfast, which played a large factor in his decision to attend.
“It’s a comprehensive, mobile-first learning platform that we’ve been leveraging since 2015, which is a free service to benefit those HBCUs and colleges in which we have a relationship,” he said.
“That drove me to attend the breakfast.”
The Wells Fargo financial literacy breakfast workshop is scheduled for Feb. 27 from 8 a.m. to 10 a.m. at the Baltimore Convention Center.
