The Company’s Athlete and Estate Planning Businesses are Rapidly Growing, Leading to New Offices in Boca Raton, Palm Beach and Jupiter
Florida is home to nearly five times more professional athletes than any other state in the union. So, it should come as no surprise that The Archer Financial Group’s Professional Athlete Management services are exploding in the region. To account for this rapid growth, the company has opened offices in Boca Raton, Palm Beach and Jupiter from which company founder Tom Archer, and his team, advise high-net worth individuals on matters of wealth accumulation, wealth preservation, asset protection, trust and estate planning, disability insurance, and more.
For most anyone, a professional sports contract usually means a rapid influx of wealth, along with an added anxiety about staying fit and healthy for an extended period of time. In these instances, professional athletes will often look to financial advisors, such as The Archer Financial Group, to provide structured asset protection, implement tax-efficient strategies, oversee retirement planning and initiate disability insurance in the event of injury.
“As a former baseball player, I know how the athletes think, and I want to do everything to help and protect them,” explains Mr. Archer, whose company handles over 200 marquis professional players. “From the ongoing estate planning needs – such as gifting and divesting, to implementing loss of value policies for players in opt-out years, we have experience in providing athletes with the best options for increasing and preserving their wealth. We also put in place all the services necessary to securing their family’s future.”
One service that Mr. Archer credits as being vital to athletes is the writing of “Loss of Value” insurance policies, which cover the difference in a player’s salary should they become injured in an opt-out year. “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,” adds Mr. Archer. “Athletes will use their Loss of Value policies to make up the difference in the following year.”
Another important facet of preserving an athlete’s wealth is identifying and establishing tax-deferrable investments, such as life insurance policies that do not have a tax penalty for withdrawing funds. Additionally, The Archer Financial Group will work with legal counsel to implement and oversee a client’s estate plan, including a will, trust, and power of attorney, to help ensure that their wishes are carried out and their family is provided for in the future. These services are equally as important to high-wealth retirees who have settled in the area and are looking to re-evaluate their current plans and policies.