Rich Paul is a household name in the U.S. thanks to his Klutch Sports Group, which represents sporting stars like LeBron James, Odell Beckham Jr., and Ben Simmons. Recently, Robinhood, a trading and investing platform, made him an advisor, marking a significant milestone in his career.
Robinhood said it has helped tens of millions of people invest for the first time, adding that its users are more diverse in terms of race than those of other brokerages, according to CNBC.
The company partnered with Klutch Sports Group in March following the financial institution’s decision to expand its reach into sports, entertainment, and media.
Part of the agreement was for Paul to become Robinhood’s strategic advisor. To find new potential for partnerships in the sports and business fields, he will work closely with Vlad Tenev, CEO of Robinhood.
“We’re massive sports fans at Robinhood, and we know our customers are as well,” Tenev told CNBC. “Working with Rich and the team at Klutch Sports, it’s really a way to get the Robinhood brand out there to a wider audience and partner with athletes and organizations that are aligned with our customer needs.”
“I look forward to helping guide Robinhood as they broaden their reach into new markets and spaces,” Paul said in a statement.
Paul’s Klutch team has already been connecting Robinhood officials with teams, owners, and athletes as the company expands beyond finance, according to the site. Klutch negotiated a three-year jersey patch arrangement between Robinhood and the Washington Wizards last October, according to CNBC.
And the collaboration is already yielding results, said Tenev. The entire Washington, D.C., Metro area has seen a rise in brand recognition for Robinhood since the collaboration was announced, he said.
According to Tenev, Paul’s background is similar to Robinhood’s, so he was interested in Klutch.
“He built up his business and his brand from nothing—from selling vintage jerseys in the Akron airport,” Tenev said. “When you think about what Robinhood represents, it represents access and entrepreneurship.”
Paul was born in 1981 and grew up in Cleveland. Gun violence and drug abuse were common in his neighborhood. Paul shared a one-bedroom apartment with his dad above R & J Confectionary. By 6:00 in the morning, Paul and his dad would be up to punch in lottery tickets or sell milk and bread in Glenville. Two decades ago, his father died of cancer while he was still in high school.
But it was the valuable life lessons that his dad passed to him before his demise that made Paul who he is today, according to The New York Times.
His dad taught him simple life lessons of respect, love, patience, and hard work. Today, Paul is one of the most successful NBA agents in the world with his net worth estimated to be $120 million.
