Wealth manager London & Capital has launched a sports wealth management service.
The firm established a significant client base working with sports professionals in its early years and is now re-entering the arena.
Offering bespoke wealth management services and advice, the company is targeting football and rugby as its core markets in the first instance.
The area will be headed by Adam Osper (pictured), who joins from Conforto Financial Management.
Osper says: “Too many advisers assume an appetite for more risky investments on the part of today’s football professional. We have seen high-risk and often obscure investments being recommended on the basis that this particular target market is looking for something ‘exciting’ to do with their wealth. In the vast majority of cases these suggestions are highly inappropriate and are wholly out of line with an individual’s investment objectives and overall attitude towards risk.
“Experience tells us that what many players are actually looking for is capital preservation i.e. professionally tailored wealth management services, designed to help them to manage and distribute their high earnings from the game throughout different life stages. Our goal is to give sports professionals the best of the best in all areas of financial planning, co-ordinated through one contact point.”
Recent changes in pensions law makes financial planning more important than ever for sports professionals. Previously, the earliest age pension scheme members could take their retirement benefits was 50. From 6 April this year, this has changed to 55, and the protected lower retirement age for footballers and rugby players, at 35, has been removed. It means players can expect to fund many more years in retirement.
Daniel Freedman, London & Capital managing director and co-founder, says: “The Retail Distribution Review will force more and more intermediaries to outsource their investment business, and sports professionals will need to look increasingly to firms that can handle these requirements. We are well placed to prosper in this arena.
“I am delighted that Adam has joined London & Capital and look forward to developing this model with him as part of the new area. With our strong emphasis on capital preservation and tailored client service the London & Capital approach works well with sports professionals, our proposition being broad and far reaching.”
With more than ten years of experience working with professional clients in the financial services sector, Osper is a Chartered and Certified Financial Planner and has frequently worked with high net worth clients and sports professionals during this period.