In 2015, Chris Moynes, Managing Director for ONE Sports and Entertainment Group, wrote the first edition of "The Pro's Process". As Chris shares with his readers, one of the reasons for writing the book is because, in limiting his practice almost exclusively to professional athletes over twenty years, he has developed a process that has proven successful in helping our clients make smart money decisions. You have trained hard, spent hour after hour in the gym and on the ice, or field, over many years, in order to reach your current level. We have done the same in the field of Wealth Management, and it is with this in mind that we share our experiences with you. It all comes if you are prepared to follow the process with us, The Pro's Process.
The journey of this blog affirms our intention to create content for the professional athlete or entertainment performer that will 1) educate and inform 2) initiate and create dialogue on relevant contemporary issues custom to your unique profession 3) introduce the components of The Pro's Process and After the Game discussions contained in the two books written by Chris Moynes that form the core of our relationship process, our Playbook.
At ONE Sports and Entertainment we ask our clients thought provoking questions that assist them in aligning their financial decisions with what they know about themselves, their values and the world. When you know what you and your family really want - what's really important to you - you will know what to do. Our pledge is to introduce each of our clients to this process - The Pro's Process - to get the order of priority right. Values come first; they are the rock-solid foundation on which smart financial decisions can be built. Financial decisions come second.
Each blog will contain a topic relevant to the process of guiding you through those decisions. We explore topics related to what we call "playing offence" such as building a plan or portfolio. At other times, we focus on "playing defense" where we highlight the different components of our "Bulletproofing Checklist" such as Will and Estate planning. Along the way, we include a forum where we will ask you to share thoughts or your own personal experiences relative to a particular topic or post.
For example, consider this. The average employee in the US will work 35-40 years, earning lifetime income of $1.5 to $3.0 million. Most will enjoy peak earnings in the 5 years preceding retirement. By comparison, the average professional athlete will play for 7-17 years (depending on the sport) and earn between $5.0 to $25.0 million, of which 70-90% will be earned before the age of 35. (Source FIBA Athletes Financial Handbook 2009). Clearly there are implications here that need exploring; for example, how is the money saved and put to work to fund lifestyle in the gap years between ending one's playing career and entering into the typical "retirement" period of life after 60 years of age. And what about that post career transition period; you are still young and "employable" but need help in assessing what that means to you, your family, and the world around you.
So join us on this journey; enjoy the content we offer; challenge us; and share with us your experiences, both positive and negative ... let us journey together.