Helping you achieve financial freedom

Published: 24th August 2022

According to the Deloitte Football Money League, 10 of Europe’s 20 richest football clubs by revenue came from the Premier League in 20221.

With an average weekly wage of around £50,000, it’s becoming more and more apparent that footballers in the UK require pertinent financial advice to safeguard their future2.

As a large national independent financial planning firm, Succession Sports and Entertainment provides its clients with more than just investment advice. They specialise in the unique financial requirements of those working within the sports sector and are trusted advisers to many high-profile sporting professionals and their families.

By adopting a holistic and consultative approach to wealth management, their team of expert Wealth Planners create personalised strategies that use a range of financial products and services that aim to help clients realise their dreams.

We spoke to Ehson Dejahang, a Wealth Planner at Succession Sports and Entertainment, to learn more about their services and the reasons they’re the chosen planners for many footballers.

“At Succession Sports and Entertainment, our dedicated team of Wealth Planners and investment advice experts know how to help sports professionals plan for long-term financial freedom,” said Ehson.

“We recognise professional footballers are in a unique financial position and they need to have an eye on the future from a very early age.

There are many uncertainties during a footballer’s career and managing finances can be complicated, time-consuming, and stressful.

The ever-present threat of injury, earning potential weighted at the front of their career, and the knowledge that there will come a time when they will need to build a life for themselves outside competitive sport means they need to plan for a whole host of different possibilities and opportunities.

That is why Succession Sports and Entertainment exists – to give people confidence that their finances are being planned by a team experienced in dealing with individuals within the sports profession.”

With over 15 years of experience as a Wealth Planner, Ehson looks after high-net-worth clients from various sports and entertainment sectors including many professional athletes.

Understanding a client’s hopes, concerns, and aspirations is crucial to the process, which is why Ehson and his team work diligently throughout the complexities of financial planning to build a strategy that is understandable, coherent, and relatable.

 

“In 2016 I was introduced to a football player by his accountant,” says Ehson. “The player was playing regularly for his team and was starting to earn a significant amount.

He had not considered financial planning before as he was still so young, so within our initial meeting, we discussed how different his working career would be compared to the average 20-year-old.

We discussed potential goals that he wanted to achieve both personally, professionally, and financially, and also the type of lifestyle he wanted to have during his career, and after it.

Since our initial meeting, we have set up a financial plan which involves regular deposits from his excess income, which are placed within the investment strategy we identified.

By continually meeting we have been able to review his portfolio to make sure it is still in line with his goals and now in 2022, the client can see how his portfolio has grown and how financially secure he could be after he decides to stop playing professional football.

Over the years we have seen different factors affect his portfolio, however, by having regular conversations and educating him on the importance of long-term investing and keeping a disciplined savings mentality he is happy knowing his portfolio could provide the lifestyle he desires once he’s retired.”

According to a report by Xpro – a charity for former players – three in every five Premier League footballers declare bankruptcy after retirement3.

In the US, The Independent reported similar findings in the NFL and NBA, with 78% of players declaring bankruptcy within two years and 60% of players losing all of their money within five years, respectively.

There are several reasons why elite athletes might face similar problems but more often than not it comes down to bad advice and poor investment choices 3.

For example, buy-to-let property – widely regarded as one of the safest investment opportunities – is no longer the sure thing it once was.

Due to changes in tax relief rules in 2020, some landlords now face higher tax bills and rising interest rates look set to unsettle the market even further. That’s why it’s so important to have the right support in place from the earliest stages of your career”, as Ehson goes on to explain.

“Informed financial decisions made with expert advice could lead to better investment choices and help build sufficient wealth and assets to create an income for an individual to live the life they want. It could result in a reduced tax bill, help to create a nest egg, and give a sense of financial security for their future financial wellbeing” Ehson continues.

We understand every client’s ambitions and circumstances are individual, so we don’t believe in taking a one-size-fits-all approach to help them.

Our investment philosophy starts with the individual. We recognise that there are specific objectives and requirements when it comes to investing money, so we will always take time to get to know our clients and understand their investment aspirations and risk tolerance.”

Wealth Planners at Succession Sports and Entertainment will typically start working with new clients at the very beginning of their professional careers to make sure the correct foundations are put in place.

The team will work collaboratively (and with the client’s consent) with family members and other industry professionals such as lawyers, accountants, or agents, to make sure their best interests are always at the forefront of every decision.

By following a comprehensive five-stage process and using appropriate wealth planning techniques Ehson and his team will provide their clients with every possible opportunity to succeed with their plans throughout their careers and into retirement.

“At Succession Sports and Entertainment, we take a flexible approach to creating a financial plan that’s individually tailored to our client’s current circumstances and aspirations for the future,” says Ehson.

Your first meeting with us comes with no obligation – it is an opportunity for us to get to know each other better and discuss your current situation and aspirations.

If you wish to engage with us, we will discuss what you’d like to achieve with your wealth, our fees, and the next steps you might want to take. We will also ask you to provide information on your income, expenditure, and tax liabilities.

We will then analyse your journey and provide you with a financial plan, which will be bespoke to your needs and aspirations, outlining what we can do to help make your dreams a reality.

Those actions are then put into motion, with us working with you to facilitate a smooth and timely process and with our ongoing services, we will make sure that your financial plan develops with you, giving you the confidence that you’re always on the right track.”

1 03/2022 | www2.deloitte.com/content/dam/Deloitte/uk/Documents/sports-business-group/deloitte-uk-dfml22.pdf| Deloitte Football Money League 

203/06/2022|www.leymanck.com/footballers-wages-in-the-uk/| Leyman Publication

3  04/03/2013 | www.independent.co.uk/sport/football/news/a-reason-to-feel-sorry-for-premier-league-footballers-three-of-five-players-declare-bankruptcy-after-retirement-8519908.html |Independent

Please note: This article is for general information only and does not constitute advice. The information is aimed at retail clients only.
The value of your investment(s) and the income derived from it, can go down as well as up and you may not get back the full amount you invested.
Succession Sports & Entertainment is a trading style of Succession Wealth Management Ltd, which is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 588378.
Succession Sports & Entertainment is a trading style of Succession Financial Management Ltd, which is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 225831.
The following companies are registered in England at Drake Building, 15 Davy Road, Plymouth Science Park, Derriford, Plymouth, PL6 8BY:
Succession Wealth Management Ltd, Registered Number: 07882611.
Succession Financial Management Limited, Registered Number: 04454027.