You Are Your Own CEO: Build a Dream Team for Your Career

Your Financial Advisor is a central player on your team. Many elite and professional athletes and entertainers earn a high income over a relatively short period of time, and that income often must last for the rest of their lives. But a sudden influx of high income does not automatically translate to wealth. A “you only live once” mentality is potentially harmful and may lead to spending mistakes that can leave you short on funds in the future.

A Financial Advisor can assist in building a sound financial gameplan and investment strategy customized to your needs and goals, and can help you create a budget and allocate your income in accordance with your that plan. The amount of money you need or want to save might vary depending on where you are in your career and what type of lifestyle you want to have after you retire.

Your needs are unique. Professional athletes tend to have significantly shorter careers than the general working population. The average career length for an NFL player, for example, is 3.3 years.1 Trusting the wrong people, lending too much money to family or friends, overspending, and not saving for life after your professional playing career ends are among key financial mistakes you’ll want to avoid.

A team of financial professionals can certainly help you make the most of financial opportunities while simplifying your life. Key roles in your professional C-suite can include your Chief Financial Officer (Financial Advisor and accountant), Chief Marketing Officer (agent) and Chief Legal Officer (attorney). These people help manage your money, legal risks, and career. Depending on your needs, a Chief Operating Officer (business manager) or Chief Advertising or Communications Officer (publicist) may also make sense.

Finding a trusted Financial Advisor or lawyer isn’t always a quick and simple process, but it’s well worth investing the time and resources to find the right one(s).

Some of the best candidates may come from word-of-mouth referrals from industry colleagues and acquaintances, or trusted coaches and mentors. You can ask mentors, coaches, advisors, teammates, or fellow professionals how they selected and formed their teams – and if they are working with partners that they would recommend. Be sure to collect multiple names from multiple sources. Then, do your own thorough research to whittle down the list based on who meets your specific needs and criteria. Relevant experience, specializations and a positive track record are all important criteria.

If you can, interview several potential choices and check additional references. This due helps you understand what you like and do not like about these individuals, and helps you get to know them before you bring them on board. 

A well-managed career cannot run on autopilot. Check in with your team of advisors on a regular basis. At the least, you may want to schedule quarterly meetings with your Financial Advisor or much more frequent contact with them and other people who play an active role in your business and personal enterprise.

Each part of your team should have a quantifiable, numeric measure for success. If they have a stake in your success, they are even more motivated to help you protect and grow your wealth. Long-term relationships help build trust and reinforce the win-win attitude that CEOs strive to instill in their own teams.