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You can only spend your money once

Date: 06 May 2015

Citywealth

Andrew Little, Senior Investment Director at Investec Wealth & Investment, says employers of sports stars are taking a more proactive involvement in the welfare of their protégés.

Many sport stars have been recently badly advised, especially on taxes. Why do you think that is?

It is not just sports stars who have received poor advice, many high earning individuals have suffered too – the sports star makes a better headline though.

What are the challenges UHNW sportsmen/ sportswomen face?

Finding the time to manage their finances – their primary focus is making sure that they are able to perform to their highest potential during what may be a short career, whilst they rely on others to ensure their financial goals are met. Selecting a suitable adviser is integral to long-term successful financial management.

What kind of advice do wealthy clients from sport industry seek most often?

Long term financial planning is key ‚Äì their sporting career may well be cut short without notice by injury so its fundamental to structure their finances to ensure they can maintain a lifestyle (or at least pay the bills) long after they’ve hung up their proverbial boots.

What lesson they never learn?

You can only spend your money once.

What trends do you see in the private wealth industry, particularly related to sport?

Employers of sports stars are taking a more proactive involvement in the welfare of their stars, including working more closely with regulated firms with a reputation for providing tailored wealth management.

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