Many successful athletes don't have the time, information, or know-how to effectively manage their finances and plan for the future. Finding someone to help is very important, but the process can involve significant risks. All too often, we hear stories of less-than-scrupulous individuals who end up taking advantage of their athlete clients. To help you on your search, here are some essential guidelines for selecting a financial advisor.

Find a financial advisor with whom you’re compatible

It’s important that you find someone with whom you feel at ease. Open channels of communication are imperative. You should feel comfortable enough to honestly share your goals and long-term plans, not just your financial information. In order to consult with you most effectively, your financial advisor needs to fully understand and appreciate you, your situation, and what you want for your future.

Make sure you can trust your financial advisor

Any time that you involve someone else in your personal affairs, you need to establish a level of trust. As you begin to work with your financial advisor, you should feel that you’re establishing mutual respect and commitment, as well as becoming more comfortable with the solutions your financial advisor makes available to you. While you should always be diligent about understanding and monitoring your finances, the best financial advisor-client relationships are those in which both parties know each other well and work together towards achieving the client’s stated goals.

A good financial advisor should be a good teacher

By gauging your current level of financial knowledge, your financial advisor should explain options and choices in language you understand, while also sharing new concepts that help you think more dynamically and proactively. Look for a financial advisor who has a broad level of knowledge on a wide range of financially-related topics.

Choose someone with a good team in place

Choose a financial advisor who can work with you and your network of specialists. The financial advisor should be able to help you coordinate the roles of your specialists such as your CPA, trust and estate attorney, insurance professional, and lending specialist.

Your Expectations

It’s important to take the time to assess the relationship you have with your current financial advisor to determine if it is working for you. Finding the right financial advisor can make a dramatic difference in your future, long after your retire from your sport.

For More Information

If you’d like to learn more, please contact Steve Baack, Morgan Stanley Smith Barney.

(503) 534-3436
 

This article is published for general information purposes and is not an offer or a solicitation to sell or buy any securities or commodities.

Investments and services offered through Morgan Stanley Smith Barney LLC, member SIPC.