By Marianna Kazazi, The Sports Financial Literacy Academy
Solo-sport athletes are often compared to lone wolves. Since they don’t have a team or in this case a pack to support them as athletes in team sports would. Therefore, it is crucial for them to create their own support system which should consist of professional advisors, among others.
Having Advisors and Mentors
Undoubtedly, many famous and successful athletes have a network of advisors and mentors around them. Some of these advisors are former athletes who can share valuable insights based on their own experience. An example of this is Zina Garrison, a former professional tennis player, who mentored Serena and Venus Williams. She played a significant role in their lives, offering guidance and support as a trusted mentor and friend.
As Serena and Venus Williams have stated, Zina’s honest guidance and mentorship started at a young age. Her influence contributed significantly to their success in the world of tennis, helping shape their careers and solidifying their status as tennis legends.
It is completely normal and very common for athletes to seek support from professionals who understand the challenges of their sports career. Solo-sport athletes, in particular, need professionals who deeply know the unique demands of their field. Establishing a strong relationship with these experts is crucial, as they offer the necessary knowledge, experience, and personal fit for the athlete’s needs.
Athletes should also seek individuals who are positive and can motivate them, while offering emotional and psychological support. These professionals must remain realistic, aligning their guidance with the athlete’s values and helping them navigate both the highs and lows of their career.
Financial Advisors
While it is important to have psychological and mental support, it is also extremely important for athletes to have financial advisors in place. Since they will come across numerous financial challenges during and after their career. Selecting the most suitable advisors requires the consideration of certain criteria. First of all, it is crucial to interview the advisors to check if they are trustworthy. Of course, it is important for athletes to see if they connect with them, not only on a professional but on a personal level as well. The athlete needs to feel that they can communicate effectively, as well as trust and rely on this person, for successful results. Communication is key when it comes to the athlete feeling safe.
The importance of the Financial Advisor being experienced in the sports industry
In addition, athletes should choose a financial advisor with extensive understanding and experience in the sports industry. Athletes have a unique lifestyle that requires a specific approach to financial planning, considering income fluctuations from year to year. They typically earn their highest income early in life, so it’s crucial to manage it wisely.
Taking the necessary steps to preserve their wealth will ensure they can sustain themselves later in life when income levels decrease. Proper financial management can help athletes maintain their financial security after their playing careers end.
The importance of the Financial Advisor being flexible
Furthermore, athletes have a busy schedule and their advisors need to be able to adapt to it. It is also expected from their agents to possess deep knowledge regarding many disciplines such as contract laws, advocacy, advisory, knowing how to protect athletes and how to deal with agreements.
Be aware of the scams
It is important to note that some financial professionals work on commission, so athletes should be cautious if promised unrealistic returns. This could signal fraudulent schemes that athletes should avoid. Even though advisors may be heavily involved in decisions, athletes should always have the final say. Solo-sport athletes must understand that no one will care about their future as much as they do. Obtaining basic knowledge about financial and business matters is essential for their independence.
An ideal financial team includes a business manager, attorney, accountant, financial planner, and insurance specialist. Athletes should evaluate advisors based on trustworthiness, communication, transparency, reputation, accessibility, and alignment of values. Finding advisors who feel like a good fit across many levels is key to long-term success.
In conclusion, solo-sport athletes must carefully consider every choice they make, especially when selecting advisors who influence many aspects of their lives.
The Money Smart Athlete® Blog is established and run by the Sports Financial Literacy Academy® (SFLA). Through its education programs, the SFLA has the vision to financially educate and empower athletes of all ages to become better people, not just better athletes. For more information on our courses, our SFLA Approved Trainer Program®, and how they can benefit you and your clients, please get in touch with us at [email protected].