To win an Olympic gold, a Premier League title, or an Ashes urn, athletes must dedicate years to training, and display remarkable willpower and ability. However, these legendary athletes seldom act alone –  behind them is usually a great coach or manager, and a whole host of other staff members.

As an athlete, you will know that sporting success can often be attributed as much to the tactical mind and people skills of a coach as to the ability of any single sportsperson.

The same is true when it comes to your finances. Though you can do a lot on your own, if you want to achieve your dream life for yourself and your family, it can be beneficial to have a wealth manager on your side.

Read on to discover four advantages of working with a wealth manager like us at ProSport.

 

1. Looking after your finances so you can focus on your career

From your investments and savings to your retirement and estate planning, a wealth manager uses their knowledge and experience to look after every aspect of your finances. With an expert on your side, you can focus on your sporting career, safe in the knowledge that your future finances are under control.

Though money is of course an important factor in your career, most athletes compete professionally because they love their sport and are driven by a desire to win in their respective field. The last thing you want is to be distracted by worries and responsibilities outside of your career.

Fortunately, you do not have to be. A financial planner can help you achieve more on the pitch, track, or field by removing the potential distraction of your finances.

 

2. Identifying your goals and building a plan to get you there

In your sporting career, you will have both short- and long-term goals.

They could be targets you want to achieve in the next year or two, such as qualifying for a prestigious competition or playing for a particular team. Alternatively, they could be specific sporting ambitions like winning a certain number of medals or breaking a world record.

These targets are important as they give you something to work towards, providing motivation when times are tough. They act as a reminder as to why you are putting in all your hard work and give you a measure of success when you achieve them. But without the input of your coach and support staff, achieving these goals would be almost impossible.

Goals can also be important in your financial life. They give you something to work towards and provide you with motivation to save and invest when you may be tempted to simply enjoy your hard-earned income.

As with your sporting ambitions, thinking about and planning for your future on your own can be a challenge, and it can help to have an expert mind on your side. A financial planner can act as your “coach”, helping you to pick your goals and build a strategy to reach them.

 

3. Creating tax-efficient strategies so you can make the most of your wealth

As an athlete, you may have multiple, irregular streams of income. Additionally, unlike someone in a more traditional career who will have Income Tax and National Insurance deducted from their pay packet, your income may not be automatically taxed. Also, depending on how you receive your income, you may have to pay taxes other than just Income Tax and National Insurance.

Without a proper understanding of the UK tax system, you could easily end up paying extra tax unnecessarily, meaning you spend money that could be used to build a stable future after your sporting career.

At ProSport, our wealth managers know taxes inside and out and understand the unique income flow that athletes often have. We can help you structure your income tax-efficiently, enabling you to build security for your future.

 

4. Being by your side for the long run as you progress through your career and beyond

Life after your sporting career can be hard to think about, but it is important to have a plan in place.

You may have thoughts about where you would like to live and what second career you would like to pursue based on your current circumstances, but the reality of life is that unexpected events happen.

These shocks can be both positive and negative; you may sign a lucrative new contract or brand partnership deal, or you may get injured or fall ill.

Whether good or bad, events like these can throw off your plan and often require a recalibration, a task that is easier with a wealth manager at your side.

 

At ProSport, we have been in your shoes

Unlike most financial planners, at ProSport, we have been in your position. Members of our advice team have had their own sporting careers before joining the financial field, so we understand the unique circumstances that athletes often find themselves in.

As specialist financial planners for sportspeople, we also have long-running relationships with experts and professionals who can help you on your financial journey.

With our expertise and ever-growing network, we will be able to help you navigate uneven income streams, sudden wealth events, a shorter career and more.

Speak to us today to learn more. Email enquiries@prosportwealth.co.uk or call 01204 602909 to get in touch.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only. All contents are based on our understanding of HMRC legislation, which is subject to change.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.

The Financial Conduct Authority does not regulate tax planning.