Professional Footballers: The importance of good communication…
Article published on www.moneymarketing.co.uk 13th December 2023
For the first time in my 13 years advising professional footballers, I am considering letting a client go. I am really loathed to do it, but I’m not sure what the alternative is. I no longer have regular direct access to the client. I did at the beginning of the relationship, but it’s become progressively harder to see or speak to them over the past year or two. I feel I’m losing sight of the full picture of their situation, and this is not a comfortable position for a financial adviser to be in.
I can clearly hear lots of people saying that it’s obvious, I need to jump from the potentially sinking ship, but it’s not that easy. Firstly, I don’t want to walk away from a good client.
I know we can add value
The client in question plays at a top premier league club, has the potential to be a long-term top client and fits directly into my niche. Unlike a typical retirement client, or even an entrepreneur/business owner client, there is a small and finite pool of this type of client. There are approximately 1000 footballers across the premier league and championship. 50% are non-UK domicile, which means we can’t often help them so, at the very best, there are roughly 500 clients in the UK in our niche. I don’t want to walk away from a good one.
Secondly, as often is the case with us advisers, I believe in the good that we do and I know that I can definitely add value. Significant value. I want to help, I am willing to help and I don’t like giving up.
Finally, if there is an underlying issue, walking away now doesn’t do the client any good. Is it in their best interests? I can’t see that it is.
What if bankruptcy is knocking at their door?
I try and play out potential future scenarios in my head as I like to think situations through. Let’s say this client was to go bankrupt. It comes to light in the press and they say - how can this guy, earning XYZ go bankrupt? They’ll look at me as the adviser and say - how could you let that happen?
I know it wouldn’t reflect well on me but, if I have done everything I can to help, and I fail, then I could say ‘I did everything to help but I just couldn’t get through……’.
This is probably the worst-case scenario for me – and it’s not that bad.
This worst case for the client is far higher. We’ve seen professional footballers experience financial issues through divorce, gambling, alcohol and many more. So is it right for me to walk away without knowing the full picture?
No client should become a statistic
I have just finished reading the latest article on former footballer, Lucas Niell, who has gone bankrupt after making a number of poor property investments during his playing career. In the article, they note that 20% of footballers go bankrupt post their playing career.
I really don’t want any of my clients to become one of these statistics! And I’m confident that it won’t happen to the footballers that I have good communication with. But how do I get through to the ones that don’t place enough importance on the value of good financial advice to give it an adequate amount of their time?
I’ll be interested to hear feedback from other advisers on this as I’m sure there will be some forthright opinions.