Ben Smith, ”Wealth Management for Athletes”

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By Marcus Luer. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

Ben Smith, a chartered financial planner for the past 10 years, is on a mission to educate young athletes about wealth management, proper financial planning and goal setting. Very important messages for anyone dealing with young athletes and of course for athletes themselves. Listen and learn. (The Podcast was NOT sponsored by FLM)

Disclaimer: No financial advise or recommendations are given. The Podcast is purely highlighting options available.

Key Highlights

  1. How Ben got into the industry and how childhood lessons shaped his career path and mindset about investing
  2. Chartered Financial Planner, help clients make great decision with their money, from planning, tax, legal structures, etc
  3. FLM (Financial Lifestyle Management Ltd) a partnership affiliated to St James’s Place Plc – a Footsie 100 company (150 billion under management), different investment solutions (highly regulated environment in the UK)
  4. The stats behind the reason for the Podcast and why it’s so important for young athletes to be aware of it
  5. Early 90s, salaries in Football were only around avg GBP 20k pa, now nearly GBP 2 million per year – high earning in early part of the career (young age), opposite to traditional career path
  6. Process to engage young athletes – step by step process to educate them in an interactive way and setting goals
  7. Passive Income and Compound Interest – key to understand it – Jill and Jack example
  8. FLM focus on Football, Rugby and Golf
  9. The process, value added services by FLM, fee structure and steps to take by athletes and families
  10. Athletes as investors beyond their Money – bringing their Name into investments – Athletes are Brands - Whoop example – risk and returns
  11. FLM’s background and history over the past 20 years (www.Flmltd.com)

About Ben Smith

I help busy, successful people make great decisions with their money. I believe that wealth is dictated by behaviours, not earnings, Everything I do is focused on creating world class money habits that help my clients achieve financial freedom. This is the ability to live life to the full without financial constraints. I believe that in any area of your life, a lack of clarity can be fatal. It can lead to anxiety and hold you back from achieving what is really important to you and your family. When I first joined the industry in 2011, I had studied business, finance and economics throughout my education, yet I knew very little about personal financial planning. From working with many families over the last 10 years, I have found that money is very poorly understood in the UK which really can hold people back in a quest for a better life. With this in mind, I am passionate about financial education and the importance of having a plan. How many of us studied money or personal finance at school? It is also rarely discussed, even between close family members. I really believe in helping my clients learn as we work together, which brings both enjoyment and greater peace of mind. Having a well thought through plan allows you to get on and enjoy life whilst striving towards the things that are important to you. Everyone has a different 'why' which ultimately gets us out of bed in the morning. Maybe you want to send your kids to private school, maybe you want to retire at 45 or maybe you want to own a second home in France. The harsh reality is that, without a clear plan, you are unlikely to achieve these goals. Over the last 10 years I have worked with busy, successful individuals in London to help them establish their ‘why’ and put in place prudent, robust financial plans to meet their goals. Life is as busy as it has ever been, and very few people find the time to put in place adequate financial plans and for those who do, even fewer continue to monitor them over time. I believe everyone has experienced some kind of financial inertia during their life – for some this will be for longer than others. It is arguably the single greatest threat to ones financial plans.

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72 episodes