Athlete Financial Planning
We are your home field advantage
Professional athletes encounter some of the most unique financial circumstances, earning large sums of money through lucrative wages and often additional sponsorships or endorsements. Without proper guidance, athletes may make uneducated decisions that can jeopardize the longevity of their financial stability. With Moneta, professional athletes have the opportunity to work with the Hadary team to receive comprehensive advice and solutions focused on making their wealth last for generations.
Why do professional athletes need guidance with wealth management?
Without education on financial planning, professional athletes may battle with overspending, lack of retirement savings, and general confusion in understanding taxes. However, they often earn substantially more money than the average person, sometimes at a young age. Depending on the sport and longevity of their career, a professional athlete may earn a six, seven, or eight-digit salary.
The challenge of having sudden wealth is that making such large sums of money within a few years can create a false sense of security. As a result, there are often stories of athletes lacking accumulated wealth during their career or shortly after retirement. Short-lived careers and overspending are not the only factors that lead so many professional athletes to bankruptcy – a deficient understanding of wealth management also plays a significant role. Consequently, professional athletes can benefit from seeking wealth management services from Certified Financial Planner(TM) Professionals who provide practical guidance to help their whole family, as well as how to manage being approached by childhood pals who seek financial assistance now given their level of wealth.
Wealth management services for athletes
Despite the challenges of sudden wealth, prudent financial planning centered around strategic, long-term thinking can help our clients maintain financial stability no matter how long their professional career lasts. Some specific wealth management services professional athletes generally need to address:
Saving
Tax reduction strategies
Insurance
Creating financial goals
Creating financial goals
Work with a Certified Financial Transitionist® when managing your new inheritance.
If you are a professional athlete, the Hadary team at Moneta has the tools and expertise to help you navigate complex sudden wealth planning. Certified Financial Planners (CFP(R)) Erin Hadary and Jackson Wegner can put you at an advantage with a comprehensive and durable financial plan, allowing you to focus on your career. By using a trustworthy and unbiased seven step process, we will guide you through all the steps to develop a financial plan that meets your unique goals.
Partnering with Moneta means working with a financial advisor who puts your needs first. As a fee-only firm, we never receive compensation for the products we recommend. Additionally, our 100% partner-owned structures ensures that outside private equity firms and corporate shareholders do not influence our suggestions. Our clients’ best interest is our top priority.
Although we are backed by the resources and security of an established firm, we deliver personalized attention found at a smaller office. Contact the Hadary team at Moneta to learn more about professional athlete wealth management and our other services.
