Wealth management for athletes

As an athlete or sportsperson, you’ll face plenty of big wealth management decisions before the final whistle blows on your career.

Maybe you’re a rising football talent, an Olympic gymnast, or a rugby player turned commentator. With expert banking and budgeting advice, we provide professional sportsmen and women with the bespoke financial services they need to get their money working early in their career. We help them potentially build financial security long before they leave the pitch for the last time.

“We work with some of the most talented names in sport,” says Matt Wotton, Coutts Proposition Leader for Sport, Media and Entertainment. “We understand that the demands facing sports professionals can leave little time for financial management, and that their needs will often increase in complexity as their careers progress.

“We’re highly connected within the sporting world, working as part of our clients’ trusted advice teams – closely collaborating with agents, professional advisers and family for exceptional solutions that meet our clients’ exacting requirements.” 

How wealth management could help athletes during their careers

Planning for tomorrow – If you’ve landed a major contract or sponsorship deal, it could be tempting to rush into a luxury lifestyle. But you may come to rue overspending early in your career. Wealth management for professional athletes is all about avoiding this outcome.

Cover if the worst happens – Professional athletes share a passion for success but the physical demands of sport pose unique risks and challenges. A serious injury could end your career early and even the biggest names can’t go on forever.

Managing uneven income streams – There are other potential complications. From sponsorship deals to lucrative contracts and bonuses, you may have many different income streams to manage. Regularly moving clubs or training and touring overseas could complicate matters further.

Early career athlete support

Just starting out? In the rush to make it big, forgetting your finances could lead to potential downsides further down the line.

As soon as money starts coming in you could be putting it to work. Coutts could help to manage your money right from the start so that it’s working for as long as possible via:

• budgeting and cashflow advice, if you don’t have experience handling large sums
• earning protection, such as life assurance or critical illness cover
• savings planning to get money working for the short to medium term
• pension planning for later in life
• property – planning whether now is the right time to buy your first home
• investment expertise, to help plan your long-term goals

Please be aware that when it comes to investing, the value of investments can fall as well as rise and you may not get back what you put in. Past performance should not be taken as a guide to future performance. You should continue to hold cash for your short-term needs.

Late career athlete support

As you approach your final years on the field, financial planning could help ensure you’re supported for the future as you transition into a new phase of your life.

We can guide you through ways to potentially preserve and grow your wealth – for instance, through pensions, investments and ISAs. You might also consider your legacy beyond sport, which is where our philanthropy team could help.

We’ll be there with expert advice every step of the way. A private banker can advise on different products to match your unique circumstances and adapt your wealth management service as your career changes. Eligibility criteria and fees apply.

Retirement athlete support

Wealth management could also help pave the way towards a smooth retirement. With potentially many decades to come, it might help to maximise your earnings or protect your wealth for the next generation.

Here’s what wealth management could do for professional athletes after they’ve ‘hung up their boots’:

• build an investment portfolio which could help grow your money and stay ahead of inflation
• maintain your lifestyle long after you’ve stopped competing
• plan your ISAs to make the most of your tax-free allowances
• pass on wealth efficiently via inheritance planning or trusts
• work out the right pension options for a comfortable later life
• write a will to control where your wealth eventually goes

Learn more about wealth management with Coutts

Eligibility criteria and fees apply.

The advantages of being a Coutts client

Coutts clients are required to maintain at least £1m in investments or borrowing (mortgage), or £3m in deposits.

• Tailored advice. Our recommendations put your needs first. We don’t provide off-the-shelf solutions.
• End-to-end support. Investments and wealth protection are only the beginning. We also offer family support for your loved ones.
• Simple fees. When it comes to investments advice and financial planning we charge a flat fee which is clear to understand and designed to represent excellent value.
• Experts. Our experience allows us to deliver exemplary service from wealth advice to PR considerations with the utmost discretion, expertise and care.
• Heritage and experience. We boast more than three centuries of experience, going back to 1692.
• Varied services. We can help with banking for entrepreneurs, commercial banking, personal wealth advice and more.
• More than a bank. Our ethos is to be a trusted partner to you and your family. Our exclusive network of clients and colleagues could help you with all your goals, from philanthropy to new business ventures.