Evelyn Partners has revealed a new financial education programme for boxing professionals in partnership with 258 MGT - the management company set up by boxing world champion Anthony Joshua.
Senior Evelyn Partners experts Adam Osper and Ben Gibson - who specialise in advising sportspeople, musicians and other entertainment professionals on their finances - recently delivered an inaugural presentation of their financial planning initiative tailored to boxers' needs at 258 MGT. Following its positive reception, Evelyn Partners and 258 MGT are working to roll out the programme to the boxing community at large.
Anthony Joshua said of the initiative: "As an athlete your career is short and you need to be smart with how you plan for tomorrow. At 258 we take this very seriously and are proud to be industry leaders with how we support and nurture the careers of our athletes and any fighter who wants to participate."
Some great boxing champions have made the headlines out of the ring as their post-career lives were beset by financial mismanagement, with fortunes sometimes measured in the tens of millions being rapidly depleted. Most people who make a living from boxing don't have the luxury of making mistakes of such magnitude, and earn amounts that require careful planning from the beginning to establish financial security.
Evelyn Partners has a strong record of offering market-leading financial advice and planning to sportspeople. The firm has successfully delivered financial education programmes in football and rugby, and is proud now to present the same for boxers.
Adam Osper, Managing Partner in Financial Planning at Evelyn Partners, says: "The vast majority of boxers, from Olympic ‘amateurs' to full professional, have never had the benefit of any guidance on basic things like mortgages, debt, savings and how to plan for the future.
"Due to the unstructured nature of their job they may never earn what is considered good money. Others can start to receive large payments later in their career - or in rare circumstances they could become a pay-per-view superstar.
"Our plan is to support them through every step of their career to ensure they receive the right guidance to make good financial decisions, so that when they come to the end of their boxing career they and their families are financially secure."
Will Harvey, Head of Boxing at 258 MGT, added: "At 258 we feel strongly about education in the management of finances within boxing. Fighters retiring without a solid base of savings or assets has been a common problem in boxing historically, and we want to try and develop this element of pastoral care within the sport to help prevent financial problems that boxers often experience towards the end or after their fighting career."
Ben Gibson, Financial Planning Director at Evelyn Partners, added: "Boxers generally have little support in this area, and what we are proposing is unique and a new exciting proposition. In football as an example, the clubs have been taking this seriously for some time, and there is a focus around ensuring that young footballers are receiving education and post career support. In boxing, and most solo sports, this seems to be ignored due to the lack of a club structure surrounding the athlete."
