I have just sat with tears in my eyes
Tears of frustration, anger and deep sadness watching BBC2s Football’s Financial Shame (https://www.bbc.co.uk/iplayer/episode/m002d2kp/footballs-financial-shame-the-story-of-the-v11) and what makes it worse (if in fact this could be any worse), is it takes me right back to another very powerful documentary which also talked about football, finance and feeling of suicide. That documentary was Football’s Suicide Secret (https://www.youtube.com/watch?v=j4-DW65nn6g&rco=1) and was the catalyst to me launching Red Star Education in 2013.
I started Red Star Education Limited as a direct response to what I considered to be bad practice of financial planners taking advantage of footballer players for their own greed and glory and I will still never agree that selling of financial planning services should be done in an academy, at a training ground or anywhere where a pro sportsperson should have a reasonable expectation that they are being protected at work.
The situation that the V11 and countless others are now in has not developed because they were reckless, because they made unwise choices but because they trusted financial advisers who through a network of connections seemed to ingrain themselves into their lives and their confidence by being ever present around enough team mates and managers to give the impression they were the go-to guys.
Player Care Has Evolved
I know that player care has changed a great deal over the last 12 years and I am very proud that Red Star Education has been, and still is, part of that journey as a lifeskills provider, and that we continue to provide financial education and wellbeing without every soliciting for financial clients or selling financial products. I don’t name drop players, ask for tickets, shirts or autographs. I don’t ask for selfies and only share reviews of our work which have been freely given. I don’t pay anyone for access (we have been offered this more than once) and I won’t ‘sponsor’ initiatives for ‘exposure’. I have seen all of this and more. So whilst there has been excellent improvements, we – as player care professionals – cannot rest on our laurels.
Don’t get me wrong. I know there are some great financial planners working with professional sportsplayers – I know many of them. I respect them. I recommend them. But ask any of the good ones and they will have stories to tell about advice which has not always had the client’s best and future interests at heart.
Money Trauma
I have undertaken a lot of study and qualifications around the emotional aspect of finance. I have a qualification in providing advice to vulnerable clients and I have recently completed the Trauma of Money certification, so as a certified financial coach hearing words like guilt, shame and humiliation hurts my heart. Especially when these players did what they thought was the right thing. They followed advice. But they were in vulnerable circumstances and they are traumatised and they were financially abused.
The FCA defines a vulnerable customer as someone who, due to their personal circumstances, is especially susceptible to harm – particularly when a firm is not acting with appropriate levels of care. Vulnerable circumstances may not be permanent but can include age, a lack of financial education or even where English (in the UK) is not a person’s first language.
Tip for Player Care Staff – if anyone is coming to speak to your players about their finances, at the very least ask them to show you and explain their Vulnerable Client Policy and what they think are the vulnerabilities of your players.
I have the utmost respect of Carly Barnes-Short and Ben Rees for taking the fight on – all power to you. A change in law to protect anyone who has been a victim of financial abuse from the added punishment of insurmountable tax liabilities has to be the future.
And within sport it is not enough to call out bad practice (although we should do that way more often), we must also demand the highest standards care and consideration for the people we are charged to support.
If you are struggling and need help, you can contact Samaritans and as a sportsperson you can contact Sporting Chance