AFL Player Needs IP / Wealth Manager / Controller

Here's another query on someone elses behalf..................

A cousin of mine plays AFL. He's obviously on a good wicket and apart from footy, all he wants to do is set himself up well, using property so when he retires from the game, he doesn't have to work & he can still have "cool stuff", bling, cars etc. He's young, unattached, quite shy regarding investing and he wants to hand his money over to someone else who can make his money work for him.

He's offered to pay me to manage his money but I've declined. I'd rather selfishly spend all my time on myself for my inveting. (but thanks :) ) anyway...........

- he's already been burnt financially (by his own Dad! disgusting!!!)
- he obviously now has trust issues re his cash
- he won't listen to his Mother for advice (although she is a successful investor in her own right with 5 properties)
- his manager doesn't invest. Already asked.
- he's too shy to ask if the team has a financial advisor to the players
- he knows his fellow team mates are investors but is shy to talk to them about it because he doesn't want to come across as uneducated (which he is, and really doesn't have much interest learning. He just wants someone else to do it for him). We openly laugh that thankfully he was blessed with natural talent, otherwise he'd be stuffed in the real world!
- he's also lazy & doesn't read anything I give him or suggest. Nothing wrong with that, but I've told him, no-ones going to look after his future better than him so he has to be prepared for that if he doesn't want to be involved & just reap the rewards.

Can someone please suggest :
- anyone you know who manages AFL / professional sportsmen & women's money for wealth creation

He needs someone to take over his entire finances. If that company / representitive looks after other AFL players or the like, he'd feel more at ease. I've suggested accountants, buyers agents etc my brother & I use but like I said, he's a bit slack, so probably better he just gives himself a weekly wage & let someone else invest for him.

Cheers
 
Hi Kath,

I think your cousin needs to see a financial planner first.

I know just the person for this young lad, Matthew Ross at Roskow Advisory:

http://roskow.com.au/who_we_are

He is based in Melbourne, but that shouldn't be a problem ie. with telephone/e-mail/skype.

He was working with Travis Morien in WA, but has recently set-up his own business.

He is independent and fee-for-service, and won't accept commissions.

He specialises in sports professionals and recruitment execs.

I have met with him once recently on behalf of a family member.

PM me for more details/feedback if you wish.

Alternatively, I would consider Travis Morien in WA:

http://www.aifa.com.au/about-us/our-people.html

I have met with many FP's over the years, and these guys are part of a small group that I would be comfortable to recommend to friends/family/forumites.
 
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all he wants to do is set himself up well, using property so when he retires from the game, he doesn't have to work & he can still have "cool stuff", bling, cars etc.

he's also lazy & doesn't read anything I give him or suggest. Nothing wrong with that, but I've told him, no-ones going to look after his future better than him so he has to be prepared for that if he doesn't want to be involved & just reap the rewards.


Agree that these two attitudes don't go too well hand in hand.

You're actually describing a large percentage of the population and most don't acheive a great deal, even with assistance of accountants, buyers agents etc. unless they're willing to start educating and do some of this themselves.

I think getting that through to him is more beneficial than leading him to believing someone else can completely organise his wealth creation while he simply reaps the rewards.
 
Agree that these two attitudes don't go too well hand in hand.

You're actually describing a large percentage of the population and most don't acheive a great deal, even with assistance of accountants, buyers agents etc. unless they're willing to start educating and do some of this themselves.

I think getting that through to him is more beneficial than leading him to believing someone else can completely organise his wealth creation while he simply reaps the rewards.

Exactly.

You can lead a horse to water but you can't make him drink.

There are alot of people who fit this persona, and no matter how much pushing and shoving them, they just don't get it.

There are too many young people these days who want the fast car and expensive trimmings, but are not prepared to do the hard yards in order to achieve these goals. (I could go on and on, but I have to go and put my lotto ticket in....:))

I have tried helping close friends get back on track, and they are not prepared to make any sacrifices to give it a go!!

If he is talented, hopefully he becomes successful in AFL, and the bigger clubs would have access to the ettiquete and wealth coaches. Just look at the Brisbane Broncos....they have personal coaches in everything.

Oh well.

