Wealth manager Tilney has launched a specialist advice service dedicated to serving sports professionals.
The national advice firm launched its Tilney Private Sports venture after finding many young sports stars had received conflicting advice leading to financial hardship only a few years into their retirement.
Tilney will work alongside other professional advisers, including accountants and lawyers, to ensure it delivers an “integrated approach” to managing the financial affairs of sports professionals.
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.
The firm said this will affect players’ financial futures in terms of contracts and endorsements, making future planning essential.
It will also educate its clients and their families and advise them on how to protect themselves both while playing and as they look to move into a second career and pursue business interests away from sport.
The firm had already appointed former Manchester United player Simon Andrews as director for business development for its sports advice service last month.
It has now hired former Aston Villa professional footballer and Irish international Gareth Farrelly as an ambassador.
Mr Andrews 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.
“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 faced 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.”
Mr Farrelly is now a lawyer and has dedicated his post-playing career to helping sports professionals make the best decisions in terms of their finances and wellbeing.
Mr Farrelly said: “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.
“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.”
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