Make the Most of Meetings with Your Financial Advisor

Mar 1, 2024

As a professional tennis player, you have limited time for anything off the court. Covering these four topics with your Financial Advisor can help ensure they’re helping you reach your goals.

Key Takeaways

  • A Financial Advisor can help you plan for complex goals as you become successful in your career.
  • You can make your time with your Financial Advisor most effective by sharing your financial goals, risk tolerance and life changes.
  • Your Financial Advisor, with your tax and legal team, can look out for your best interests and help you plan for the future. 

As a professional tennis player at the peak of her career, it’s likely that your goals for your life and your finances are more complex than they were 10 years ago. You may want to make sure that the money you’ve earned is invested appropriately for your goals. Maybe you’re planning for big expenses such as higher education for yourself or your family, or considering options such as starting a business for your post-tennis career. Trying to make investment decisions on your own while juggling so many financial goals can be overwhelming and time-consuming.

 

That’s where a Financial Advisor can help. A professional Financial Advisor can help you create and implement a wealth plan that takes your specific goals and circumstances into account. Of course, with a busy schedule of training, travel, tournaments and other commitments, you’ll want to make the most of your time with your Financial Advisor. Whether you are working with a Financial Advisor already or looking to find someone, these tips can help.

 

 

1. Discuss Your Goals

 

Have an honest conversation with your Financial Advisor about what is important to you and what your priorities are. For example, do you want to start a charity as a next act after tennis? Perhaps you want to start a second career, or spend time with family. Think about the future you want and share it with your Financial Advisor so they can help you build a plan to get there.

 

 

2. Share Your “Risk Tolerance”

 

Every investor has different feelings about risk . You may be investing your money for the long term and want to focus on investments that can grow your wealth – with the knowledge that investments that deliver higher returns may come with higher risk. On the other hand, the thought of investments losing value may make you anxious, meaning you may feel more comfortable with investments that potentially offer a lower return in exchange for less risk. Whether you identify with one of those two feelings or fall somewhere in the middle, communicate these preferences to your Financial Advisor know so they can factor your approach into your investment portfolio.

 

One of the benefits of working with Morgan Stanley Financial Advisors is that they can also give you access to nontraditional investments , such as alternative strategies and private equity solutions. For investors who qualify, these options can provide returns that don’t correlate with the broader market, while also helping you manage risk.

 

 

3. Keep Your Financial Advisor Informed of Life Changes

 

Big life changes like getting married, having a child, winning a substantial amount in a tournament or changing careers can have a major financial impact. Meet regularly with your Financial Advisor to discuss your portfolio, but also mention important life changes, discuss evolving goals and priorities, and address complex needs such as estate planning or big purchases. Your Financial Advisor understands your goals, and can give you advice while looking out for your financial future.

 

 

4. Build a Team

 

Planning for the future begins with having a thorough understanding of your situation–including expenses, investments, aspirations and family dynamics. A professional Financial Advisor can work with your tax and legal advisors to help create a personalized plan that suggests ways to help reduce your taxes; incorporates estate and philanthropic goals; and help cover your future healthcare needs. A Financial Advisor can also team up with your tax advisor to work toward helping you keep more of your investment returns, helping to ensure that you’re paying all of the taxes that you owe as you’re earning income around the world from tournaments and sponsorships.

 

Every sports and entertainment profession is unique with its own characteristics, earnings profile and variable career span. You require a Financial Advisor who knows the industry and how money flows from your work to your wallet. Our Global Sports and Entertainment designated Financial Advisors are chosen for their advanced experience working within very specific fields. They understand the financial picture and craft creative financial strategies that account for the unique challenges and dynamics of our clients’ careers. If you’re considering working with a Morgan Stanley Financial Advisor, contact us via our dedicated email box for WTA players. See how we can work with you, your family and your team to make the most of your financial future.

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