Cheers,

F
 
Thanks for your info JIT. Have passed it on (with Spiderman's link, but he's heard me say that a thousand times ;) )

I think getting that through to him is more beneficial than leading him to believing someone else can completely organise his wealth creation while he simply reaps the rewards.

I agree, I agree, I agree. I'm over pulling my own hair out trying to drum into friends & family there are better ways to achieving their dreams, helping them with motivation etc so unless I'm approached by someone seriously who wants my advice / help I'm not going to bother. He aint the sharpest tool in the shed, he admits it but doesn't want to do anything more than look at property. He'll palm off all the work involved.

There are too many young people these days who want the fast car and expensive trimmings, but are not prepared to do the hard yards in order to achieve these goals.
Young or old, they're (we're?!) everywhere. He's got money to burn. I'm grateful he realises he's got to invest it instead of waste it.

He's actually got an IP. Bought it off his Dad (Dad lied - set him up originally so he wasn't on the title, just gave his Dad the cash for half, then bought the other half at inflated rate, unit's 25 years old, brand new apartments being build up around it so no more ocean view, list goes on..)

I hope he does see a financial planner (at least ONE I've recommended!) before buying his next IP. He's sniffing around again now for one. He doesn't have any plan. He just wants to play footy, then live off property. Pretty simple, just needs to figure out how to do it.

Thanks again.
 
I don't have anyone specific to recommend (although I do find it odd that his manager doesn't either - usually they're all over that sort of thing). But, I think that it's good that he's looking for this type of person instead of trying to do it all by himself.

Sometimes people forget that there are specific skills and knowledge needed to be independently successful in property investment. Good on him for knowing his strengths, and his weaknesses. Best of luck to him, Kath.
 
Its quite interesting... when I was at CBA we used to deal with a few of the Broncos (I worked at Ashgrove and they were at Red Hill so it would be a pretty cool thing having them pop in but thats digressing), and their business manager set up deals for them. The main contact was thru business banking though. Some were good and some were bad deals but for varying reasons. Really Aust is small chips for rugby and its more interesting when they start playing in Japan.

However I've also got retired pro atheletes who also fit into Kath's cousin's box and earnt big bucks when they were playing but most dont have a heap to show for it after they retired... except recurring inujuries.

I'd say largely, the teams get them in at a young age and finance education isnt done. The teams not paying them to be property investors. Its also problematic in that a career can be over in a game.

Might be a thought for cousin to talk to the captain of the team to see what he does

If he needs a FP DM me as we've got some in WA as well.
 
Thanks for those positive thoughts James :)

although I do find it odd that his manager doesn't either - usually they're all over that sort of thing
Me too. There probably is someone, but he's a shy young thing. It's his loss. I've told him enough times. He just needs to get over himself. He'll be alright. That's why I hope at least one of my recommendations, from SS or elsewhere will help him see the light.

Sometimes people forget that there are specific skills and knowledge needed to be independently successful in property investment. Good on him for knowing his strengths, and his weaknesses
To go from changing someones nappy & babysitting, to then seeing him as a young man achieve what he thought was his ultimate goal is great (footy). Now he's trying to take advantage of that achievement to further his dream of not having to work a 'normal' job after footy. Actually, that's just made me think, in a way I'm still cleaning up & having to look after him! :) I'm not the only one though. Family!

I love your website by the way James, especially the goals & achievement section for each of you.

Cheers Spectre. He's spoken to a few of the players & they are investors, not sure about the Captain though. Can only presume. Actually, one of our Uncles played professional rugby for NZ & ended up being a financial planner of sorts.........but no-one listens to him either. :rolleyes:
 
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hi
if you pm me I can put you intouch with a large construction company that as 5 afl investors they invest in a group and the construction does the build
not sure of the club
as they invest in the startup and hold at the end of the development.
they invest very well last time the group was investing 1 mil between them.
 
