Financial Planner and wealth manager Tilney has launched a new sports ‘private office’ to provide financial advice to current and retired sports professionals.
Former professional footballer Gareth Farrelly, who played for Aston Villa, Bolton Wanderers, and Everton in the Premier League, will join the firm as a ‘Tilney ambassador’ alongside ex-Manchester United and Wigan footballer Simon Andrews.
The Tilney Private Sports team will add to the firms’ existing support for sports professionals at a time when many professional sportsmen and women are expected to suffer financial challenges due to the Coronavirus pandemic and its impact on professional sport.
The team will have nationwide coverage and work with Bill Price, managing director for Tilney in the North West. They will advise clients and their families on how to protect themselves while they are playing as well as when they move into a second career or get involved in other business interests.
Tilney, which looks after £24bn of assets for clients, says current and former sports professionals have often suffered poor advice in the past, many facing challenges from HMRC over complex tax schemes.
Tilney says its approach is to work alongside other professional advisers, including accountants and lawyers, to deliver an integrated approach.
Simon 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 face by sports professionals with a proposition that works collaboratively with other professional firms.
“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.”
Mr Farrelly 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% of footballers face the threat of bankruptcy within 5 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.”