Sports & Entertainment
Creating certainty in an uncertain world.
Professional athletes and entertainers have unique legal, tax, and financial needs. Uncertain and volatile cash-flow is common. We develop a plan to smooth the ups and downs of income and make sure taxes are covered and enough is being saved for the future. And because their lives are public, maintaining privacy and shielding them from baseless lawsuits is critical. Our goal is to protect our client’s interests, and often that starts with protecting the client. We work with our legal team to create corporate structures to preserve assets, employment agreements for household help, and privacy policies for employees. And for the higher profile client who needs it, we can use more advanced strategies such as kidnap and ransom insurance and engaging security companies to protect their dwelling and vehicle.
Only about 13,700 held jobs as professional athletes and sports competitors.¹
For the athlete or entertainer who is giving it his all and who wants his financial team to work just as hard as he is, we are able to demonstrate our value immediately. We provide a comprehensive review of what is working and what can be improved. We look for holes and oversights – things that could wreak havoc on our clients’ lives overnight – and find individualized solutions.
The average career in the NFL is 3.5 years.²
For some clients, the first “aha” moment comes when we show them on one page (or on their smartphone) what they have and where it is. We then show them what they are making and where their money is going. Most of our clients with a lot of financial moving parts come to us feeling overwhelmed and the desire for immediate clarity on the various financial, legal, and tax issues they face. We are able to provide them with instant insight into what they have and a comprehensive strategy to preserve it and manage it through a process we created over the past two decades called 360 Wealth Management.
The average hourly wage for an actor in California is $49.62, and over 70,000 people are employed in the U.S. as actors.³
We work closely with our client’s team—the attorney, business manager, and accountants. Our mission is to improve our clients’ lives by providing them with the security that their assets are protected and expertly managed. If you want a comprehensive review of your finances or are looking for better strategies to grow your assets, we have developed a national reputation for providing financial planning and investment management to clients globally. We’re more than happy to answer any questions big or small, so if you have a question about how we work or a question about your own situation, contact us and we’ll respond to you today.
A few of the most common questions we help our clients answer are:
- “How can I protect my income if I get injured?”
- “How can I manage my finances when my income is so unpredictable?”
- “Are there ways to shield some of my income from taxes?”
- “How much money do I need to save each year so I have the freedom to retire?”
- “How can I become financially independent so I can choose just the projects that I want?”
- “How can I best take advantage of my gifts?”
- “Am I doing everything I can to make the most of my talents and situation?”
¹ http://www.bls.gov/ooh/ entertainment-and-sports/ athletes-and-sports- competitors.htm
² http://www.statista.com/ statistics/240102/average- player-career-length-in-the- national-football-league/
³ http://www.bls.gov/oes/ current/oes272011.htm