UK wealth management group Tilney, which looks after over GBP24 billion of assets for clients, is building up its team and the services they provide to look after the financial wellbeing of both current and former sports professionals.Tilney, one of the UK’s most trusted wealth management groups, has, through its existing relationships with many sporting clients, recognised the need to help sportspeople make better informed decisions in order to protect their financial futures. The Tilney approach is to work alongside other professional advisers including accountants and lawyers to deliver an integrated approach to managing the financial affairs of sports professionals. In the past many sports professionals have received poor advice, resulting in numerous cases of legal action against advisers as well being challenged by HMRC.
The Tilney Private Sports team will augment the work of the firms’ existing expertise in advising sports professionals. They 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 and begin to look at other business interests both inside and away from sport.
The team builds on Tilney’s existing experience working with a number of professional connections, to ensure all areas of investment, tax and legal advice are covered and deliver a consistent and joined-up approach. In addition, the team has developed partnerships with leading intermediaries of sportspeople to offer this service: With the aim to provide a kitemark of best practice across sport. This will help intermediaries in both the recruitment and retention of talent as well as provide a consistent and high quality approach to their clients.
The launch 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. This will affect players’ financial futures in terms of contracts and endorsements and brings into focus the importance of their existing and future planning.
The team will have nationwide coverage and to support him in this Bill Price, Managing Director for Tilney in the North West has recruited business development director and former professional footballer Simon Andrews. Also joining as an ambassador is lawyer and former professional footballer Gareth Farrelly. Gareth 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.
Commenting on the launch, Andrews says: “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.
“Tilney already supports many sports professionals with high quality financial advice and investment management services. There is a real opportunity to build on this experience and depth of understanding of the very particular challenges face by sports professionals with a proposition that works collaboratively with other professional firms to ensure that we provide consistency and stability to them and their families both during and after their careers. I believe that this peace of mind can only enhance their performance while they are playing as well as provide them with a solid foundation for life after sport.
“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.”
Gareth 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 per cent of footballers face the threat of bankruptcy within five years of retirement, people in sport face challenges unlike any other industry.
“This is why I am so excited about the proposition at Tilney. 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.”