Chris Hughton, Alan Curbishley, Dean Smith, Maureen Llewellyn, director, Kleinwort Hambros, Mouhammed Choukeir, chief investment officer, Kleinwort Hambros, Dave Bassett and Richard Bevan, chief executive, LMA
The private bank has launched an initiative to partner with the League Managers Association (LMA) to provide resources and education to managers and coaches.
Premier league managers can earn as much as their star players but have a more precarious financial existence. Managerial sackings for poor performance are not uncommon, as are international moves to manage foreign clubs.
“There are a lot of characteristics in common with footballers,” said Llewellyn.
“In both cases their performance is closely scrutinised, how they are rated against each and if they don’t do well social media will tell them.
“Over the course of a career they can be with clubs for very short periods of time. From a financial perspective they can make huge amounts of money and then there might be gaps.”
A lot of scope for advisers
“They have to ask themselves how do they fund their living expenses? continues Llewellyn. “They have got to look at their earnings expectations and each individual will have different circumstances.
“There is a lot of scope for financial planners to work with players and managers whose understanding of finance can be fairly basic, as with lots of people; there is a lot of scope for education about the importance of finance and wealth planning.”
The approach to an individual’s financial circumstances also must reflect what stage they are at in their career.
For Llewellyn it often comes back to a conservative approach and good financial planning.
Kleinwort Hambros advises clients use standard and conservative solutions.
“A lot of players and managers have been badly advised. We are a conservative bank in terms of the advice we give,” she said.
“It all comes back to strong and comprehensive financial planning advice and we have a very good team.”
The LMA education partnership initiative is built upon the private bank’s education scheme for adult children of clients.
Through the partnership with the LMA, Kleinwort Hambros will be fleshing out five questions to managers:
- How can I get the most from my savings?
- Am I using valuable allowances available to me including pensions and ISAs?
- How might I save for, and fund, my next house purchase?
- Have I put in place sufficient protection for me and my family?
- Am I saving excess monthly income during high earning periods to invest efficiently and plan for any down times in the future?