However, unfortunately there are also those who do little to no due diligence when introducing an adviser to the client and their family and there is no quality control over what service is provided to the player, whether the products being introduced are suitable or how much this advice or service costs.
Many players who have received advice have no idea of what they have and as a result whether this will fulfil their objectives in the future. Also many players have no idea what they are paying in terms of advice costs and indeed whether their charges are competitive.
Players can also be influenced by third parties purporting to be their friends and be influenced to invest with them to help them. Players love to be loved and sometimes this means they make rash decisions.
A comprehensive review of their planning is the best way to start a relationship combined with education tools such as Cashflow Modelling exercises.
We build a team around the player – this includes a financial planner and if needed an investment manager, accountant, lawyers, agent and other professionals. The team should communicate well and work for the benefit of the client.
Players have a short career – the average playing career is eight years – and in most cases will have a further career after football, whether that is because they will financially have to or just want to do something they are passionate about.
We encourage players to think about what they will do after their playing career finishes at the start of the plan we create and put them in touch with other advisers that can help them.
Protection against illness and the inability to work is important for all clients, but given the earnings potential, lifestyle and the relatively short career, we ensure all players we work with have career ending insurance in place.
It might be that their agent has put this in place for them or it is part of their employment contract or we provided the advice but we believe it is a necessary part of the plan that must be in place.
Financial security
Protection against death and suffering a critical illness to ensure debt can be repaid in the event of a player’s death is equally important. Players often have large mortgages which are serviceable while they are playing and often, but not always, need to be repaid before they reach age 35.
We focus on the player and their family and ensure their spouse and children will have financial security and at least a roof over their heads with no large mortgage needing to still be paid should the player die.
