Professional hockey players, like any other professionals, need a robust financial plan. It’s not uncommon for these athletes to face financial difficulties post-retirement, despite their high earning potential during their active years. This is where organizations like RBC Wealth and the RBC Sports Advisory Group come into play, providing expert advice and guidance.

 

Just Four Years eh?

 

The lifestyle of a professional hockey player often involves high-end entertaining and social events, which can lead to unsustainable spending habits. This phenomenon, often referred to as the ‘entourage effect’, can be detrimental to a player’s financial health. The average career span in the National Hockey League (NHL) is approximately four years, making it crucial for players to save and invest wisely during their active years.

 

Choosing the right financial advisor is a critical step in this process. It’s important for players to select advisors who have the necessary credentials, experience with athletes, and a proven track record. These professionals should be willing to work collaboratively for the benefit of the player and their family, focusing on the player’s unique needs rather than selling products or services.

 

Professional hockey players often have unique financial needs. For instance, they frequently face cross-border tax issues due to their international careers. Therefore, having an advisor well-versed in international tax obligations is essential. Moreover, managing a large portfolio requires a different skill set compared to managing a smaller one. Hence, players should seek advisors with experience in handling high-value portfolios.

 

How do players determine who they can trust?

 

Working with professional athletes as clients presents its own set of challenges. Their busy schedules and frequent travels make accessibility an issue. However, with the right financial game plan and a dedicated team of experts, professional hockey players can secure their financial future and focus on what they do best - playing the game they love.