Do athletes NEED financial advisors?

I'm watching this documentary about athletes who went broke and a lot of it was because they had crooked financial advisors. Now I'm guessing that they weren't the most tech savvy kind of guys. And considering that these guys born in 1960s and 70s and 80s, by the time they got money, everything was documented on paper. So my question is, in this day and age, can anyone who makes a ton of money whether they are athletes or musicians, manage their money by themselves as long as they organize it and list their finances that have to be paid each month. Maybe from just writing down in their iphone notes or a more secure word application or something and pay all of that from their Bank card or website or if their bank has an app?

Could they? Sure. But just having technology does not make them financially intelligent. A good financial adviser is worth their weight many times over, a crooked one will screw you every time. Not many of these athletes have had exposure to and access to the financial worlds and informaation needed to make good financial choices - that is where the adviser comes in. Sort of like having a fast car does not make you a NASCAR racer, having the apps does not make you a financial whiz.

The simple answer to your question is no they don't necessarily NEED a financial advisor. Anyone can manage their own money, but managing millions of dollars is a little more sophisticated than writing it down or storing it in a word document. You need to be able to manage tax liability, investment choices, and charitiable giving. Most individuals let alone athletes are not capable of doing this alone.

The key is finding the RIGHT financial advisor and not just trusting some random friend that is going to con them out of their money. Companies like Northern Trust offer mutliple services to people such as athletes who come into a large amount of money quickly and might not have the capacity to manage it. The non-banking funds, such as investments are held at a Depository Trust Company held separately from the Bank's assets which help ensure that the money is not used by the Bank for their own benefit.

Yes, you probably need a financial advisor once you have "more money than you need to pay your necessary expenses today".

We live in a consumerist world and it's very tempting to overspend to make yourself feel better - or to buy the transient company of strangers… Very few who will become friends that stay with you if the money dries up.

A financial advisor can help you realistically figure out what you can afford, provided that you have a good idea of how long a particular level of income will last - and can show you how to have money available when that level drops or evaporates altogether.

It's most certainly NOT about some stupid app that can total today's bills.

I highly suggest you check out, http://financialadvisorcareer.blogspot.com/ It has some really good articles that I think will help you