Expert Financial Planning
As a footballer, your earning potential as a professional athlete is substantial. Sometimes that earning potential increases depending on how talented you are, or how much value you provide to the team you join. With that comes many challenges and natural concerns so it can be stressful.
Whether you are a regular squad player or a definite starter, there is still a chance you might get dropped from the rotation due to injuries or a poor run of form. On the other hand, you may put on a good performance and convince your manager for a run with the first team.
You might get transferred somewhere to make room for a marquee signing, you might be surplus to requirements, or your skillset might not be what the club needs at the time.
There are many uncertainties with an athlete’s career and managing your finances can be complicated and time-consuming. Additionally, if you are an athlete who plays at the highest level of competition, or close to it, managing your finances may be the last thing you will worry about in your day-to-day life as a professional. You also have to keep in mind that you too are a part of the financial planning of football clubs as they try to balance having a financially stable club with the fans’ expectations.
We are here to completely take that stress away and give you confidence that your finances are being managed by a financial planning network that has been ranked No.1 in 2020 & 2019 by FT adviser, amongst the top 100 Financial Advisers in the UK. So, you can focus on what you do best without having to worry about facing a financial crisis down the road.
The charity XProestimate states that as many as three in five Premier League footballers face bankruptcy within five years of retiring from the game. We are here to ensure you are not part of that statistic and prevent becoming a victim of poor financial planning for soccer players. We have years of experience helping our clients come up with a fully tailored financial plan that can make sure they have a clear path, to ensure they live comfortably both now and in the future. Here are 3 ways in how we achieve this:
You are in the safest hands.
We are part of Quilter PLC, the best financial planning network in the UK, which gives us access to some of the best investment propositions, a very strong compliance network to make sure you are at the heart of everything being done correctly and compliantly. There have been many sports professionals that have unfortunately found themselves on the end of shocking schemes that have failed to manage their finances properly.
Access to cutting edge technology.
We believe in giving you the best tools possible. In these times of uncertainty, the need to adapt to a more digital and automated system has been more apparent. This fact is also true for all industries, even when doing financial planning for footballers. You will have access to our unique online portal that will allow you to send, complete, and save all documents and information very easily and securely from your phone, tablet, or laptop. This way, you can monitor the status of your finances at your convenience and safety. This will include tools that will help you budget and understand how your money can grow, and how you can make sure it lasts you for as long as possible. In addition, you will have access to seeing all your investments, so you can see how they are performing. This is also giving you much less complicated, difficult-to-understand paperwork and will save you lots of time having to fill out many forms and paperwork.
Taking care of you and your family.
A big part of what we do is making sure you do not end up paying taxes you do not have to. We make sure that we use investments that are tax efficient, to help you reduce your tax liabilities. We also make sure all the relevant framework is in place to make sure your family is looked after should anything happen to you.
Why appoint us as your financial advisers?
As we mentioned above – many Premier League footballers face bankruptcy within five years of retiring from the game. A big part of our job is making sure that does not happen to you. We not only look at growing your money, but we also make sure you will not run out of it.
Unlike many other professions, the average retirement age for a football player is 35 with the average life expectancy being 81 years old. That is a long time for you to live with reduced/ no income.
Also, the policy for access to their pension has been amended. This means that after 2006, you need to be at least at the age of 55 before you can access your pension. The contribution you can put into it has also been lowered, which is why there is greater importance for financial planning for English Premier League players. Our job is to help you make sure your money never runs out. We do this through what is called “cash flow modelling” through our unique online tool.
The way most financial advisers work will be to complete several forms to get to know your circumstances. They will either do this with you or ask you to complete the forms yourself. This is very time consuming and not very private or secure.
Aside from that, policies surrounding social distancing are still being implemented to this day as governments all over the world bolster their campaign to address the virus.
Even though athletes are among the first recipients of vaccinations, it is still prudent to implement preventive measures in any social setting to lower the risk of getting and spreading the virus.
We have a unique secure online portal that you will have instant access to with a link and that you can complete very easily and securely. You can upload any documents securely onto the portal and we can share information with you directly.
The value of Investments is not guaranteed and can fall as well as rise and you may not retain the amount you originally invested.
If you drawdown too much Income or your investments underperform, you run the risk of running out of funds.
Both Black Lion Insurance & Black Lion Wealth are Trading Styles of PRG Protect Ltd
Tailored Investment Advice
We work with you to understand your financial situation, your goals, and how much risk you are prepared to take with your money. We also recognise as a professional footballer your investment strategy will need extra attention as your circumstances can change regularly.
Whether you have recently graduated from the youth academy or you are a starter for a top-flight club, your value and wages will change depending on your performance and role at your club.
For instance, your club might sell you off to another club to adhere to financial fair play rules even though you are a regular starter.
Your wages might take a hit if you are playing in a relegated club, or your performance and standing on the team might not reflect the wages you require. As a fresh academy graduate, you might get loaned out to lower-level teams so you can get experience, or worse, your original club might not pick up your contract.
Therefore, we will work closely with you to make sure your financial plan is always on track even when things change in your circumstances.
As a high earning professional football player, you can be subject to high levels of taxation, so we work closely to ensure all the tax efficient investments are considered to make sure you do not pay anymore tax than you need to. This can be done in several tax efficient investment solutions.
We understand that the length of your playing career is much shorter than other careers. We rarely see footballers play past 40 and still be competing at the highest level of play. Therefore, we make sure we have a very good understanding of what your financial goals are at retirement and work hard to ensure everything is in place so that you can be financially comfortable once you retire from playing football and also work with you beyond that to ensure you are always meeting your financial objectives, no matter what you decide to do beyond your playing career.
One of the most important things to all of us is our family. We make sure that everything is in place so that your family will be looked after if anything happened to you. We also make sure the money you have worked hard for not only goes to your chosen loved ones but is not subject to unnecessary taxation if anything happened to you. We will also be there to help your family continue to manage those finances if anything happened to you.
As well as providing you with our expertise and guidance, we also have an ongoing commitment to make sure we provide financial education, so you are constantly increasing your knowledge and confidence with managing your finances, and we will work closely with you to make sure you are always on track to achieve your financial goals and objectives.
Why speak to us – Our client charter?
- We love what we do, and more importantly, we are qualified to do it – we aim to provide a fully comprehensive service to all our clients.
- We are confident that we will deliver a high-quality service that will be amongst the best in the financial services industry
- We continually strive to improve our personal development
- We follow the principles of treating customers fairly set out by the Financial Conduct Authority
- We treat our clients as we would like to be treated.
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We are a dedicated team of financial advisers, with years of experience in guiding our clients to a solution that meets their specific needs. We specialise in helping both employed and self employed individuals, as well as business owners on a variety of solutions, which range from life insurance, income protection insurance, keyman insurance and shareholder protection insurance.
The guidance and/or advice contained within this website is subject to the UK regulatory regime, and is therefore targeted at consumers based in the UK.