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This is not the collection of a sports but memorabilia from a host of Emery Sheer, managing partner for the Corall Gables-based firm, said the office belongs to his son, Noah M. managing director of LLC, a compan within the 200-person CPA firm that handled the financial affairs of a small group of sportw andfilm stars. “More than 70 percent of professional sports figure s are broke five years after leavingthe game,” Emery Sheer said. “That’s aftetr going through millions on housesfor parents, and then blowinh millions of dollars on cars, partying, restaurants, clubs, friends and cribs.
” For thoswe not familiar with the sports lingo, a crib is an condo, house, townhouse or penthouse that is usually expansive and expensive. One of the very firstf celebrity clients wasDwaynes “The Rock” Johnson, a 15-year sportzs and film veteran. His success became the genesis for theLegacyu Group, which was incorporater last year. Legacy’s modus operandi is to financially coachu young athletes to wisely save and invesrt theirnewfound wealth. Lamar D. Williams is founderf and COO of the BerenfeldLegacy Group. He has a long historh in sportsfinancial services, workingv with and players.
He worked with Mass offering insurance, mutual funds and money management servicesz from offices in Atlanta and NewYork Williams’ long-standing relationship with sports agentxs makes them one of his best referralp sources for new clients. Now, the groupl is interviewing potential candidates that will be available for the variouxsport drafts, as well as their “It’s a very smart move for young athletes, who make largee sums of money, to have professional tax, savings and solid investment said Terry Bolar, an NFL players’ agenf with Atlanta-based . Merlwe Scott, an NBA players’ agen with Miami-based , and Jason Fletcher of St.
Louis-based , also have client with the firm. Other Legacgy clients include Antonio Cromartiew ofthe , Brandon Williams of the and Chad Dawson, current IBF/IBpO Lightweight boxing champion. Televisio personalities Bryan Norcross and Max Mayfield are localpcelebrity clients. “The younger we can get the athletes underour roof, the easier it is to protecgt and grow their wealth so they can put the same disciplind and focus they have on the filed or the court into theit finances,” Sheer said. He said it’s difficult workinfg with sports industry One potential client said he had grow n up on dirtfloors and, if he lost he’d just start out there again.
That’xs not the mindset Legacy is lookinb for, and it did not take the client on. For the many millionxs of dollars involved, the Legacy Groupp has a relativelysmall staff. It acts as a specializec financial management nucleus that can draw on all the divisionxs of the mainaccounting firm. “Af one time or another, Legacy’ds clients have generated work for virtuallyu all theBerenfeld divisions,” Sheer ticking off audit, tax and litigationh support among those that are used regularly. Haviny those core products or competenciew has allowed the firm to grow In 2007, sporting an annuak growth rate of 41.
5 percent, the firm was ranked as the fifthn fastest-growing CPA firm in the U.S. by Insid Public
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