Behind every great rugby player, there are coaches who have inspired them to get the best out of their professional career.
England legend Jonny Wilkinson famously credits both Steve Black and Dave Alred with helping him to reach the dizzy heights he did in the sport.
“My career has been spearheaded coaching-wise by Steve Black and Dave Alred,” the former fly-half told Coach Web in 2013. “We have searched for my best on the field and tried to make that best better every single day.”
You know the difference that a coach can make in your career. You can ask them for help in many different areas of your game, and they can also provide insights into improvements that you did not know you could even make.
This is exactly how a financial planner operates. In a similar fashion to your rugby coach, a planner can offer invaluable guidance and support to make your money work as hard as you do.
Read on to discover why a financial planner is just like a rugby coach for your money, and how you could benefit from taking professional advice.
Using your individual goals to design a plan that helps you reach them
When you turn up for training with a new coach, it is unlikely that they will just give you a list of workouts to complete or drills to run that are the same as your teammates. After all, while you might want to work on similar aspects of your game to some of your fellow players, it is more likely than not that you will need a bespoke training plan tailored to you.
That is why the top coaches will always use your individual goals on the pitch and then design a training plan around them. For example, in the case of Jonny Wilkinson, he no doubt spent hours with his coaches perfecting his kicking, potentially forgoing time spent on other aspects of his game because they were not as important for him in his position.
Financial planning is just the same. While all rugby players aim to earn a living from the sport for as long as they can, your goals with the wealth you generate will undoubtedly differ from the rest of your teammates because they will be personal to you.
This is why we always start with your goals for your wealth at DBL. By understanding what you want to achieve, we can then make suggestions and recommendations for your wealth and wider financial situation that help you realise your ambitions.
Whether you want to retire from playing professionally by a specific age or enjoy a certain lifestyle, working with us to help you make the most of your wealth can be powerful.
Crucially, just as a coach can adapt their training plan to account for changes in your professional targets, we can also adjust your financial plan as you progress throughout your career so that it always reflects your most up-to-date situation and goals.
This is key, as a career in professional rugby can last upwards of 15 years. In that time, your wants and needs could shift, as could your life circumstances if you move clubs or start a family.
So, having a financial professional offering support from the touchline can be powerful in keeping you on track, no matter what your personal goals are.
Helping you get the best out of yourself
The final few words of the Jonny Wilkinson quote above are particularly inspiring, really demonstrating the immense value of working with a professional:
“We tried to make that best better every single day.”
Wilkinson clearly had coaches who understood there was no limit to what he could achieve on the field, so long as he continued to work hard and apply himself. This is a key responsibility of a top coach, always searching for marginal gains so you can truly get the best out of yourself in your career.
Successfully managing your wealth is just as much a task of sweating the small stuff and refining where you can to achieve the results you want. A financial professional can take a similarly meticulous approach, helping you to optimise your money so that you truly are making the most of what you earn from sport.
For example, it is no secret that professional rugby is a well-paid occupation. As a result, those involved in the game may face higher rates of tax.
Yet, with careful planning, you may be able to make decisions that allow you to mitigate your tax bill, meaning you are the biggest beneficiary of all your hard work.
Similarly, you might be adept at putting away some of your wages each month in a savings account so you can receive interest on it. Yet, you might be able to generate greater returns by investing or contributing to a pension.
Working with a financial planner to help you find these opportunities can be highly useful in ensuring that you make incisive, sensible decisions with your wealth.
They could also help you with a wider mindset shift around money. Many rugby coaches focus on the psychological side of the game, as they know this is just as important as your technical ability when it comes to winning matches.
In the same way, a financial planner can help you get into good financial habits, such as regular saving and investing, and avoid pitfalls like taking on an inappropriate amount of investment risk.
Just like a coach, a financial planner can find these methods to further improve your financial performance, many of which you may not be able to identify by yourself.
Supporting you with their expansive knowledge and experience
While they all have to start somewhere, every great coach has a huge amount of knowledge and experience to draw on. They will also likely have had to complete key coaching qualifications to be allowed to train at the top level of the sport.
There are key benefits for you here as a player, one of which is that it means your coach has seen it all before. Whether they were a player themselves or have dedicated their life to coaching, they will have seen so many other professionals come through the ranks to be successful.
So, when you come to them needing support, you can draw immense confidence from the fact that they have a track record of helping players just like you to succeed.
This is one of the major advantages of working with us at DBL. As well as having the necessary qualifications to provide financial advice, we also specialise in working with professional rugby players. That means we have knowledge and experience of the distinct and often unique circumstances of your career path.
From the need to prepare for two retirements, to the specific challenges you will face in terms of tax, investments, and financial protection, we understand the pressures that affect you and can design a financial plan with your career in mind.
A rugby coach has seen it all before when they arrive at a new club or start working with a new player. They can use this experience to design a training plan that takes your on-field performance to the next level.
Meanwhile, with our knowledge and experience of the financial needs that rugby players have, we can help you achieve what you want with your wealth throughout your career and beyond.
Get in touch
If you would like to work with an experienced financial planner who can help you put your money through its paces, then please do get in touch with us at DBL Asset Management.
Email enquiries@dbl-am.com or call 01625 529 499 to speak to us today.
Please note
This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.
A pension is a long-term investment not normally accessible until 55 (57 from April 2028). The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Past performance is not a reliable indicator of future performance.
The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.
Investments should be considered over the longer term and should fit in with your overall attitude to risk and financial circumstances.
The Financial Conduct Authority does not regulate tax planning.
