Retired and Retiring Players

With no guarantees on how long your sporting career will last, and the often daunting prospect of life after sport, it is essential that your finances are managed to the highest standards. Your financial plans will need to adapt to changes in your life, alterations in tax law and changes in the markets to remain effective.

If you set up a pension before 2006, you are able to take advantage of retirement benefits after the age of 35. However, if you set up your pension after 2006, the pension legislation has changed and the ‘protected lower retirement age’ for footballers and rugby players has been completely removed.

Professional Wealth Strategies can help you plan for your retirement. We will work closely with you to identify those things that are important to you and help you to make the right decision when the time comes to retire. If you have already retired from sport, we can help you plan for the next stage of your life, helping you to maintain a high standard of living and protection for your family and your estate.

Managers, Coaches and Backroom Staff

It takes more than players to make a Professional Sports Club great. Managers, Coaches, Physiotherapists, Dieticians, Kit Staff and a variety of other roles hold an integral part of the fabric of sport and the success of the team can rise and fall on your performance.

But with this you bring your own worries, ambitions, needs and requirements.

In particular, the role of managing a Football or Rugby Club can seem like a very lonely existence and the threat of losing your job is ever present, bringing upheaval to you and your family and making the need for suitable planning of utmost importance to ensure that any disruption is reduced and then focus can stay on the success of your career and the success of the team.

It is important that plans are put in place for your earnings to be both protected and managed in a way that helps  maintain your lifestyle if your current level of earnings reduces or even ceases.

Professional Wealth Strategies work with all club staff to provide financial management that is appropriate for you and your needs, no matter what the stage of your career.

Sports Team Managers

We understand that off field troubles, of which money matters are usually at the centre, effect on field performance. Ensuring money is less of a worry means players concentrate more and play better.

We offer 121 and group money training sessions specific to the groups of players under your control.

 Basics for younger or academy players such as :

  • Budgeting
  • Banking **
  • Pension Planning
  • Savings habits
  • Correct money habits

More advanced topics for established players

  • Pension Planning
  • Second career planning
  • Improvement of bad money habits
  • Tax efficient investment planning
  • Wills and Trusts*
  • Mortgage advice and arrangement
  • Investment planning
  • Structured retirement plans

We will work with you personally and at a club level to support you in getting the best from your players and from your personal financial situation.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Will writing involves the referral to a service that is separate and distinct to those offered by St. James’s Place and along with Trusts are not regulated by the Financial Conduct Authority.

**We can provide access to specialist banking services.

The Financial Coaching Programme

The sports professionals we deal with have been coached from an early age in whatever their discipline. We understand that as a professional sports person you have dedicated all your time from an early age towards success in your sport. Usually though money or financial matters are less well coached and many of the people we meet for the first time say things like “I’m not great with money” or “I never know what to do for the best and it ends up getting spent”. This is normal because you haven’t been coached in how best to deal with the money you earn. Our programme, designed by advice director, Matt Rickard, allows you to focus on sport while filling in the gaps in your knowledge and coaching you to have better habits.

Habits, good or bad are powerful. Matt has developed a programme where you tell your adviser what you would like to achieve during and after your sports career and we will design not only the financial solutions to help get you there, but importantly develop your mindset with money to ensure you stick to your goals. Through annual 121 reviews we will coach you to keep to your goals and plan ahead as your circumstances can change.

Within Sports most players perceive risk in a way that the media or other players have passed on to them. This may not be entirely accurate and could lead you to making decisions based upon knowledge that may be incorrect. Our advice director, Matt Rickard has found over his years working with sports professionals that “People do things because others do them. There is a natural bond within a dressing room that leads to trust but not necessarily accurate advice.” We want to treat each of our programme members as individuals and educate them to make informed choices on what is accurate and not on what is perceived.

Working Within Your First Team

We will work alongside your existing agent, accountant, solicitor and tax adviser to ensure that you receive a complete service tailored around your unique circumstances.

Where necessary we will spend time with these other professionals on your behalf to educate them on areas they may not fully understand to help you get the best service. We also rely on them to aid us in developing you and over the years our knowledge has grown by working with people in the above fields. When we all work together our team gets stronger!

Our Role Within Your Team

Career Focused Financial Management, Which Includes:

  • One to one, personal financial coaching, including budgeting
  • Career and life protection, including professional injury insurance
  • Tax efficient investment planning
  • Mortgage advice and arrangement
  • Structured retirement planning
  • Second career planning
  • Wills and Trusts*
  • 24 Hour investment valuation service

Your home may be repossessed if you do not keep up repayments on your mortgage.

*Will writing involves the referral to a service that is separate and distinct to those offered by St. James’s Place and along with Trusts are not regulated by the Financial Conduct Authority.

St. James's Place Advice Guarantee

Many sports professionals are sceptical of advice because of stories passed around the dressing room or through the media where players have been sold investments that have turned out to be incorrect for their circumstances or fraud in rare cases.

Our adage is that “if that something sounds too good to be true then it usually is!” 

The advice given by advisers within Professional Wealth Strategies is guaranteed by FTSE 100 company St. James’s Place Wealth Management. 

St. James’s Place guarantees the suitability of the advice given by members of the St. James’s Place Partnership when recommending any of the wealth management products and services available from companies in the group, more details of which are set out on the Group’s website.