His best bet would be the AFL Players Association. Their job is to look after the welfare of the players and I'm sure they will put him in touch with somebody, and help him along.
 
i tend to agree with the last poster. normally their club and professional organisations/networks offer support in all sorts of areas. it is surprising he is not currently being assisted in this way? particularly with sponsorship deals etc. his cashflow etc is being managed now in some way?

their careers are of a relatively short duration as far as playing goes. what are his plans after playing?

finding out what is wants to do, how he sees his future would be helpful. collecting property may not be what he would actively want to pursue.
did you say he is not very bright? does that mean he has not achieved much in the of a formal education?
and getting advice from dad was not a positive experience?

good luck with assisting this young man.
regards,
 
That I know of (that he's told me), his Manager 'holds' most of his cash. He doesn't actually know what's done with it! He just trusts him and doesn't know any different. He also has substantial cash sitting in his bank account (big deposit, fees etc) and hasn't used his FHOG yet.

it is surprising he is not currently being assisted in this way?
Don't get if you don't ask in his case! He's come to me because of trust, confidentiality is a very big thing for him and he knows of my past & present investing experience. He really is worried about coming across as a dummy. He doesn't want to embarrass himself. Even when we talk about property & finances his eyes glaze over sometimes. I make it as simple as possible!

what are his plans after playing?finding out what is wants to do, how he sees his future would be helpful.
So far, never having to work a 'normal' job. That's as deep as it gets at the moment.

did you say he is not very bright? does that mean he has not achieved much in the of a formal education?
He has a heart of gold & is a good person. Private school education from kindy to Year 12 then straight into the Draft. Been driven to play sport since he was a small boy. Nothing was ever going to get in the way of that, including school. He got by, but certainly not with honours.

and getting advice from dad was not a positive experience?
His Dad offloaded a terrible property onto him BY LYING TO HIM & literally stealing from him! He trusted his Dad and now they have nothing together. No friendship. No nothing. He knows now, because of that 'experience', after the fact, why his Mother left him and his sister has disowned their Dad. Long story, too hard & horrible. His Mum felt it was necessary to tell him incase it happened again. It's been amazing to see how many old friends & family have come out of the woodwork since he went pro. Heirachy starts with me in this house and I follow rugby league so we don't have those issues. I'm the star around here ;)

It is totally in his hands. He's got to get past asking me the odd question, then not listening to my answers. He's got to get off his butt, pick up the phone & ring a financial advisor or see his team Managers about it. I'm grateful for his trust. I only hope he does something about it, before he spends it on something...........or someone else!?
 
I'd recommend Navra Financial Services. Steve Navra is a former member of Somersoft, and unlike many financial advisors, does recommend property as a aprt of a balanced portfolio.

I don't believe he has offices in Melbourne though- but he may have people who travel to Melbourne to give advice.
 
hi
couple of things
1 financial advicers give you a view they see not a view you want to see
yes they can help but they are not the be all of all you want to know
2 managers
manager you
not all what you want and the two are very different
3 people that make money quick lose it twice as quick.
4 if you do not know what you are doing how the hell do you understand what you have lost.
5 make a choice and decide do you want to invest or not
this is hard as you have to decide to invest and you have to decide in what you want to invest in
so do you want to play or invest
if you want to play thats fine
then get a group that invests and come along for the ride
its that simple
you want to invest then do it.
but invest with investors.
your player would not think much point on me taking the field with 20k over weight
cant jump
nor catch
and say lets play
nor can I say
a person thats says I can't invest
don't know where
or what into
but has this money.
players for fields.
can he play ?
can we ?
we pay with money he plays with a ball
the rules are the same
what the rules ?
we have to win
I think he can understand that
if not he is not going to go far nor is going invest.
and I have alot of payers
What I need is players
 
Sorry, GR, but I must disagree there.

As I mentioned above, he appears to know his strengths and his weaknesses. He is much better off spending his time training for football than learning how to invest in property. If he can do that well, then his annual earnings will outstrip those by most of us.

He has at least recognised that his football earnings won't last forever. He knows that he has to do something, but has no idea what to do. That's a great start.

It's like an investor who uses a buyers' agent, a mortgage broker, a conveyancer and a property manager. It all happens with minimal input and (theoretically) the money just rolls in from there. That's more like what this guy needs, I think, but also someone to walk him through the whole process.

The other option is just setting up a couple of automatic debits into different managed funds and listed property trusts. Easy.
 
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