So...What is it like to work TEAM Private Wealth Management?
Updated: Jul 27, 2022
You have heard me talk about why I started the firm, what a multi-family is and why we only work with NFL players and college football players. I wanted to give you, the player, and idea of what it looks like to actually work with us.
Below are some examples of what working with TEAM PWM looks like:
Budget and Cash Flow Planning
Advising on how to make the most of your NFL salary and endorsement income. This could include paying your bills if needed.
Facilitation of your household employees and related services, insurance and payroll as an example.
Personal financial statement preparation and net worth reporting so you always know where you stand financially.
Major Financial Purchase Advice and Assistance
Includes buying houses, cars, businesses or other hard assets. We will help you find the right house, car or business, find the right person to help you make the purchase (realtor, dealership or attorney), review the contracts for the purchase and obtain insurance on these new assets.
Income Tax Planning - most important for NFL players
The number one thing that wealthy people pay attention to, which leads to wealth creation that last for generations, is their taxes - both today (income taxes) and at death (estate taxes). Our extensive tax planning experience working with ultra-high net worth clients is unmatched by business managers or financial advisors for NFL players. We use our experience to work with your CPA to maximize your tax situation.
Entity Structuring and Estate Planning
We take the burden of determining how to best structure your assets for today and after you are gone. We work directly with your attorney to formulate the right structure and plan. Similar to tax planning, we believe that no other provider's experience can match ours when it comes to entity and estate planning. By leveraging our experience and knowledge of your entire financial picture, we typically see this results in a lower attorney's fees and a better overall outcome.
At the core of what we do is help manage your investment portfolio. As an independent Registered Investment Advisor (RIA) we have a fiduciary requirement to do what is best for you at all times. We are not required or compensated differently to "sell" you any specific investment product. We have an open architecture that includes public investments (stocks, ETFs, MFs, bonds, etc.) but also access to private investments including private equity, real estate, venture capital and others.
Our experience managing portfolios for families with net worth ranging from a few million dollars to over a billion dollars provides us a unique perspective related to an NFL player's career trajectory. At first, recently drafted players will look more like someone with a few million dollars but hopefully their career evolves over time to look more like someone worth hundreds of millions of dollars. We know what both look like and what the transition requires from a portfolio standpoint.
We will use our experience and understanding of the multiple NFL retirement plan options you have (listed below) to help you maximize your potential NFL retirement income.
Additionally, we will work with you to implement the appropriate retirement planning vehicle for your non-football income (endorsements, appearance fees, etc.). There are several vehicles that are great to use with this type of income. These could save a significant amount on your taxes each year - Individual 401k or SEP IRA just to name a couple.
We will review and manage all of your insurance needs - disability, health, life, property and casualty, liability and any others necessary for your situation. We will be your central resource for how and what to obtain for any of these policies.
Additionally, our understanding of the benefits offered by the NFL will help us build a structure around the following policies to supplement where necessary.
Charitable Planning and Activity
This includes helping you setup and fund the right charitable vehicles. The vehicles you choose to fund your charitable activity can have a major impact on your taxes
Additionally, we will help with the vetting process for the causes you would like to contribute to. This will give you the peace of mind that your gifts will be put to good use.
As you can see, TEAM Private Wealth Management will work with you and your family in all of the areas that impact your wealth. We will be your centralized resource for all of your financial needs, eliminating the need for multiple advisors or managers. You can see a full list of our services on our website here.
Stay tuned for more details on what makes TEAM Private Wealth Management – The Elite Athlete’s Multi-Family Office.