Interview With The Agent: Bert Geiger
Jason Morrin, September 8 2020
East Paces Group, a registered investment advisory (RIA) firm providing families, executives, and business owners with wealth management and financial planning services, announced that it has launched a new sports and entertainment division and has named Bert Geiger as its managing director. The division serves professional athletes and entertainers who require experienced insight and discretion from a financial professional as they navigate the distinct challenges and opportunities that can come with wealth and fame.
Bert Geiger, pictured in the middle, is the new Managing Director of East Paces Group Sports & Entertainment Division.
Jason Morrin: You recently took over the reins of the new sports and entertainment division of East Paces Group. Tell me about your organizational goals and what services you offer.
Bert Geiger: With East Paces, I am trying to educate my advisors currently in the office to help them understand what the world of a professional baseball player or entertainer looks like. I have been doing this for about 33 years. I’ve got about 24 clients from entertainment to baseball, and there is a common thread there. The bottom line is, you’re only as good as your last at-bat, season, or album.
We put together complete financial plans; we want to educate our clients. On the baseball side, a lot of clients came out of high school and made it to the big leagues. There is still no major education process out there. The NFL does a good job of it and Major League Baseball has recently done a better job for the rookies. But these guys have a giant target on their backs. I can verify every professional athlete’s salary right there on Google. It’s just amazing to me. I’ve had, unfortunately, two clients make over $25 million each in gross salary (don’t forget about your favorite uncle) and now they have nothing to show for.
With baseball, those guys are my fraternity brothers. My first client was a guy named Greg Brock, who took over for a player named Steve Garvey, first baseman for the Dodgers, and that led to more referrals and eventually the buildup of a nice base. So, these guys really are my fraternity brothers and that’s why I want to educate them. And this financial planning process, they love it. The people I met along the journey shaped who I am today and how I run this business.
JM: How does your time as a professional baseball player help you connect to athletes and understand their unique situations and needs?
BG: Getting to know them personally and building relationships is what helps. I’m not going to call a guy who’s scheduled to start that night at Yankee Stadium to talk about his finances. Pitchers usually start getting tuned in the day before, and I leave them alone. You have to learn what your clients are up against and what kind of circumstances they are facing on a daily basis. I’ve met some great people in baseball. I played for Jim Leyland and Tony LaRussa. I met Sandy Koufax, who was a roving pitching coach at the time. He was the kind of guy who would say, ‘you just need to do this, and you’ll make it.’ But he told that to everybody. My clients are my fraternity brothers and I don’t want them to become an unfavorable statistic.
Out of my draft class, dating back to 1977, of about 700 guys drafted only 13% made it to the big leagues. On top of that, only about 3-4% made it past 3 years in the league. Now, things are changing a bit, but that’s how tough it is to make it in Major League Baseball. The silver lining to that, and other sports can’t say the same, is that you’re guaranteed your money in baseball. You’re going to get your money even if you blow out your knee early or need Tommy Johns.
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