Personal Finance | 13 September 2024

Wealth management for athletes

How do you translate your success on the sports field into financial security through life? We detail how our specialised sports professionals services could support every moment of an athlete’s career.

As an athlete or sportsperson, you’ll face plenty of big wealth management decisions before the final whistle blows on your career.

Maybe you’re a rising football talent, an Olympic gymnast, or a rugby player turned commentator. With expert banking and budgeting advice, we provide professional sportsmen and women with the bespoke financial services they need to get their money working early in their career. We help them potentially build financial security long before they leave the pitch for the last time.

“We work with some of the most talented names in sport,” says Matt Wotton, Coutts Proposition Leader for Sport, Media and Entertainment. “We understand that the demands facing sports professionals can leave little time for financial management, and that their needs will often increase in complexity as their careers progress.

“We’re highly connected within the sporting world, working as part of our clients’ trusted advice teams – closely collaborating with agents, professional advisers and family for exceptional solutions that meet our clients’ exacting requirements.” 

How wealth management could help athletes during their careers

Planning for tomorrow – If you’ve landed a major contract or sponsorship deal, it could be tempting to rush into a luxury lifestyle. But you may come to rue overspending early in your career. Wealth management for professional athletes is all about avoiding this outcome.

Cover if the worst happens – Professional athletes share a passion for success but the physical demands of sport pose unique risks and challenges. A serious injury could end your career early and even the biggest names can’t go on forever.

Managing uneven income streams – There are other potential complications. From sponsorship deals to lucrative contracts and bonuses, you may have many different income streams to manage. Regularly moving clubs or training and touring overseas could complicate matters further.

 

Early career athlete support

Just starting out? In the rush to make it big, forgetting your finances could lead to potential downsides further down the line.

As soon as money starts coming in you could be putting it to work. Coutts could help to manage your money right from the start so that it’s working for as long as possible via:

  • budgeting and cashflow advice, if you don’t have experience handling large sums
  • earning protection, such as life assurance or critical illness cover
  • savings planning to get money working for the short to medium term
  • pension planning for later in life
  • property – planning whether now is the right time to buy your first home
  • investment expertise, to help plan your long-term goals

Please be aware that when it comes to investing, the value of investments can fall as well as rise and you may not get back what you put in. Past performance should not be taken as a guide to future performance. You should continue to hold cash for your short-term needs.

Late career athlete support

As you approach your final years on the field, financial planning could help ensure you’re supported for the future as you transition into a new phase of your life.

We can guide you through ways to potentially preserve and grow your wealth – for instance, through pensions, investments and ISAs. You might also consider your legacy beyond sport, which is where our philanthropy team could help.

We’ll be there with expert advice every step of the way. A private banker can advise on different products to match your unique circumstances and adapt your wealth management service as your career changes. Eligibility criteria and fees apply.

Retirement athlete support

Wealth management could also help pave the way towards a smooth retirement. With potentially many decades to come, it might help to maximise your earnings or protect your wealth for the next generation.

Here’s what wealth management could do for professional athletes after they’ve ‘hung up their boots’:

  • build an investment portfolio which could help grow your money and stay ahead of inflation
  • maintain your lifestyle long after you’ve stopped competing
  • plan your ISAs to make the most of your tax-free allowances
  • pass on wealth efficiently via inheritance planning or trusts
  • work out the right pension options for a comfortable later life
  • write a will to control where your wealth eventually goes

Learn more about wealth management with Coutts

Eligibility criteria and fees apply.

The advantages of being a Coutts client

Coutts clients are required to maintain at least £1m in investments or borrowing (mortgage), or £3m in deposits.

  • Tailored advice. Our recommendations put your needs first. We don’t provide off-the-shelf solutions.
  • End-to-end support. Investments and wealth protection are only the beginning. We also offer family support for your loved ones.
  • Simple fees. When it comes to investments advice and financial planning we charge a flat fee which is clear to understand and designed to represent excellent value.
  • Experts. Our experience allows us to deliver exemplary service from wealth advice to PR considerations with the utmost discretion, expertise and care.
  • Heritage and experience. We boast more than three centuries of experience, going back to 1692.
  • Varied services. We can help with banking for entrepreneurs, commercial banking, personal wealth advice and more.
  • More than a bank. Our ethos is to be a trusted partner to you and your family. Our exclusive network of clients and colleagues could help you with all your goals, from philanthropy to new business ventures.

FAQS for athletes considering private banking

  • When should I consider using a wealth manager?

    When you come into a large amount of money – over time through earnings or more suddenly via a business sale, bonus or an inheritance – that could be the moment to reach out for the expertise of a private banker and wealth management service. We could help with all your questions about how to get the money working for you.

  • Do athletes have pensions?

    Yes. Many sportspeople end up having shorter careers than other professions and they regularly move from team to team. Setting up a pension is a great way to put money aside today, to let it potentially grow over time into a substantial fund which could support you in retirement and old age. The longer it is set aside, the longer it has to potentially grow in value.

    Pensions can be flexible, allowing regular or lump-sum contributions. 

  • What qualifications should I look for in a private banker specialising in athletes?

    Athletes looking for a specialist private banker could consider:

    • their heritage of working with other sports professionals
    • the types of products and services available
    • the bank’s history and track record
    • testimonials from existing clients
    • any minimum wealth requirements
    • potential fees and costs
    • how much expert access they’ll get

    Your home or property may be repossessed if you do not keep up repayments on your mortgage. Over-18s only. Terms and conditions apply. You may not be eligible for all Coutts mortgage solutions. Security may be required. Product fees may apply.

    Savings criteria apply.

Pensions & Investing

Coutts Invest is available to clients who are:

  • UK resident and domiciled for tax purposes
  • Aged 18 or over
  • Already a user of Coutts Online
  • Have a minimum of five years to invest

The value of investments can fall as well as rise and you may not get back what you put in. Past performance should not be taken as a guide to future performance. You should continue to hold cash for your short-term needs. Eligibility criteria and T&Cs apply. Fees and charges may apply.

Fees and charges apply.

Eligibility criteria, advice and product fees may apply. When transferring a pension, exit fees may apply.

Tax reliefs referred to are those applying under current legislation which may change. The availability and value of any tax reliefs will depend on your individual circumstances. As we do not provide tax advice, you should seek independent tax advice as required.

The information on this page should not be regarded as financial advice.

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