Wealth management group Tilney has ramped up its services and is building up its team to look after the financial wellbeing of both current and former sports professionals.
Tilney, which looks after over £24bn of assets for clients, said it has pinpointed a need to help sportspeople make better informed decisions in order to protect their financial futures.
A spokesman for Tilney said its 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.
He said that 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 to educate individuals 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.
Tilney is developing partnerships with intermediaries who have sportspeople clients with the aim to provide a kitemark of best practice across sport.
The spokesman said: “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.”
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.