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Lamplighters

Public·26 Lamplighters

⚽️💸 Hey Academy fam! Ever wondered how football legends like Rooney and Ferdinand could lose millions? Turns out trusting the wrong financial advisors can be as risky as a dodgy penalty! 😬

Our latest blog dives into these high-profile blunders and the urgent need for unbiased, non-intermediating financial planners. 🌟🔍 Get the lowdown on how fixed-fee advice can save the day and help plan a killer encore career! 🎓🚀

Don't get benched by bad advice—check it out and stay savvy! 👉 Read more here #FinancialWisdom #StaySavvy #EncoreCareer #AcademyOfLifePlanning

Mr Conley
Mr Conley
Jun 08

From Chris Reed's insights on coaching footballer clients at Stonehill Financial, several key lessons can be gleaned for financial planners working with professional athletes:

1. Early Intervention and Education

  • Start Early: Engage with athletes as soon as they receive their first professional contract. Early intervention can help instill good financial habits and prevent costly mistakes.

  • Financial Education: Focus on educating clients about basic financial principles. This helps them understand the importance of long-term planning over immediate gratification.

2. Tailored Financial Planning

  • Adapt to Income Variability: Recognize the unique income trajectory of footballers, which involves a high peak over a relatively short period followed by a steep decline. Plan for this by emphasizing savings and investments during peak earning years.

  • Short-Term and Long-Term Goals: Help clients balance their immediate desires with long-term financial security. Allow some discretionary spending initially, but gradually introduce them to saving and investing.

3. Flexible and Relatable Communication

  • Keep it Simple: Use straightforward language and relatable examples to explain financial concepts. Avoid technical jargon that might alienate young athletes.

  • Short and Snappy Meetings: Conduct frequent, brief meetings rather than long, infrequent sessions to keep the athlete engaged and build trust over time.

4. Investment Caution

  • Avoid High-Risk Schemes: Steer clients away from high-risk investments, such as overseas property schemes and speculative markets like cannabis before it becomes fully legitimate. Emphasize safer, more sustainable investment options.

  • Real Estate Caution: Be particularly cautious with real estate investments, ensuring they are legitimate and well-researched to avoid scams.

5. Managing External Pressures

  • Shield from Self-Interest: Help clients navigate the numerous self-interested parties that may surround them, from dubious advisors to family members with financial expectations.

  • Build Trust Early: Establish a relationship early in the client’s career to build trust and demonstrate a genuine interest in their long-term wellbeing, not just financial gain.

6. Support Beyond Financials

  • Holistic Approach: Recognize the holistic needs of young athletes who might be facing significant lifestyle changes and pressures. Provide guidance that encompasses their overall well-being, not just financial stability.

  • Life Coaching Elements: Incorporate elements of life coaching to help them visualize their life beyond their sports career and prepare for it both mentally and financially.

7. Navigating Institutional Reluctance

  • Work Independently of Clubs: Understand that football clubs may be reluctant to introduce financial advisors due to liability concerns. Establish a presence independent of the clubs to provide unbiased and trustworthy advice.

Conclusion

Working with professional footballers requires a unique approach that balances education, flexibility, and caution. By focusing on early intervention, simple and relatable communication, and safeguarding against high-risk investments, financial planners can help athletes secure their financial futures and navigate the unique challenges of their careers.


See article: https://bit.ly/3XcUqOY

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