What I’ve Learned As An Accountant For Pro Athletes

From Thriving Career to Rewarding Retirement, Explore The Trials & Triumphs Of Sports Athlete Accounting

I have the privilege of working with a wide range of clients. My knowledge in the areas of taxation and wealth management allows me to assist a variety of individuals.  I enjoy the diversity of my clients and it’s difficult to pinpoint which type of client I enjoy working with the most. Each industry and individual client presents its own interesting challenges that I enjoy tackling head-on. However, I really do enjoy the ins and outs of working with those involved with pro sports. Whether it be current or retired pro athletes or coaches, or any role in between, helping those who have built their career on the playing field is a rewarding experience.

Financial Management & Compliance: How Constant Monitoring Of The Industry Benefits My Clients

The financial landscape for a pro athlete is always evolving. This presents unique challenges regarding compliance. This is where a relationship with a great accountant is key for pro athletes. Compliance is something I am always monitoring for my pro athlete clients. I never take my eye off how the changes in the tax code will impact their finances and their tax burden. A pro athlete cannot afford to simply monitor compliance from time to time; rather, it is a constant, on-going exercise. I thrive on complex, ever-changing situations and it doesn’t get much more complex than tax compliance for those involved in pro sports.  For example, one thing I help pro athletes navigate is cross-border tax issues. This comes into play, especially when dealing with U.S.- Canadian teams as well as international athletes who require pre-immigration planning before entering into the United States.

Proactive Planning Makes The Difference In A Reactionary Climate

Compliance is just one piece of the puzzle where pro athletes need to lean on their accountant for guidance. Proactive planning needs to take place not just for taxes, but in the areas of wealth and asset and management, budgeting, investment monitoring, trust and estate planning – just to name a few. When I am planning alongside my pro athlete clients and helping them execute certain financial tasks, we often see significant and immediate value to our actions. Plus, the needs of my pro athlete clients are always immediate in nature due to how quickly their career path can change.

Timing Is Everything In The World of Pro Athlete Accounting

Contract analysis and the evaluation of endorsement deals need swift attention. If I have a client moving teams, they are often moving cities, resulting in the need of guidance regarding real estate purchases and other financial decisions. If retirement becomes a possibility for my client, I need to be ready to revisit his/her retirement plan at a moment’s notice. This is the type of accountant pro athletes need, one that is attentive and fast to act on their behalf with their financial security in mind.

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A Sideline View Of Real Social Change

For me, working with pro athletes is not just about finances. I also enjoy the social aspect of working with professionals who have a unique voice in our world. Pro athletes are often leaders for social change, and I get a great deal of satisfaction from partnering with those who are helping to lead the charge in the pursuit of social justice.

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I am fully committed to being the best possible pro sports accounting partner. In addition to being a CPA, CFP® and CGMA, I am also an NFLPA Financial Advisor. I would love to speak with you about your financial needs. Reach out via email or give me a call today.