Footballers need to work with a financial expert they can trust. Here’s why

Footballers need to work with a financial expert they can trust. Here’s why

Working with a financial expert is a practical way for professional footballers to secure their wealth for the future.

But, it’s crucial that you’re able to trust them. Otherwise, you may end up working with someone who takes advantage of you.

Here’s why.

You need to sensibly manage your money

You’re probably already sick of being told that you need to carefully manage your money. It’s likely that those around you have told you this from the very beginning of your career.

The trouble is that it’s easy to be wasteful with your wages, especially in the middle of your career when it can feel like the money tap will never run dry.

But this isn’t actually the case. In fact, without naming names, there are plenty of examples of high-profile players and other athletes who have come into issues with money.

That’s why it’s sensible and cost-effective to speak to a financial expert as soon as possible. A financial planner can consider every aspect of your wealth and provide a steady hand to help you manage your money.

People may try to take advantage of you

Crucially, you need to be able to trust that this person has your best interests at heart, making decisions that truly suit your family’s needs.

Unfortunately, football is rife with fake “experts” who are only interested in taking advantage of you and your career.

Whether you’re accumulating wealth at the start of your career, already comfortable in the middle, or nearing the end, it’s possible that you’ll be approached by many financial professionals, trying to convince you that they can help you best manage your wealth.

However, you need to be sure that those helping you are doing so for your benefit, not just for their own pocket. Otherwise, you may be exposing your money to a considerable amount of risk with someone only interested in earning a living off your back.

That’s why you need a financial expert you can trust.

At ProSport, we’re official partners of the Professional Footballers Association (PFA) and have been since 2011. We also have a track record of delivering for many players currently plying their trade in all four professional leagues.

We’re regulated by the Financial Conduct Authority (FCA), and we’re also a Chartered firm, meaning we’ve achieved the very highest certification of professional standards. This means we’ve proved that we comply with the strictest ethical standards in our industry.

By working with us, you can have complete peace of mind that we’ll help you deal with your finances professionally and honestly.

Pay less tax, achieve financial stability, and reach your goals

There are many ways that working with a financial expert can help you best manage your financial situation. Below are just a few of the services we can provide for professional footballers to make the most of their careers.

Protection cover

It can be easy to think nothing will ever go wrong in your career. But if it does, it could seriously threaten your financial stability.

That’s why taking out protection cover before these things happen can be a prudent choice.

From self-insuring for personal injury in the event that you’re injured in a match, to taking out life insurance that protects your family if you die unexpectedly, choosing the right protection cover can secure your money for you and your loved ones.

At ProSport, we can help you find the most appropriate protection for you to give you the reassurance that you’ll always have money to live on in the worst-case scenario.

You can read more about some of the times when having protection cover in place can be invaluable for you as a professional footballer on our blog.

Comprehensive tax planning

No one wants to pay more tax than they have to. And, as many players earn a healthy salary, that means you may be exposed to more tax than those in other professions.

So, it’s worthwhile looking at your options to limit how much tax you’ll owe. By working with us at ProSport, we can help you to reduce your tax liability and make sure that as much of your money as possible goes to you and your family.

Post-career planning

Above all else, you need to make preparations for when your career ends.

If you’re lucky, your playing career could last for as long as 15 or even 20 years. But even if it does, that still likely means losing the income you gain from playing by the time you’re around 35.

That’s why it’s vital to plan your finances around what will happen when you finally hang up your boots.

Whether that’s designing an investment portfolio that works for you, or even considering investing in property, we’ll help you make the most of your money for the years when you’re no longer playing.

Speak to us

If you’d like to work with a financial planner you can trust, please get in touch with us today at ProSport.  

Email or call 01204 602909 to speak to us.

Please note

The value of your investment 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.

This article is for information only. Please do not act based on anything you might read in this article. All contents are based on our understanding of HMRC legislation, which is subject to change.