A career as a professional athlete can bring you fame, amazing opportunities, and some very impressive paychecks. But so many talented pro athletes fail to take full advantage of their newfound prosperity – and wind up broke, as in the grand scheme of things, careers are short and retirement is long. Professional athletes should make use of the services of a registered investment advisory firm like HCR Wealth Advisors to set themselves up for life.
We all know the classic story: talented hometown athlete works hard, grows up, goes pro, and makes great money playing the game he or she loves. It’s a dream come true, but for those athletes without proper financial planning, it often becomes a nightmare. Pro athletes have spent their entire lives focused on becoming the greatest athletes they can be, so many have little financial education, especially because they tend to achieve success early in adulthood. Pro athletes’ success can also make some blind to the fact that they don’t know it all, or unwilling to admit what they don’t know.
Professional athletes should take steps to prioritize long-term wealth and start getting wealth management help from experienced, professional, investment advisors like those at HCR Wealth Advisors. The registered investment advisory (RIA) firm takes pride in servicing high net worth individuals, including professional atheltes and entertainers, and establishing relationships through education, trust, communication, and service. HCR Wealth Advisors believes that when it comes to managing money and planning for the future, the earlier young athletes, and individuals generally, can get started, the better off they can be in the future – but unfortunately, many athletes wait until it’s too late to take charge of their financial lives. The firm has seen firsthand that it’s better to get involved sooner rather than later to educate clients on investment strategy.
As a result, HCR Wealth has made it a priority to work with young athletes – and their families and tream of advisors – to ensure that their hard work carries them through their lives and isn’t squandered on impulse and youthful indiscretions. HCR Wealth has found that often successful financnial outcomes are achieved for professional atheltes when their families are involved in the wealth management and financial planning decisions, so the firm can actively work with them as well. The Los Angeles-based RIA firm connects with athletes through word-of-mouth, showcases for promising athletes, and referrals from other professionals.
Increasingly, sports teams and professional leagues are helping to connect players with financial advisors who can create personalized financial strategies for them. HCR Wealth Advisors has worked with many athletes, so the firm understands the different financial pitfalls associated with professional sports and athletes. For instance, many gifted athletes throw their money away on bad investments in risky industries, like restaurants and nightclubs, because they are unaware of better investment options. Many help to provide for family and friends, but don’t fully account for these loved ones’ expenses in addition to their own. The athletes may buy expensive, depreciating assets, like luxury cars, or spend based on their pre-tax incomes without considering what they owe the IRS.
HCR Wealth Advisors is committed to helping to protect its clients against financial risks like these and other – and to involving clients every step of the way. At many wealth management firms, high earners like professional athletes will hear a lot of, “Don’t worry, we got it covered,” but not a lot of explanation about where their money is going and why. This doesn’t set them up for financial success or a trusting relationship. Since 1988, HCR Wealth Advisors has been giving clients the personal attention and education they need to truly understand how to manage their money for a lifetime. The firm provides each client with access to a team of professionals with different experience and specialties, to help to ensure the quality of their financial advice and service. Clients are key members of their own investment teams from the very beginning.
Wealth management is even more important for professional athletes than for other young, newly wealthy professionals. Even the best pro athletes have relatively short careers in sports, so they are not even middle-aged by the time they retire. While it can be difficult for young pro athletes to fathom a lifetime without the kind of cash flow to which they’ve grown accustomed, they will likely have a grim financial future ahead if they don’t face the facts, get prepared, and get their money invested wisely. The best way for athletes to do this is to get involved in their own finances and investments and to learn as much as they can, which is why it’s important to work with an education-focused firm like HCR Wealth Advisors.
Professional athletes – and their coaches, managers, and family members – need to take wealth management seriously in order to protect their money and financial futures. When pro athletes work with RIA firms like HCR Wealth Advisors from the beginning of their careers, they can wisely invest their earnings and turn a career in professional sports into a lifetime of prosperity. It’s time for every pro athlete to get assistance from pro investment advisors and put their money to work for them.
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