Active investment management’s weekly magazine for fee-based advisors

Peter Roe • Asheville, NC
Masters Private Client Group • Cetera Advisors LLC

Our firm has a strong focus on serving the financial-planning needs of professional athletes. We also branch out into other areas such as the entertainment, music, and technology fields. There is a commonality between the mind-sets, energy, motivation, and financial issues of these types of top performers. It is very challenging and involves a lot of travel, but we love every minute of working with these types of clients.

Most of our business development comes through referrals from our current clients, especially in the athlete segment. Word of mouth is extremely important, and that can come through a teammate, a coach, an agent, or a third-party professional such as an attorney or accountant. An important part of our job is also having a continuous presence at various activities or events associated with our clients’ careers. For athletes, that could mean training camp, games, award ceremonies, or social events where teammates get together in a particular city. We want to keep our ears to the ground and stay current with issues in our clients’ lives, careers, and in their sport.

While it may sound trite, we consider our clients to be more than that. We develop close relationships that touch upon many areas of their lives and financial well-being. We want to see them succeed in everything they set out to do. This starts with what we call our “listen-first approach,” which allows our clients to identify and prioritize their goals and ultimately own their financial futures. It is a process-oriented approach—these are very busy people. We strive for maximum organization and efficiency when working with clients on financial planning and implementation.

We will get involved with a whole range of services that are usually not part of a financial advisor’s experience. These might include things such as coordinating with their legal team to review their contract terms or negotiations for a new contract. It might include a comprehensive review of their league’s employee benefits, which can be very complex and might require an outside consulting resource.

We may help them review their charitable efforts to see if that is being managed in an efficient manner. We often see athletes who are approached for outside business deals beyond endorsements and can help in the review process of those opportunities. Many athletes want to help one or more family members, perhaps with education expenses or a home purchase. We will help them coordinate their financial interaction with their families in a way that works within their financial plan. We do a lot of work helping clients plan for career transitions, whether it be starting a new career or founding a business venture. We are asked to consult on real estate purchases—I have even been asked to help evaluate the best way to purchase a new car and to recommend a wedding planner!

I think this commitment to personalized and customized service in working with professional athletes has been critical to the success of our firm and the ongoing growth of our client base.

    1. Be present at events that are important to your clients’ careers.
    2. Use a “listen-first” approach to identify and prioritize goals with clients.
    3. Be prepared to perform roles that go “above and beyond” what might typically be expected of a financial advisor.
    4. Be committed to personalized and customized service, which is critical for success when working with professional athletes.

Disclosure: Securities and advisory services offered through Cetera Advisors LLC, member FINRA, SIPC. Cetera is under separate ownership from Masters Private Client Group. Investments in securities do not offer a fixed rate of return. Principal, yield, and/or share price will fluctuate with changes in market conditions and, when sold or redeemed, you may receive more or less than originally invested. No system or financial planning strategy can guarantee future results.

Photography by Lynne Harty

Manage investment risk better than ever.
Get started – It’s free

Recent Posts:

Economic principles drive impactful financial planning

Mary Lyons • Dallas, TX The Wealth Woman • Personal Economics Group Read full biography below Proactive Advisor Magazine: Mary, talk about your background and how you became a financial advisor. I grew up in a supportive family that had strong role models and...

Seasonality strategies: Sell in May and go away?

The old Wall Street adage “Sell in May and go away” has some strong support in the data, but probably not in the way most investors think. An excerpt from the book “Why Bad Things Happen to Good Investments,” by William T. Hepburn, explains why and shows that November...

Major bond ETF experiences record outflows

ccording to a recent Bloomberg radio segment, “60% of bond ETFs have a negative 12-month performance,” due to the slowly rising interest-rate environment. ThinkAdvisor wrote last week, “Bond investors are...

Credit-led recession not likely

Editor's note: Tony Dwyer, U.S. portfolio strategist for Canaccord Genuity, and his colleagues author a widely respected monthly overview of market conditions, technical factors, and future market outlook called the “Strategy Picture Book.” The following provides an...