Opening Day: A Spotlight on the Team Behind the Players
How The Archer Financial Group’s Professional Athlete Management Services Provide Athletes with the Reassurance for a Financially Secure Future
As the 2018 professional baseball season begins, Tom Archer, Owner of The Archer Financial has been working tirelessly to provide high-level Professional Athlete Asset Management services to the collective of hot prospect and veteran players set to take the field over the next few days. Professional baseball is, perhaps, one of the most lucrative sports for American athletes and, by extension, spells good business for high-net worth financial advisors such as Mr. Archer.
Though it’s been nearly two decades since the league enacted its “luxury tax” rules, aimed at putting greater control on team salaries by charging for surpassing the threshold, team owners continue to roll out top-dollar salaries for high-performing athletes, rivaling even the most famous of contracts. For professional athletes, especially baseball players, these high-figure salaries mean nothing for their future if not managed properly; and that’s where Mr. Archer plays a vital role.
As one of the top Professional Athlete Management providers in the country, Mr. Archer’s success among baseball players is due largely to his continued connection to the sport. As a former baseball player, Mr. Archer prides himself on being able to think like the clients he represents, which has given him a leg up on his competition. This is evident from the fact that The Archer Financial Group represents more than 200 marquis professional athletes.
From the ongoing estate planning needs – such as gifting and divesting, to implementing loss of value policies for players in opt-out years, The Archer Financial Group provides athletes with the best options for increasing and preserving their wealth, while also putting in place all the services necessary to securing their family’s future. “One of the most important aspects of our services is structuring sophisticated disability plans for the players,” explains Mr. Archer. “This not only helps to insure they can afford the best health care possible, but also provides them with a financial cushion in the event of a career-ending injury. My ultimate goal is to do everything possible to protect these players.”
Among the services he provides are guidance and implementation of tactics that will create wealth accumulation, insure wealth preservation, structure asset protection and implement tax-efficient strategies, all of which assure that his clients get the best return on investment. Asset protection is a major concern for professional athletes, whose careers face the potential of ending abruptly. In these cases, it is important to have a plan in place that will enable them to continue to provide their families with a stable financial environment.
“We highly advise the implementation of ‘Loss of Value’ insurance policies, which cover the difference in a player’s salary should they become injured in an opt-out year,” Mr. Archer explains. “There have been many instances, especially in baseball, in which a player gets hurt during the final year of their contract, and thus lose much of their value. These ‘Loss of Value’ policies help cover the financial burden in the following year.”
Other considerations that are most often discussed during Mr. Archer’s meetings are the athletes’ life insurance and estate planning, for preservation and wealth transfer in stages well beyond their careers. This includes tax-effective gifting programs, such as family partnerships, charitable trusts and generation-skipping trusts (for grandchildren). Further, he continually analyzes and updates all estate plans to capitalize on tax advantages that provide beneficiaries with the largest possible asset retention. A vital part of this service is the implementation of life insurance policies, designed to cover the burden of estate taxes.
Due to the sheer number of athletes in company’s client base, The Archer Financial Group recently opened several offices in Florida, which has five-times more professional players than any other state.
About The Archer Financial Group
Headquartered in New York, The Archer Financial Group specializes in the utilization of life insurance in the areas of business succession and estate planning for high-net worth individuals such as business owners, professional athletes and celebrities. The company provides wealth transfer and preservation services, estate, gift and trust planning, insurance planning, and maintains a platform for company health care benefits and executive fringe benefits. Its products include life insurance, annuities, long-term care insurance, disability income insurance and individual and group health insurance. For more information, call (212) 330-9903 or visit www.thearcherfinancialgroup.com.