iCrowdNewswire Mar 3, 2021 2:00 PM ET
David Walter Osborne anticipates many changes in the athletic world regarding wealth management. This facet is critical for these young professionals to understand if they want to retire without any issue fully. The trends that he sees are likely to stay consistent with current movements, which are centered heavily on education and giving athletes a better grasp of their possibilities in this field.
David Walter Osborne Examines Future Wealth Management Trends
Over the years, David Walter Osborne has become an expert at helping athletes manage their newly found wealth. As the head of Osborne Advisors Wealth Management, he has worked with hundreds of athletes over the years to help them discover the best ways to save. Moreover, he predicts several changes coming in the next few years that will impact how this type of management goes.
For instance, David Walter Osborne believes athletes must find a way to minimize their taxes as much as possible. The sudden increase in their wealth will take many new professional athletes by surprise, especially on April 15. As a result, David Walter Osborne believes that more and more athletes will start moving to states like Florida, Texas, or Tennessee.
Why does David Walter Osborne see this trend occurring? These states do not levy income taxes, meaning that athletes can cut back on their state-based taxes and save even more money. David Walter Osborne also sees many athletes becoming more educated and learning how to tap into various types of retirement accounts to minimize their potential tax burden as they age into retirement.
In a sense, the future of wealth management for professional athletes is about expanding their education, understanding cutting-edge opportunities, and that knowing their money will not last forever unless they have a dynamic financial plan. In the past, David Walter Osborne has found too many young athletes spend and spend because they have not experienced a substantial influx of money in the past and find themselves without cash very quickly when their career ends. David Walter Osborne also emphasizes a checks and balances strategy approach with having an independent Financial Advisor, CPA, attorney, and agent that are separate to protect the athlete’s interests and goals.
On this trend, David Walter Osborne believes that players’ unions will start holding wealth management classes. These classes are essential because they help open up these athlete’s understanding of their many investment possibilities and concerns. David Walter Osborne believes that these classes could provide a real understanding of what life is like after their career is completed.
Furthermore, David Walter Osborne also believes that athletes could implement a gift strategy to family members. Instead of giving one large gift that may tempt their loved ones to spend it all at once and have negative tax implications, he believes that smaller monthly or annual donations will become more common. These will promote a wiser investment in their family.