Episode 50

Managing the Tax Affairs of the Top Sports & Media Stars

Peter Fairchild

Peter Fairchild is Tax Partner at Smith & Williamson and Head of Sport, Media and Entertainment. He has over 20 years’ experience providing UK tax advice, and currently works with individual sportspeople and sports clubs to advise on structuring salary, benefits and image rights payments. A passionate communicator and tax expert, Peter gives a flavour of what it’s like looking after high net worth individuals from an advisor’s perspective. Shownotes:

  • How a promising career earning millions as a pro footballer turned into becoming a tax accountant
  • A new meaning of ‘big brother’ an accountant providing lifestyle advice to clients
  • Great examples of what ‘trusted advisor’ really means – nothing to do with accounting
  • How accounting clients with more money can often make worse investment choices, especially without the right advisors around them
  • The best accountants are a conduit for a lot more services than they alone can provide
  • The 3 advisors that wealthy people require are tax, IFA and wealth management
  • How the role of an accountants has changed over the years
  • Why it’s always best for accountants to visit your clients at home if possible
  • What truly separates the good accounting firms from the great ones
  • The beauty of a regular meeting with your client where the agenda is a blank piece of paper
  • The power of FOMO hits high net worth sports people and performers as much as us mere mortals
  • Does your firm offer a program of financial education for your clients like Smith & Williamson do?
  • The link between wealth and financial health amongst some high level sportspeople
  • The challenges of retirement and being ‘out of the spotlight’ for high level performers – the pressure of ‘what next?’
  • Why film stars and pop stars are exactly the same as sports stars in how they need managing
  • The true secrets of how to become successful in a niche – immerse yourself in their world
  • The importance of having your firm and a team behind you if you want to develop a strong accounting niche
  • What the legacy might look like of a 20-30 year career managing the tax and personal affairs of top sports stars

The best #accounting advisors are a conduit for a lot more services than they alone can provide.

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Peter Fairchild on the BD Academy Accounting Influencers podcast with Rob Brown

 

In his spare time Peter supports Manchester United Football Club and England’s Rugby Union team. He is a keen Formula 1 fan too. Find out more at Smith & Williamson and @smithwilliamson on twitter or to contact Peter directly: Peter on LinkedIn or Liked your Accounting Influencers Interview with Rob Brown" target="_blank">email him>>

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Accounting Voices Podcast
Accounting Voices helps people in the accounting world stay relevant visible and vocal. Host Rob Brown interprets trends reshaping the profession and gives listeners insight to build authority influence and a stronger voice in firms and markets.

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Rob Brown

Rob Brown is the founder and host of the Accounting Voices Podcast, the flagship solo show of the Accounting Voices Network. Each episode offers sharp analysis and commentary on the trends, ideas and people shaping the global accounting profession.

Through this Accounting Voices Podcast, Rob helps accounting firm leaders, decision makers and professionals stay relevant and make sense of disruption in areas like AI, automation, M&A, private equity and soft skills beyond the tech. His perspective blends clarity, insight and curiosity, making complex issues relevant and practical for professionals and decision makers across accounting and finance.

He also leads two monthly panel shows, Accounting M&A and Accounting AI, which bring together senior voices to explore consolidation, strategy and the impact of technology on firms and people.

Rob is the author of the bestselling book Build Your Reputation (Wiley) and a TEDx speaker whose talk The Personal Brand of You has more than 400,000 views. Over his career he has hosted and moderated more than 1,000 conversations with accounting and fintech leaders worldwide.

Based in Nottingham UK, Rob is a stroke survivor living with epilepsy, a black belt in kickboxing, a decent chess player and an average player of four musical instruments.