Agents, accountants and advisers: who does what

As a career develops, the number of people involved in an athlete's finances tends to grow. Understanding what each one is responsible for helps you spot gaps, and avoid paying twice for the same thing.

Your agent

An agent negotiates contracts and commercial deals and manages your career opportunities. They are usually paid a percentage of what they negotiate. A good agent is invaluable, but managing your savings and investments is a separate job.

Your accountant

An accountant deals with tax returns, company accounts if you have a company, and making sure you pay the right amount of tax at the right time. They can explain the tax consequences of financial decisions.

Your solicitor

A solicitor reviews contracts, helps with property purchases and can put in place things like a will and powers of attorney, which matter more than most young people realise.

Your financial planner or wealth manager

A financial planner looks at your finances as a whole: how much to save, how to invest it, how to protect against injury or illness, and how to fund the years after sport. In the UK, anyone providing this kind of regulated advice must be authorised by the Financial Conduct Authority.

Making them work together

Problems usually happen in the gaps between these roles: a tax bill nobody planned for, or an investment that doesn't fit the wider plan. It is worth making sure each professional knows who the others are, and that one person is responsible for keeping the whole picture in view.

This article is general information only and is not financial, tax or legal advice. It does not take account of your personal circumstances. Speak to a suitably qualified and authorised professional before making financial decisions.

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