Tilney has unveiled its newly established private client unit to look after the financial wellbeing of both current and former sports professionals.
The firm said that through its existing relationships with many sporting clients, it “recognised the need to help sportspeople make better informed decisions in order to protect their financial futures”.
It will work alongside other professional advisers including accountants and lawyers to manage the financial affairs of sports stars.
In the past, many sports professionals have not made the wisest financial choices, resulting in numerous cases of legal action against advisers as well being challenged by HM Revenue and Customs (HMRC), for example ex-footballers Danny Murphy, Andy Cole and Robbie Savage.
The launch also comes at a time when all areas of sport will be facing a financial reset due to the ongoing coronavirus pandemic, as uncertainty looms around broadcasting and sponsorship revenues.
Details
The Tilney Private Sports team will help educate clients and their families as well as review and advise them on how to protect themselves both while they are playing as well as when they move into a second career.
It will offer investment, tax and legal advice through the help of various professionals.
In addition, the team has developed partnerships with intermediaries of sportspeople to offer this service, in a bid to recruit and retain talent.
Tilney did not mention what impact the Smith & Williamson merger will have on this operation.
Bolstering team with ex-footballers
Tilney’s sport offering will be a nationwide operation.
The firm recently hired former professional footballer Simon Andrews as business development director.
He said: “People all across the world of sport have a unique career which can start in early teens and finish abruptly, sometimes before they have even turned 30.
“Without the right support, they can easily find themselves receiving conflicting advice from a variety of external influences who may not have their best interests at heart.
“Sport is experiencing a number of challenges unlike anything it has seen before, and this will undoubtedly affect the financial model for clubs, teams and individuals.
“The knock-on impact on how sportspeople are paid in the future means that having the correct advice and support structure has never been more important.”
Ambassador
Tilney has also brought in former Everton and Aston Villa footballer-turned-lawyer Gareth Farrelly as ambassador.
Farrelly also sits on the judicial panel for the English Premier League and has dedicated his post-playing career to helping sports professionals at all stages of their lives make the best decisions in terms of their finances and wellbeing.
He added: “I have spent my entire legal career seeing both young and experienced sportspeople fall victim to parasitic influences from the outside.
“It is well documented that 40% of footballers face the threat of bankruptcy within five years of retirement, people in sport face challenges unlike any other industry.
“The sports private office offers an enormous opportunity to really help sportspeople and their families by working closely with them and their other trusted advisers to provide a consistent approach to their financial lives both while they are playing and before they move into their next careers.”
