When Financial Advice for Footballers Fails: Why We Need to Change the Game

The BBC’s recent investigation into the V11 group of ex-Premier League footballers has shone a painful light on a story that’s all too familiar in sport. Players who once had wealth, security, and promise have been left facing bankruptcy, repossession, and tax bills running into the millions, all because of poor financial advice for footballers.

As someone who has been in the changing rooms and now works in the financial planning profession for sports and entertainment professionals, these stories strike a chord. They frustrate me deeply, but they also strengthen my determination to do things differently.

Here’s what I believe needs to change.

Discretion is non-negotiable

One of the firms at the centre of this story boasted about having 360+ footballers as clients. For us, this goes against the very principle of trust. We would never reveal how many players or entertainers we work with. Confidentiality and discretion must come first.

Your finances are private. They should never be a marketing tool.

Potential vulnerability must be recognised

One player described how the firm spread through football “like wildfire, through word of mouth.” That’s true, but it also exposes how potentially vulnerable players are to manipulation.

Young athletes often find themselves with sudden wealth but little financial experience. That makes them prime targets. Leagues and associations should take this seriously, putting stringent checks on firms that advise players and enforcing a higher standard of care.

At First Wealth, we treat every professional athlete or young, wealthy client as potentially vulnerable. That means more than just investing money. It means:

• Educating clients on risks and opportunities
• Explaining choices in plain language
• Supporting what they want, not what’s easiest for us
• Spending more time checking in with clients to ensure they are on a good path

Why do I do this work

Having played sport, I know what it’s like to sit in the changing room and share everything with your teammates. That trust and openness can be powerful, but it can also make players easy targets for manipulation.

That’s why I do what I do. Not for recognition. I want to change the narrative around financial advice for footballers. Too many advisers in the past have seen players’ rapid wealth as a chance to profit, without caring about their long-term wellbeing. That’s unacceptable.

Conflicts of interest must be eliminated

The BBC report highlights shocking examples of advisers recommending investments in property they themselves owned. That is a conflict of interest, plain and simple.

In financial planning, conflicts should never exist. And if they ever do, they must be declared openly and honestly. Anything less is a betrayal of trust.

Wellbeing before wealth

At First Wealth, we measure success differently. Wealth is measured in wellbeing. Our goal is to make sure finances provide:

• Security for life after sport
• Support for loved ones
• Peace of mind while playing and beyond

Money comes second. Your wellbeing comes first.

The good advisors are out there

Stories like this are frustrating because they cast all financial advisors in a negative light. The truth is, there are good advisers out there, but they don’t shout the loudest.

My advice to any player or young professional is simple:

• Shop around before committing
• Check reviews and accreditations
• Speak to multiple advisers
• Find someone who understands you, your goals, and your life beyond sport

The right adviser doesn’t need to boast about their clients. Their work speaks for itself.

Final thoughts

The bravery of the V11 group in speaking out should spark change. Footballers, and anyone who finds themselves with sudden wealth, deserve financial advisers who prioritise their wellbeing above all else.

This isn’t about protecting money. It’s about protecting futures, families, and lives.

The real measure of success isn’t in bank balances; it’s in wellbeing preserved and futures secured.

A Safe First Step

If you’re an athlete, entertainer, or young professional and this story has struck a chord, we’re always happy to take a look at your current financial situation.

We offer a free, no-obligation consultation to review:

• Your current financial position
• You’re paying fair and appropriate fees
• The performance of your existing investments

Sometimes all it takes is a second opinion to ensure you’re on the right path, and to give you peace of mind for the future. Book a call directly with me if you want a free review or get in touch on 079 2721 1559. 

The value of your investment can fall as well as rise and you may not get all that you invested.

This document is marketing material for a retail audience and does not constitute advice or recommendations. Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested.